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Section 505 – The Companies Act,1956

The Companies Act, 1956

505. Board’s powers to cease on appointment of liquidator.

On the appointment of a liquidator, all the powers of the Board of directors shall cease, except insofar as the committee of inspection, or if there is no such committee, the creditors in general meeting, may sanction the continuance thereof.

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The Companies Act, 1956

Indian Laws – Bare Acts

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