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Companies Act, 1973 (Act No. 61 of 1973)

Chapter XIV: Winding-up of Companies

Liquidators

377. Filling of vacancies

 

 

1) When a vacancy occurs in the office of liquidator, the Master shall-
a) in the case of a winding-up by the Court or a creditors' voluntary winding-up, convene meetings of creditors and members or contributories of the company concerned; and
b) in the case of a members' voluntary winding-up, convene or direct the company concerned to convene a meeting of members; or
c) if there is a remaining liquidator or liquidators, direct him or them to convene the meetings referred to in paragraph (a) or (b),

for the purpose of nominating a person or persons for appointment as liquidator to fill the vacancy: Provided that if the Master is of the opinion that the remaining liquidator or liquidators will be able to complete the winding-up, he may dispense with the appointment of a liquidator to fill the vacancy and may direct the remaining liquidator or liquidators to complete the winding-up.

 

2) All the provisions of this Act relating to the convening and conduct of the said meetings and the nomination and appointment of a liquidator shall apply to the filling of a vacancy in the office of liquidator.

 

3) Subject to the proviso to subsection (1), if for any reason a vacancy is not filled as provided in this section, the Master may, in accordance with policy determined by the Minister, appoint any person as provisional liquidator or as liquidator to fill such vacancy.