MODULE:5

CORPORATE MEETINGS AND

WINDING UP OF A COMPANY
CORPORATE MEETING

 MEANING
 Corporate meetings refers to a formal or informal deliberative assembly of
individuals called to debate certain issues and problems and to take decisions.Formal
meetings are held at definite times,at a definite place and usually for a definite
duration to follow an agreed upon agenda.it is a gathering of two or more persons
who come together for important discussion and decision on lawful matters.

 DEFINITION
 Corporate meetings are those business oriented meetings in which the participants
represent the same company,corporate group,joint venture,or client/provider
relations.
 IMPORTANCE OF CORPORATE MEETINGS

 1.Opportunities for members to come together : Meetings provide common

platform and an opportunity to the members who are scattered all over
different areas to come together. Discuss the matters and working of the
company and arrive at decisions.
 2. Minutes of the previous meeting: During the meeting secretary has to read
the notice. The agenda of the meeting and minutes of the last meeting had.
After reading the minutes, he has to get them confirmed and signed by the
chairman.
 3. Fixation and implementation of policies: Plans and programmes to
management determines the policies, plans and programmes in the board
meetings. It also decides ways and means of implementation of policies, plans
and programmes in the meetings.
 4.Analysis of problems: Meetings are essential to discuss the nature of
problems faced by the organization and to find solutions.
 5. Legal requirements: Meetings are necessary to comply with statutory(legal)
requirements as per the provisions made in the companies ACT. Legal
formalities in relation to convening and conducting various meeting of the
company are completed by organizing and conducting the meetings.

 TYPES OF MEETINGS

Shareholders’ Meeting Meetings of Directors Other Meetings

a) Statutory a) Meetings of the a) Meetings of
Meeting board debenture-holders
b) Annual General of Directors b) Meetings of
Meeting b) Meetings of the creditors
c) Extraordinary committee of c) Meetings of
General Meeting Directors creditors and
d) Class Meeting contributors on
the winding up of
the
company
1. Shareholders' Meeting :
These meetings are also identified as general meetings of the members which are
held to work out their combined privileges. The meetings of the shareholders can further
be divided as: a) Statutory Meeting, b) Annual General Meeting, c) Extraordinary
General Meeting and d) Class Meeting

a)Statutory Meeting:
Section 165 of the Companies Act, states that every company limited by shares or limited
by guarantee and having a share capital must hold a general meeting of members of the
company within a period of not less than one month and not more than six months from
the date on which the company becomes entitled to commence business. It is called
'statutory meeting' therefore it must be specifically stated in the notice calling it. It is not
necessary for a private company to hold a statutory meeting.

The main objective to hold a statutory meeting is to notify the share regarding the facts
involving to the development of the company, shares taken up, money received, contracts
entered Purpose of Statutory Meeting into, preliminary expenses etc. It is an opportunity
to the associates to discuss subject related to the development of the company. This
enables them to identify the situation and future projection of the company. It helps the
members to meet the directors and they can assure themselves that the money invested by
them is appropriately used.
The Board of Directors must prepare and send to every member a report called the "Statutory Report"
at least 21 days before the day on which the meeting is to be held. But if all the members entitled to
attend and vote at the meeting agree, the report could be forwarded later also.

Contents of Statutory Report must provide the following particulars:

(a) The total number of shares allotted, distinguishing those fully or partly paid-up, otherwise than in
cash, the extent to which partly paid shares are paid-up, and in both cases the consideration for
which they were allotted.
(b) The total amount of cash received by the company in respect of all shares allotted, distinguishing
as aforesaid.
(d) Any commission or discount paid or to be paid on the issue or sale of shares or debentures must be
separately shown in the aforesaid abstract.
(e) The names, addresses and occupations of directors, auditors, manager and secretary, if any, of the
company and the changes which have taken place in the names, addresses and occupations of the
above since the date of incorporation.
(f) Particulars of any contracts to be submitted to the meeting for approval and modifications done or
proposed.
(g) The arrears, if any, due on calls from every director and from the manager.
(b) ANNUAL GENERAL MEETING (AGM)

