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Appointment, remuneration, and title of liquidators.
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149.—(1) For the purpose of conducting the proceedings in winding up a company and performing such duties in reference thereto as the court may impose, the court may appoint a liquidator or liquidators.
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(2) The court may make such an appointment provisionally at any time after the presentation of a petition and before (where the proceedings are in England) the making of an order for winding up, or (where the proceedings are in Scotland or Ireland) the first appointment of liquidators.
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(3) Where the proceedings are in England—
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(a) If a provisional liquidator is appointed before the making of a winding-up order, the official receiver or any other fit person may be appointed :
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(b) On a winding-up order being made the official receiver shall by virtue of his office become the provisional liquidator and shall continue to act as such until he or another person becomes liquidator and is capable of acting as such :
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(c) When a person other than the official receiver is appointed liquidator he shall not be capable of acting as liquidator until he has notified his appointment to the registrar of companies and given security in the prescribed manner to the satisfaction of the Board of Trade.
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(4) If more than one liquidator is appointed by the court, the court shall declare whether any act by this Act required or authorised to be done by the liquidator is to be done by all or any one or more of the persons appointed.
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(5) In a winding up in Scotland or Ireland the court may determine whether any and what security is to be given by a liquidator on his appointment.
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(6) A liquidator appointed by the court may resign or, on cause shown, be removed by the court.
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(7) A vacancy in the office of a liquidator appointed by the court shall be filled by the court.
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In a winding up in England the official receiver shall by virtue of his office be the liquidator during the vacancy.
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(8) Where a person other than the official receiver is appointed liquidator, he shall receive such salary or remuneration by way of percentage or otherwise as the court may direct; and, if more such persons than one are appointed liquidators, their remuneration shall be distributed among them in such proportions as the court directs.
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(9) A liquidator shall be described as follows (that is to say) :—
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(a) in a winding up in England, where a person other than the official receiver is liquidator, by the style of the liquidator, and, where the official receiver is liquidator, by the style of the official receiver and liquidator, and
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(b) in a winding up in Scotland or Ireland, by the style of the official liquidator,
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of the particular company in respect of which he is appointed, and not, by his individual name.
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(10) The acts of a liquidator shall be valid notwithstanding any defects that may afterwards be discovered in his appointment or qualification.
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