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Companies Act, 1973 (Act No. 61 of 1973)

Chapter XIV: Winding-up of Companies

Voluntary Winding-up

353. Effect of voluntary winding-up on status of company and on directors

 

 

1) A company which is being wound up voluntarily shall, notwithstanding anything contained in its articles, remain a corporate body and retain all its powers as such, but shall from the commencement of the winding-up cease to carry on its business except in so far as may be required for the beneficial winding-up thereof.

 

2) As from the commencement of a voluntary winding-up all the powers of the directors of the company concerned shall cease except in so far as their continuance is sanctioned-
a) by the liquidator or the creditors in a creditors' voluntary winding-up; or
b) by the liquidator or the company in general meeting in a members' voluntary winding-up.

 


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