Cap. 386 · Companies Act (Cap. 386)
Cap. 386 Art. 270Appointment, remuneration and removal of liquidators.
TITLE II - DISSOLUTION AND CONSEQUENTIAL
(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 article 214(1)(b) has been passed, the directors 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 by the general meeting, any director shall apply to the court for the appointment of a liquidator and the appointment shall be made by 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 in 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 with article 268, the court shall in the winding up order, at its sole discretion, either appoint a liquidator for the purpose of winding up the affairs and distributing the assets of the company and shall fix the remuneration to be paid to him; or give the necessary directives for the holding of a general meeting for the purpose of appointing a liquidator and for the fixing of the remuneration 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 terms of this article.