Companies Act (Cap. 386), article 270

270. (1) The company shall by extraordinary resolution 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. (2) Except where a company has appointed a liquidator at the meeting at which the extraordinary resolution referred to in ar ticle 214(1)( b) has been passed, the director s shall call a general meeting of the company, to be held within thirty days after the date of the dissolution, for the purposes of sub-article (1). (3) If for any cause whatsoever, a liquidator is not appointed b y the general meeting, any director shall apply to the court for the appointment of a liquidator and the appointment shall be made b y the court; the application to the court for the appointment of a liquidator under this sub-article shall be made within fourteen days from the date for which the general meeting referred to in sub- article (2) was summoned. (4) If default is made by the directors in complying with the provisions of sub-articles (2) and (3), every director who is i n default shall be liable to a penalty, and, for every day during which the default continues, to a further penalty. (5) Notwithstanding the preceding sub-articles of this article, where the court has ordered that the company be wound up voluntarily by virtue of the provisions of article 214(3), and a declaration has been made in accordance w ith article 268, the c ourt shall in the winding up order, at its sole discretion, either a ppoint a liquidator for the purpose of winding up the affairs and distri buting the assets of the company and shall fix the remuneration to be paid to him; or give the necessary dir ectives for the holding of a g eneral meeting for the purpose of appointing a liquidator and for the COMP ANIES [CAP. 386. 173 fixing of the remunera tion to be paid to him. (6) A liquidator appointed in accordance with the provisions of this article may be removed by extraordinary resolution of the company; except where he has been appointed by the court in ter ms of this article. Vacancy in office of liquidator. Amended by: IV . 2003.107.