L-4 - Winding-up Act

Section 10 Disposition versions

1999-10-22

10. The liquidator or liquidators shall take into his or their custody, and under his or their control, all the assets of the company, and shall, subject however to such limitations as may be determined by the resolution of the shareholders for the dissolution of the company, have power:

(1)  To bring or defend any action or other judicial proceeding in the name and on behalf of the company;

(2)  To carry on the business of the company, so far as may be necessary for the beneficial winding-up of the same, and to collect all moneys due to it;

(3)  To sell the property of the company, by auction, private sale, sale of the enterprise or retail sale; provided that, at a general meeting of the shareholders, the majority have given their consent to such sale of the enterprise;

(4)  To execute, in the name and on behalf of the company, all deeds, acquittances, receipts and other documents;

(5)  To draw, accept, make or endorse bills of exchange or promissory notes in the name and on behalf of the company; and to raise upon the security of the assets of the company, from time to time, any requisite sums of money;

(6)  To do and execute whatever else may be necessary for winding-up the affairs of the company and distributing its assets, including the power to compromise, at discretion, all claims and rights belonging to the company.

R. S. 1964, c. 281, s. 10; 1999, c. 40, s. 169.

1977-12-31

10. The liquidator or liquidators shall take into his or their custody, and under his or their control, all the assets of the company, and shall, subject however to such limitations as may be determined by the resolution of the shareholders for the dissolution of the company, have power:

(1)  To bring or defend any action or other judicial proceeding in the name and on behalf of the company;

(2)  To carry on the business of the company, so far as may be necessary for the beneficial winding-up of the same, and to collect all moneys due to it;

(3)  To sell the moveable and immoveable property of the company, by public auction or private sale, and either in the lump or in parcels; provided that, at a general meeting of the shareholders, the majority have given their consent to such sale in the lump;

(4)  To execute, in the name and on behalf of the company, all deeds, acquittances, receipts and other documents;

(5)  To draw, accept, make or endorse bills of exchange or promissory notes in the name and on behalf of the company; and to raise upon the security of the assets of the company, from time to time, any requisite sums of money;

(6)  To do and execute whatever else may be necessary for winding-up the affairs of the company and distributing its assets, including the power to compromise, at discretion, all claims and rights belonging to the company.

R. S. 1964, c. 281, s. 10.