Close Corporations Act, 1984 (Act No. 69 of 1984)Part IX : Winding up74. Appointment of liquidator |
| (1) | For the purposes of conducting the proceedings in a winding-up of a corporation, the Master shall, in accordance with policy determined by the Minister, appoint a suitable natural person as liquidator. |
| (2) | The Master shall make an appointment as soon as is practicable after a provisional winding-up order has been made, or a copy of a resolution for a voluntary winding up has been registered in terms of section 67(2). |
| (3) | When the Master in the case of a voluntary winding-up by members makes an appointment, he shall take into consideration any further resolution at a meeting of members nominating a person as liquidator. |
| (4) | In the case of a creditors' voluntary winding-up and a winding-up by the Court, the Master shall, subject to the provisions of section 76, if a person is nominated as co-liquidator at the first meeting of creditors, appoint such person as co-liquidator as soon as he has given security to the satisfaction of the Master for the proper performance of his duties. |