An annual general meeting is a meeting that official bodies, and associations involving the
public including companies with shareholders, are often required by law. An annual meeting
called by the directors of a company that allow shareholders to stay informed and involved
with company decisions and workings .
Annual general meeting must be held by every type of company, public or private, limited by
shares or by guarantee, with or without share capital or unlimited company, once a year. Every
company must in each year hold an annual general meeting. Not more than 15 months must
elapse between two annual general meetings. However, a company may hold its first annual
general meeting within 18 months from the date of its incorporation. In such a case, it need not
hold any annual general meeting in the year of its incorporation as well as in the following year
only.
In case of default in holding an annual general meeting, the following are the
consequences:
1. Any member of the company may apply to the Company Law Board. The Company Law
Board may call, or direct the calling of the meeting, and give such ancillary or consequential
directions as it may consider expedient in relation to the calling, holding and conducting of the
meeting. The Company Law Board may direct that one member present in person or by proxy
shall be deemed to constitute the meeting. A meeting held in pursuance of this order will be
deemed to be an annual general meeting of the company.
 An application by a member of the company for this purpose must be made to the concerned
Regional Bench of the Company Law Board by way of petition in Form No. 1 in Annexure II to the
CLB Regulations with a fee of rupees fifty accompanied by (i) affidavit verifying the petition, (ii)
bank draft for payment of application fee
2. Fine which may extend to ₹ 5,000 on the company and every officer of the company who is in
default may be levied and for continuing default, a further fine of 250 per day during which the
default continues may be levied. Business to be Transacted at Annual General Meeting At every
AGM, the following matters must be discussed and decided. Since such matters are discussed at
every AGM, they are known as ordinary business. All other matters and business to be discussed at
the AGM are special business.

Business to be Transacted at Annual General Meeting

At every AGM the following matters must be discussed and decided.

1) Consideration of annual accounts, director's report and the auditor's report.
2) Declaration of dividend.
3) Appointment of directors in the place of those retiring.
4) Appointment of and the fixing of the remuneration of the statutory auditors.
(c)EXTRAORDINARY GENERAL MEETING

An Extraordinary General Meeting, commonly abbreviated as EGM, is a meeting of members of

an organization, shareholders of a company or employees of an official body, which occurs at an
irregular time. Every general meeting (i.e. meeting of members of the company) other than the
statutory meeting and the annual general meeting or any adjournment thereof, is an extraordinary
general meeting. Such meeting is usually called by the Board of Directors for some urgent
business which cannot wait to be decided till the next AGM. Every business transacted at such a
meeting is special business. An explanatory statement of the special business must also
accompany.

(d)CLASS MEETING

Class meetings are meetings which are held by holders of a particular class of shares, e.g.,
preference shareholders. Such meetings are normally called when it is proposed to vary the rights
of that particular class of shares. At such meetings, these members discuss the pros and cons of
the proposal and vote accordingly. Class meetings are held to pass resolution which will bind
only the members of the class concerned, and only members of that class can attend and vote.
(2)MEETINGS OF DIRECTORS

(a) Meetings of Board of Director is the formal meeting of the board of directors of an
organization, held usually at definite intervals to consider policy issues and major problems.
Presided over by a chairperson (chairman or chairwoman) of the organization or his or her
appointee, it must meet the quorum requirements and its deliberations must be recorded in the
minutes.
(b) Meetings of the Committee of Directors
The Committee of directors fixes its own rules of procedure, which shall be consistent with the
By-Laws of the Company. The Committee shall meet at least two times annually or more frequently
as circumstances or such rules of procedure as it may adopt require. Committee")The purposes of the
Committee on Directors and Corporate Governance shall be to recommend to the Board individuals
qualified to serve as directors of the Company and on committees of the Board.

(3)OTHER MEETINGS

a) Meeting of Debenture Holders: A company issuing debentures may provide for the holding of
meetings of the debenture holders. At such meetings, generally matters pertaining to the variation in
terms of security or to alteration of their rights are discussed.
b) Meeting of Creditors
The company shall cause a meeting of the creditors of the company to be called for the day or the day next
following the day, on which there is to be held the general meeting of the company at which the resolution for
voluntary winding up is to be proposed.

c) Meetings of creditors and contributories on the winding up of the Company

In addition to the first meetings of creditors and contributories and in addition also to meetings of creditors and
contributories directed to be held by the court under section 287 of the Ordinance the liquidator in any winding
up by the court may himself from time to time subject to the provisions of the Ordinance and the control of the
court summon, hold and conduct meetings of the creditors or contributories for the purpose of ascertaining their
wishes in all matters relating to the winding up.
 REQUISITE OF VALID MEETING

