Cap. 168 Art. 152Appointment, removal and remuneration of liquidator.

(1) The liquidators shall be appointed, and may be removed from office, by an extraordinary resolution taken at a general meeting of the company:

Provided that if a resolution submitted for the appointment of a person as liquidator fails to obtain the required majority, the directors shall, within ten days of the holding of the meeting, apply to the court for the appointment of a liquidator, and the appointment shall be made by the court: Provided further that a liquidator, whether appointed by the company or by the court, may be removed from office by order of the court on a demand, by writ of summons made by members of the company holding in the aggregate not less than one-tenth of the liquidator to demand that it be fixed or varied by the court.

(3) All costs, charges and expenses properly incurred in the winding up, including the remuneration of the liquidator, shall be payable out of the assets of the company in priority to all other claims.