Section 140: Liquidator in shareholders’ winding up(cid:3)

140. Liquidator in shareholders’ winding up(cid:3) (1) The company shall, at a general meeting, appoint a liquidator for the purpose of winding up the affairs and distributing the assets of the company and may fix the remuneration to be paid to him. [Issue 9] I14 – 84 Revised Laws of Mauritius (2) On the appointment of a liquidator, all the powers of the directors shall cease except so far as the liquidator or, with his consent, the company in general meeting may otherwise determine.(cid:3) (3) (a) Subject to subsection (3) (b), the company in a general meeting convened by a contributory may, by special resolution of which special notice has been given to the creditors and the liquidator, remove a liquidator.(cid:3) (b) A resolution under subsection (3) (a) shall have no effect if, on the application of the liquidator or a creditor, the Court otherwise directs.(cid:3) (4) (a) Where a vacancy occurs, by death, resignation, removal or otherwise, in the office of a liquidator the company in a general meeting may fill the vacancy by the appointment of a liquidator and fix the remuneration to be paid to him, and for that purpose a general meeting may be convened by a contributory, or, if there were more liquidators than one, by the continuing liquidators.(cid:3) (b) A general meeting under this subsection shall be held in the manner provided by the Fifth Schedule to the Companies Act or by the company’s constitution in such manner as, on the application of a contributory or the continuing liquidators, the Court may direct.(cid:3) (c) Where a company in a general meeting has failed to fill a vacancy under subsection (4) (a), any creditor or contributory of the company may apply to the Court for the appointment of the Official Receiver as provisional liquidator of the company and, if appointed by the Court, the Official Receiver shall act as provisional liquidator of the company until further order of the Court made on application by the company following a resolution in a general meeting nominating a liquidator for appointment by the Court.(cid:3)