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

Chapter XIV: Winding-up of Companies

Provisions as to Meetings in Winding-up

414. Duty of directors and officers to attend meetings

 

 

1) In any winding-up of a company unable to pay its debts, every director and officer of the company shall-
a) attend the first and second meetings of creditors of the company, including any such meeting which is adjourned, unless the Master or the officer presiding or to preside at any such meeting has, after consultation with the liquidator, authorised him in writing to absent himself from that meeting;
b) attend any subsequent meeting or adjourned meeting of creditors of the company which the liquidator has in writing required him to attend.

 

2) The Master or officer who is to preside or presides at any meeting of creditors, may subpoena any person-
a) who is known or on reasonable grounds believed to be or to have been in possession of any property which belongs or belonged to the company or to be indebted to the company, or who in the opinion of the Master or such other officer may be able to give material information concerning the company or its affairs, in respect of any time before or after the commencement of the winding-up, to appear at such meeting, including any such meeting which has been adjourned, for the purpose of being interrogated; or
b) who is known or on reasonable grounds believed to have in his possession or custody or under his control any book or document containing any such information as is referred to in paragraph (a), to produce that book or document or an extract therefrom at any such meeting or adjourned meeting.

 

3) Any director or officer of a company who fails to comply with any provision of this section, shall be guilty of an offence.