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Consequences of voluntary winding up.
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133. The following consequences shall ensue upon the voluntary winding-up of a company:
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(1.) The property of the company shall be applied in satisfaction of its liabilities pari passu, and, subject thereto, shall, unless it be otherwise provided by the regulations of the company, be distributed amongst the members according to their rights and interests in the company:
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(2.) Liquidators shall be appointed for the purpose of winding up the affairs of the company and distributing the property:
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(3.) The company in general meeting shall appoint such persons or person as it thinks fit to be liquidators or a liquidator, and may fix the remuneration to be paid to them or him:
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(4.) If one person only is appointed, all the provisions herein contained in reference to several liquidators shall apply to him:
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(5.) Upon the appointment of liquidators all the power of the directors shall cease, except in so far as the company in general meeting or the liquidators may sanction the continuance of such powers:
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(6.) When several liquidators are appointed, every power hereby given may be exercised by such one or more of them, as may be determined at the time of their appointment, or in default of such determination by any number not less than two:
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(7.) The liquidators may, without the sanction of the Court, exercise all powers by this Act given to the official liquidator:
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(8.) The liquidators may exercise the powers herein-before given to the Court of settling the list of contributories of the company; and any list so settled shall be primâ facie evidence of the liability of the persons named therein to be contributories:
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(9.) The liquidators may at any time after the passing of the resolution for winding up the company, and before they have ascertained the sufficiency of the assets of the company, call on all or any of the contributories for the time being settled on the list of contributories to the extent of their liability to pay all or any sums they deem necessary to satisfy the debts and liabilities of the company, and the costs, charges, and expenses of winding it up, and for the adjustment of the rights of the contributories amongst themselves; and the liquidators may in making a call take into consideration the probability that some of the contributories upon whom the same is made may partly or wholly fail to pay their respective portions of the same;
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(10.) The liquidators shall pay the debts of the company, and adjust the rights of the contributories amongst themselves.
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