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Custody of books and property upon vacation of office
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644. (1) This section applies where a person vacates the position of liquidator of a company (the “former liquidator”) whether such vacation is by reason of his or her having—
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(a) ceased to be qualified to act as a liquidator of the company,
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(b) been removed as liquidator, or
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(c) resigned as liquidator.
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(2) Where this section applies and no person remains appointed to act as liquidator of the company, the former liquidator shall retain custody of—
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(a) the seal, books, records, and any property of the company in his or her possession or control, and
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(b) the books and records kept by him or her as liquidator,
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(which seal, property, documents or other things are referred to in this section as the “relevant items”) until—
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(i) a new liquidator is appointed to the company — whereupon the former liquidator shall deliver custody of the relevant items to the new liquidator, or
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(ii) directed by the court, upon the application of the former liquidator, the Director of Corporate Enforcement or a member or creditor of the company, to effect delivery or disposal of the relevant items as the court thinks fit.
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(3) The delivery of any of the relevant items pursuant to subsection (2) shall not prejudice any lien which a liquidator may have over it.
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(4) A person who fails to comply with this section without lawful excuse shall be guilty of a category 3 offence.
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