This was recommended by the committee. It is new, too.
SECTION 268.
Question proposed : " That Section 268 stand part of the Bill."
These are all counterparts of the other forms of voluntary liquidation.
Question put and agreed to.
SECTION 269.
Amendment No. 83 not moved.
Question proposed : " That Section 269 stand part of the Bill."
Is this a new section?
Yes. There is, of course, a corresponding provision in Section 258—subsection (1). The most important part of the section is that there is provision for appeal to the court about the remuneration. That is very desirable because if the remuneration is excessive, the assets will be run away with. There is a similar provision in the law in neighbouring countries; it is on identical lines almost.
Has the liquidator himself the right of appeal?
It would be pointless to provide the right of appeal to the liquidator, because if he does not agree with the remuneration he can decide not to take the job.
He might take it under a misapprehension. He might find himself in the hands of a grasping committee.
If he is capable of taking up the liquidation of the company, he would be capable of looking after his own interests.
Can a liquidator resign like a trustee?
Yes, or be removed.
There is no rush of resignations. Is Section 269 parallel to the preceding sections?
In one case, we give the powers to the members and in the other, to the creditors.
We do not need to put the microscope on these.
It is really a procedural scheme.
Question put and agreed to.
Sections 270 to 273, inclusive, agreed to.
SECTION 274.
Question proposed : " That Section 274 stand part of the Bill."
Is this the same as the preceding sections with appropriate alterations.
These sections apply to all voluntary winding up. They are very largely repetitious of the existing law in the Act of 1908—to a very large extent identical.
Question put and agreed to.
Sections 275 to 278, inclusive, agreed to.