Close Corporations Act, 1984 (Act No. 69 of 1984)Part IX : Winding up78. First meeting of creditors and members |
| (1) | A liquidator shall as soon as may be and, except with the consent of the Master, not later than one month after a final winding up order has been made by a Court or a resolution of a creditors' voluntary winding-up has been registered— |
| (a) | summon a meeting of the creditors of the corporation for the purpose of— |
| (i) | considering the statement as to the affairs of the corporation lodged with the Master; |
| (ii) | the proving of claims against the corporation; |
| (iii) | deciding whether a co-liquidator should be appointed and, if so, nominating a person for appointment; and |
| (iv) | receiving or obtaining, in a winding-up by the Court or a creditors' voluntary winding-up, directions or authorisation in respect of any matter regarding the liquidation; and |
| (b) | summon a meeting of members of the corporation for the purpose of— |
| (i) | considering the said statement as to the affairs of the corporation, unless the meeting of members when passing a resolution for the voluntary winding-up of the corporation has already considered the said statement; and |
| (ii) | receiving or obtaining directions or authorization in respect of any matter regarding the liquidation. |
| (2) |
| (a) | The provisions of the law relating to insolvency in respect of voting, the manner of voting and voting by an agent at meetings of creditors, shall apply mutatis mutandis in respect of any meeting referred to in this section: Provided that in a winding up by the Court a member or former member of a corporation shall have no voting right in respect of the nomination of a liquidator based on his loan account with the corporation or claims for arrear salary, travelling expenses or allowances due by the corporation, or claims paid by such member or former member on behalf of the corporation. |
| (b) | The provisions of paragraph (a) shall mutatis mutandis apply in respect of a person to whom a right contemplated in that paragraph has been ceded. |