Meeting must Meeting must Meeting must

be properly be legally be properly
convened constituted conducted
a) Proper a) Chairman a) Voting
authority b) Quorum b) Poll
b) b) Proper c) Proxy
Notice d) Resolution
e) Minutes
1. Meeting must be properly convened or organized
(i) Proper Authority
(ii) Proper Notice
(1) Proper Authority: Proper authority includes the Board of Directors and Company Law
Board.
(a) Board of Directors: The Articles of Association of the company empower the Board of
Directors to convene a General Meeting. The Directors may call a meeting of the
Shareholders by passing a resolution at a meeting of the board. The resolution to call a general
meeting must be passed at a valid board meeting, otherwise the notice calling the general
meeting with itself become invalid and the proceedings of the meeting shall not be effective.
(b) Company Law Board (CLB):If for any reason, it is impracticable to call meeting of the
company, other than AGM (Annual General Meeting) or to hold or conduct a meeting of the
company, the Company Law Board may order a meeting to be called and conducted as CLB
thinks fit.
(ii) Proper Notice: Notice is an advance intimation of the meeting so as to give the person
receiving it an opportunity to prepare himself/herself for it. Notice states the purpose for which
the members are meeting.
Notice of the meeting should be sent to:-
The shareholder (equity & preference) either personally or by post,
The auditors of the company,all directors of the company,
The legal representative of a deceased (dead) member.
2. Meeting must be legally constituted
(i) Chairman and
(ii) Quorum
(ii) Chairman :The Chairman is elected to see that the meeting is properly convened and duly constituted. The
successful conduct of the meeting is dependent on the decision making ability of the chairman. In a
problematic situation or in a situation of equal division it is the chairman's decision which is finally
accepted as he/she is the chief authority.
(iii) Quorum: Quorum is the minimum number of members who must be personally present at a meeting for
the business of the meeting to be validly transacted. When no Quorum is present at the meeting, the
meeting is said not to be legally constituted.

3. Meeting must be properly conducted

(i)Voting (ii) Poll (iii) Proxy,
(iv) Resolution (v) Minutes of the Meeting

(iv) Voting: It is not possible in a meeting that all members present will always agree on a matter in the same
manner ie in the absence of this unanimity the role of the Chairman broadly comes in. After a "Proposed
Resolution" has been discussed in the meeting by the members it is put to vote for ascertaining the sense of
the house.
(v) Poll:A Poll may be ordered by the Chairman on his own motion.The Chairman of the mecting has the
power to regulate the manner in which a poll shall be taken. The result of the poll shall be deemed to be the
decision of the meeting on the resolution on which the poll was taken. The result of the poll shall be
deemed to be the decision of the meeting on the resolution on which poll was taken.
(iii) Proxy:
Any member entitled to attend and vote in a meeting, may appoint another person to attend and
vote on his behalf. The person so appointed is called a "Proxy". The term Proxy means two
things:
a) The instrument or letter of authority whereby a member of the company appoints another
person to represent him/her at the meeting and vote on his/her behalf, and
b) The agent or the person appointed to represent and vote on behalf of the member at the
meeting.

(iv) Resolution:A resolution is an agreement made at a meeting conducted with the aim of
making changes to the company.

(v) Minutes of the Meeting:Meeting minutes are the written or recorded documentation
that is used to inform attendees and non-attendees about what was discussed and what happened
during a meeting.
 ESSENTIALS FOR A MEETING
The following are essential for any valid meeting to be recognized as such by law:

1. Notice: Notice is a legal communication about the day, date, time and venue of the meeting. Under
Company law, there should be a 21 days clear notice to hold a meeting of the members of the company,
whereas a seven-day notice is required to hold a meeting of the board of directors.

2. Agenda: Agenda refers to the business to be transacted at the meeting. In the case of meeting of
members, there would be a few matters to be discussed. Therefore, the agenda is built into the notice itself.

3. Quorum: Quorum refers to the minimum number of members who must be present at a meeting in order
to constitute a valid meeting. A meeting without the minimum quorum is invalid and decisions taken at
such a meeting are not binding.

4. Proxy: Where a member is not able to personally attend a meeting, he can depute another person to
attend the meeting on his behalf. The member is required to fill in a form giving the particulars of his
share holding and of the proxy.

