Companies Act, 1973 (Act No. 61 of 1973)Chapter XIV: Winding-up of CompaniesDuties of Liquidators410. Liquidator's duty as to receipts and unpaid dividends |
| 1) | The liquidator shall without delay lodge with the Master the receipts for any dividends paid or other proof of payment thereof. |
| 2) | If any dividend remains unpaid for a period of two months (or such longer period as the Master may approve) after the confirmation of the relevant account, the liquidator shall immediately pay the amount to the Master for deposit in the Guardians' Fund for the account of the creditor or member concerned. |
| 3) |
| a) | Any failure by a liquidator to furnish the Master within the said period of two months with a proper receipt or other proof of payment in respect of any dividend which has not been deposited as aforesaid, shall be prima facie evidence that such dividend has been retained by him and has not been dealt with as prescribed in this section, and the Master may thereafter institute proceedings against the liquidator under section 405. |
| b) | The Court may at the hearing of such proceedings order the liquidator to pay any such dividend which has not been paid or deposited and in addition to pay to the Master for the benefit of the Consolidated Revenue Fund an amount equal to the amount of such dividend. |
| 4) | Any creditor or member of a company entitled to any dividend may, if payment thereof is delayed, after notice to the liquidator, apply to the Court for an order compelling the liquidator to pay that dividend to such creditor or member. |