Companies Act, 1973 (Act No. 61 of 1973)Chapter XV: Judicial Management431. Purpose of meetings convened under section 429(b)(ii) |
| 1) | Any meeting convened under section 429(b)(ii) shall be presided over by the Master or a magistrate having jurisdiction in the area where the meeting is held and shall be convened and held in the manner prescribed by section 412 in respect of a meeting in the winding-up of a company. |
| 2) | The purpose of any such meeting shall be- |
| a) | to consider the report of the provisional judicial manager under section 430(c) and the desirability or otherwise of placing the company finally under judicial management, taking into account the prospects of the company becoming a successful concern; |
| b) | to nominate the person or persons (not being disqualified under section 429 (b)(i)) whose names shall be submitted to the Master for appointment as final judicial manager or managers; |
| c) | in the case of any such meeting of creditors, the proving of claims against the company; and |
| d) | to consider the passing of a resolution referred to in section 435(1). |
| 3) | The chairman of any such meeting shall prepare and lay before the Court a report of the proceedings of such meeting, including a summary of the reasons for any conclusion arrived at under subsection (2)(a). |
| 4) | The provisions of this Act relating to the proof of claims against a company which is being wound up and to the nomination and appointment of a liquidator of any such company shall mutatis mutandis apply with reference to the proof of claims against a company which has been placed under judicial management and the nomination and appointment of a judicial manager of such a company. |