ACT 125

COMPANIES ACT 1965 (REVISED - 1973)

PART X - WINDING UP

DIVISION 3 - VOLUNTARY WINDING UP

Subdivision (4) - Provisions applicable to every Voluntary Winding up

Section 264. Distribution of property of company.

Subject to the provisions of this Act as to preferential payments the property of a company shall, on its winding up, be applied pari passu in satisfaction of its liabilities, and subject to that application shall, unless the articles otherwise provide, be distributed among the members according to their rights and interests in the company.