The Companies Act, 1956
451. General Provisions as to liquidators.
(1) The liquidator shall conduct the proceedings in winding up the company and perform such duties in reference thereto as the 1[Tribunal] may impose.
(2) Where 2[the Official liquidator referred to in clause (c) of sub-section (1) of section 448] becomes or acts as liquidator, there shall be paid to the Central Government out of the assets of the company such fees as may be prescribed.
(3) The acts of a liquidator shall be valid, notwithstanding any defect that may afterwards be discovered in his appointment or qualification:
Provided that nothing in this sub-section shall be deemed to give validity to acts done by a liquidator after his appointment has been shown to be invalid.
1. Subs. by Act 11 of 2003, sec. 65, for “Court”.
2. Subs. by Act 11 of 2003, sec. 65, for “Official Liquidator”.