5. Chairman:The chairman is the head of the meeting. Generally, the chairman of the Board of Directors is
the Chairman of the meeting. Unless the articles otherwise provide, the members present in person at the
meeting elect one of themselves to be the chairman thereof on a show of the hands.
6. Voting and Demand for Poll:
Initially, matters are decided at a general meeting by a show of hands. If the majority of the hands
raise their hands in favour of a particular resolution, then unless a poll is demanded, it is taken as
passed. Voting by a show of hands operates on the principle of "One Member-One Vote".
However, since the fundamental voting principle in a company is "One Share-One Vote", if a poll
is demanded, voting takes place by a poll.

7. Amendment: Amendment means any modification to a motion before it is put to vote for
adoption. Amendment may be proposed by any member who has not already spoken on the main
motion or has not previously moved an amendment thereto.

8. Adjournment:Adjournment means suspending the proceedings of a meeting for the time

being so that the meeting may be continued at a later date and time fixed in that meeting itself at
the time of such adjournment or to decide later on. Only the business not finished at the original
meeting can be transacted at the adjourned meeting.
 RESOLUTIONS

A resolution is the legal form of a decision taken at a meeting. Resolution is a corporate action,
sometimes in the form of a legal document that will be voted on or has been voted on at a meeting of the
board of directors for a corporation. The resolution could also be in the form of a "corporate action"
which has the same binding effect as in action taken at a duly called meeting.

Company decisions are made by passing resolutions. Resolutions are passed both by the company's
members and by its directors. In either case, resolutions may be passed at meetings or by written
resolution. 1. Members resolutions. 2. Directors' resolutions.

(1)Members Resolution:A member resolution is a formal, legally binding decision made by a company's
members. It can be a statement, declaration, or action to address a problem or situation, or to honor a
person, group, or event.Member resolutions are categorized as either ordinary or special resolutions:
• Ordinary resolution: Requires 50% plus one member entitled to vote to approve.
• Special resolution: Requires at least 75% approval from those entitled to vote.

(2)A director resolution: also known as a board resolution or corporate resolution, is a legally
binding document that records the decisions made by a company's board of directors. It's a formal record
of the board's actions, including who voted and their role.
MINUTES OF PROCEEDINGS OF GENERAL MEETING

Postponement of a Meeting:Postponement of a meeting means deferring the holding of the meeting

itself at a later date. Postponement is done by the Board of Directors or by the person convening the
meeting. In case of adjournment, it is the decision of the majority of the members present at the meeting
itself.

Dissolution of a Meeting:Dissolution of a meeting means termination of a meeting. The meeting no

longer exists once has been dissolved. If within half an hour after the time appointed for holding a
general meeting, the quorum is not present, the meeting shall stand dissolved if it was called on
quisition by members.

Minutes of Meeting:The minutes of a meeting are a summarized written record of what occurs, and is
said, at a meeting. They typically describe the events of the meeting, starting with a list of attendees, a
statement of the issues considered by the participants, and related responses or decisions for the issues.

Minutes of Proceedings of Meeting:Every company must keep minutes of the proceedings of general
meetings and of the meetings of board of directors and its committees. The minutes are a record of the
discussions made at the meeting and the final decisions taken thereat.in members will be listed the
members and of the of the Minutes book every company must keep minutes containing details of all
proceedings at the meetings.
 Postal Ballot
According to section 2(65) of Companies Act, 2013, “postal ballot means voting by post
through any electronic mode. It includes voting by shareholders by postal or electronic mode
instead of voting personally for transacting business in a general meeting”.

Electronic voting (e-voting) :

Is a term encircling several different types of voting implementing both electronic means of
casting a vote and electronic means of counting votes.Electronic voting technology can include
punched cards, optical scan voting systems.
In general, two main types of e-Voting can be identified:
a) E-voting which is physically supervised by representatives of governmental or independent
electoral authorities (e.g. electronic voting machines located at polling stations).
b) b) Remote e-Voting where voting is performed within the voter's sole influence and is not
physically supervised by representatives of governmental authorities (e.g. voting from
one's personal computer, mobile phone, television via the internet)

MEETING THROUGH VIDEO CONFERENCING

Meaning of "video conferencing or other audio visual means "audio-visual electronic
communication facility employed which enables all the persons participating in a meeting to
communicate concurrently with each other without an intermediary and to participate
effectively in the meeting.
 Board of directors
They are a panel of people who are elected to represent shareholders. Every public company is legally
required to install a legal board of directors; non profit organisations and many private companies while
not required, also name a board of directors
General qualifications
i. variety of knowledge and experience
ii. Understand his obligations and practices.
iii. Have enough time to perform his duties.
İv. Self assessment and reporting to the board of directors.

