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Rule 38: Filling -up of vacancy in advisory committee · Complied AI

Chapter 37
Rule 38

Rule 38Chapter 37

Filling -up of vacancy in advisory committee

Filling -up of vacancy in advisory committee.- (1) On a vacancy occurring in the advisory committee, the Company Liquidator shall forthwith summon a meeting of creditors or of contributories, as the case may require, to recommend for filling the vacancy and the meeting may, by resolution, recommend for re-appointing the same, or propose for appointing another creditor or contributory, as the case may to fill the vacancy:

Proviso

Provided that if the Company Liquidator, having regard to the position in the winding up, is of the opinion that it is unnecessary for the vacancy to be filled, he may apply to the Tribunal and the Tribunal may make an order that the vacancy shall not be filled, or shall not be filled except in such circumstances as may be specified in the order.

(2)

The continuing members of the advisory committee, if not less than two, may act notwithstanding any vacancy in the said committee.

(3)

Where the creditors or contributories, as the case may be, fail to fill the vacancy for whatever reason, the Company Liquidator shall forthwith report such failure to the Tribunal and Tribunal may, by order, fill such vacancy.

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