ACT 125
COMPANIES ACT 1965 (REVISED - 1973)
PART X - WINDING UP
DIVISION 3 - VOLUNTARY WINDING UP
Subdivision (3) - Provisions applicable only to Creditors' Voluntary Winding up

 
Section 262. Committee of inspection.
 
Section 262. Committee of inspection. (COMPANIES ACT 1965 (REVISED - 1973) - ACT 125) (1) The creditors at the meeting summoned pursuant to section 59 or 260 or at any subsequent meeting may, if they think fit, appoint a committee of inspection consisting of not more than five persons, whether creditors or not and if such a committee is appointed the company may, either at the meeting at which the resolution for voluntary winding up is passed or at any time subsequently in general meeting, appoint such number of persons but not more than five as it thinks fit to act as members of the committee.

(2) Notwithstanding subsection (1) the creditors may, if they think fit, resolve that all or any of the persons so appointed by the company ought not to be members of the committee of inspection and, if the creditors so resolve, the persons mentioned in the resolution shall not, unless the Court otherwise directs, be qualified to act as members of the committee, and on any application to the Court under this subsection the Court may, if it thinks fit, appoint other persons to act as such members in place of the persons mentioned in the resolution.

(3) Subject to this section and the rules the provisions of Subdivision (3) of Division 2 relating to the proceedings of and vacancies in committees of inspection shall apply with respect to a committee of inspection appointed under this section.