Directors term and retirement criteria

• 3 years each term
• Board might nominate the Director for reelection
• Retirement at 75 years
Duties of the board of directors
1. See that shares are not allowed until subscription has reached minimum limit.
2. See proper accounts are kept.
3. Send Statutory report before Statutory meeting.
4. Call Annual General Meeting
5. Send the register of special and extraordinary resolutions to the registrar.
6. To keep register of mortgages and charges.
 Powers which can be exercised by the board of directors
1. The power to make calls to issue debentures to 4 feet shares to borrow otherwise
than on debenture
2. The power to appoint a secretary a manager
3. The power to fill a casual wake in C in the office of directors subject to regulation in
the articles.
4. The power to fill up a casual vacancy in the office of an auditor.
5. Appoint managing director of the company.
6. The power to a point alternate directors if necessary.

BOARD MEETING
Board meeting is a formal meeting of board of directors of an organisation and any
invited guest held at a definite intervals and as needed to review performance, consider
policy issues, address major problems and perform legal business of the
board,minimum of 4 meetings per year.

Committee meeting
A committee meeting consists of a name sub group of people within an organisation
who come together to fill a pre-determined function A committee work is described in
charter and is often conducted in a series of meeting.
 Features of committee meeting

1. To promote a common purpose, or full fill a common task, or solve a

problem
2. Has fixed membership.
3. Follows definite written rules and procedures.
4. Maybe granted authority to make or recommend decisions.

Advantages of committee meeting

5. Group deliberation and judgement
6. Fear of authority
7. Representation of interested group
8. Coordination of function
9. Transmission of information
10.Consolidation of authority
11.Motivation through participation
12.Avoidance of action
13.Educational value
Meaning of Winding Up
Winding up of a company is a process of putting an end to the life of a company. It is a
proceeding by means of which a company is dissolved and in the course of such a dissolution
its assets are collected, its debts are paid off out of the assets of the company or from
contributions by its members, if necessary. If any surplus is left, it is distributed among the
members in accordance with their rights.

Definition of Winding Up
The process of selling all the assets of a business, paying off creditors, distributing any
remaining assets to the principals or parent company, and then dissolving the business.
Winding up can refer to such a process either for a specific business line of a corporation or to
the dissolution of a corporation itself.

MODES OF WINDING UP
There are three modes of winding up of a company.

These are:
(A)Compulsory winding up.
(B)Voluntary winding up.
(C)Winding up under the supervision of the court.
A)COMPULSORY WINDING UP

A company may be wound up by an order of the court. This is called compulsory winding
up. Section 433 lays down the following grounds for the winding up of a company by the
court.
1. Special resolution of the company.
2. Default in holding statutory meeting.
3. Failure to commence or suspension of business.
4. Reduction of members below minimum.
5. Inability to pay debts.
6. Just and equitable

(B) VOLUNTARY WINDING UP

A company may, voluntary wind up its affairs, if it is unable to carry on its business or if it
was formed only for a limited purpose or if it is unable to meet its financial obligation and
etc. A company may voluntary wind up itself, under any of the two modes:

7. Members' voluntary winding up

8. Creditors' voluntary winding up
1. Members' Voluntary Winding Up

Liquidation of a solvent firm by adoption of a resolution for voluntary winding up of thebusiness

by its shareholders who also choose and appoint the liquidator. Since it is not aninsolvency
procedure, it requires a statutory declaration of solvency by the firm's board of directors
Although the involvement of a court is not required, a qualified liquidator must be appointed
after the resolution. If it is discovered that the firm's assets will not be sufficient to cover its
debts, the unsecured creditors can take charge of the liquidation process which is then termed a
compulsory liquidation. Also called members' voluntary winding up or just voluntary winding
up.Directors of the company shall call for a Board of Directors Meeting, and make a declaration
of winding up, accompanied by an affidavit.

2. Creditors' Voluntary Winding Up

Where the resolution for winding up has been passed, but the Board of Directors are not in a
position to give a declaration on the liability of company, they may call a meeting of creditors,
for the purpose of winding up. (500)It is the duty of Board of Directors, to present a full
statement of company's affairs, and list of creditors along with their dues, before the meeting of
creditors. [500 (3)]Whatever resolution, the company passes in creditor's meeting, shall be given
to the Registrar within ten days of its passing. (501)
C) WINDING UP UNDER THE SUPERVISION OF THE COURT

Winding up subject to supervision of court, is different from "Winding up by court." Here court only
supervises the winding up procedure. Resolution for winding up is passed by members in the general
meeting. It is only for some specific reasons, that court may supervise be winding up proceedings. The
court may put up some special terms and conditions also.

