Section 490 – The Companies Act,1956

The Companies Act, 1956

490. Power of company to appoint and fix remuneration of liquidators.

(1) The company in general meeting shall

(a)appoint one or more liquidators for the purpose of winding up the affairs and distributing the assets of the company; and

(b)fix the remuneration, if any, to be paid to the liquidator or liquidators.

(2) Any remuneration so fixed shall not be increased in any circumstances whatever, whether with or without the sanction of the 1[Tribunal].

(3) Before the remuneration of the liquidator or liquidators is fixed, as aforesaid, the liquidator, or any of the liquidators, as the case may be, shall not take charge of his office.

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1. Subs. by Act 11 of 2003, sec. 83, for “Court”.

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The Companies Act, 1956

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