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L-4 - Winding-up Act

Section 25
Disposition versions

Full text
25. The order of the court directing the winding-up of the company shall have the same effects as a resolution of the shareholders under section 3.
In making the order, the court shall appoint one or more liquidators to wind up the affairs of the company and distribute its assets, and thereupon the functions of the directors shall cease.
The court or a judge thereof may thereafter fill any vacancy occurring in the office of liquidator, and dismiss and replace any liquidator deemed for any reason unfit or undesirable.
The court, when making the winding-up order, and, at any time thereafter, the court or one of its judges may order and authorize any proceeding consistent with this Act to ensure the protection of the rights of interested parties and an orderly winding-up of the company.
R. S. 1964, c. 281, s. 25.
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