WHO CAN APPLY FOR VOLUNTARY WINDING UP

1. By the company itself

2. By the creditors of the Company
3. By any member or a Contributory
4. By the registrar of a Companies
5. By the official Liquidator

OFFICIAL LIQUIDATOR

Once the court passes winding up order of a company, the official liquidator who is with the High court
or district court act as the liquidator of the company. The official liquidator looks after winding up and all
the other functions as the court may enforce. Once it receives a petition the court may also appoint a
temporary liquidator in order to study the exact situation, before making a winding up order. Before
making such appointment, the court should give reasonable chance to the company to clarify its position
regarding the winding up petition.
POWERS OF LIQUIDATOR

1.Powers exercisable with the sanction of the Court [section 457 (1)]: The liquidator in a
winding by the Court shall have power, with the sanction of the Court

a) To institute or defend suits and other legal proceedings, civil or criminal, in the name and
on behalf of the company.
b) To carry on the business of the company so far as may be necessary for the beneficial
winding up of the company.
c) To sell the immovable and movable property and its actionable claims with power to
transfer the whole or sell the same in parcels.
d) To raise money on the security of the company's assets: The assets include all
contributions which the liquidator is entitled to get from the members, past or present as
well as all assets which have been misappropriated as against creditors.

2. Powers exercisable without the sanction of the Court [section 457 (2)): The liquidator
in a winding up by the Court shall have power, without the sanction of the Court:

e) To do all acts and to execute documents and deeds on behalf of the company under its
seal.
f) To inspect the records and returns of the company or the files of the Registrar without
payment of any fee.
c) To prove, rank and claim in the insolvency of any contributory for any balance against his estate
and to receive dividends.
d) To draw, accept, make and endorse any bill of exchange, hundi or promissory note on behalf of
the company in the course of its business.
e) To take out, in his official name, letters of administration to any deceased contributory and to do
any other act necessary for obtaining payment of any money due from a contributory or his estate.
f) To appoint an agent to do any business which he is unable to do himself.

3.Powers exercisable in case of onerous contracts (section 535): The term 'onerous' means a
right to property e.g., a lease, in which the obligations attaching to it exceed the advantage to be
derived from it. The liquidator may with the leave of the Court disclaim onerous contracts and
properties. This shall be done within 12 months after the commencement of the winding up, unless.

RESPONSIBILITY OF THE LIQUIDATOR

A liquidator has two types of powers under the Act:

(A) Powers Exercisable With the Sanction of the Court

1. The liquidator can institute or defend any suit, prosecution or other legal proceedings, civil o
criminal, on behalf of the company.
2. He can carry on the business of the company for the beneficial winding up of the company.
3. He can sell the immovable and movable property and actionable claims of the company by
public auction or private contract.
4. He can sell raise any money required on the security of the assets of the company.
5. He can appoint an advocate, attorney or pleader to assist him in the performance of his duties.
6. He can do all such other things as may be necessary for winding up the affairs of the company
and distributing its assets.
7. The Court may by order that the liquidator may exercise any of the above powers without the
sanction of the Court [Sec. 458).

(B)Powers without the Sanction of the Court

1. The liquidator may exercise the following powers without the sanction of the Court:
2. Execution of documents and deeds on behalf of the company and use, when necessary, the
company's seal.
3. Inspect the records and returns of the company or the files of the Registrar without payment of
any fee
4. Draw, accept, make and endorse any bills of exchange, hundis or promissory notes with the
same effect as if drawn, accepted made or endorsed by the company in the course of its
business.
5. Prove, rank and claim in the insolvency of any contributory for any balance against his
estate and to receive dividends in respect thereof.
6. He can take out, in his official name, letters of administration to any deceased
contributory.

SUPERVISION AND CONTROL OVER LIQUIDATORS APPOINTED BY COURT

1 Control by contributories and creditors.

2. Control by Court
3. Supervision by committee of inspection.
4. Control by Central Government.
 THANK YOU
“You cannot cross the sea merely by standing and staring at the water”