Companies Act, 1973 (Act No. 61 of 1973)

Chapter XIV: Winding-up of Companies

Duties of Liquidators

406. Places for and periods of inspection of account
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1)Every liquidator's account shall lie open for inspection for such period, not being less than fourteen days, as the Master may determine-
a)at the office of the Master; and
b)if the office of the Master and the registered office of the company are not situated in the same district-
i)at the office of the magistrate of the district in which such registered office is situated; or
ii)if such registered office is situated in a portion of such district in respect of which an additional or assistant magistrate permanently performs the functions of the magistrate of the district at a place other than the seat of magistracy of that district, at the office of such additional or assistant magistrate; and
c)if the company also carried on business at any other place, then also at the office of the magistrate (including any additional or assistant magistrate) of the district or the portion thereof in which any such other place is situate, as may be determined by the liquidator with the approval of the Master.

 

2)The liquidator shall lodge a copy of the account with every magistrate, additional magistrate or assistant magistrate in whose offices the account is to lie open for inspection.

 

3)The liquidator shall give due notice in the Gazette of the places at which any such account will lie open for inspection and shall in that notice state the period during which the account will lie open for inspection and shall transmit by post or deliver a similar notice to every creditor who has proved a claim against the company.

 

4)The magistrate shall cause to be affixed in some public place in or about his office a list of all such accounts as have been lodged in his office, showing the respective periods during which they will lie open for inspection, and shall upon the expiry of any such period endorse on the account in question his certificate that the account has lain open at his office for inspection in terms of this section and transmit the account to the Master.