Richardson and Cruddas Limited (Acquisition and Transfer of Under-takings) Act ,1972

Act No : 78

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Section : VACATION OF OFFICE BY DIRECTORS, ETC., OF THE OLD COMPANY

SECTION 12: VACATION OF OFFICE BY DIRECTORS, ETC., OF THE OLD COMPANY

(1) On the appointment of a Custodian, every person holding office, immediately before such as director or manager the old company shall, notwithstanding anything contained in any law for the time being in force or in any decree or order of any Court or Tribunal, vacate such office.

(2) The Custodian shall receive the sum referred to in section 8-and shall deal with the said sum for liability which is incurred by the old company after the appointed day and the balance. if any, left after meeting the said liability, in accordance with the wishes of the members of the old expressed in a general meeting convened by the Custodian, and the provisions of the Companies Act 1956, shall, so far as may be, apply to such meeting.

(3) "The Custodian may, if the members of the old company so desire, distribute the balance referred to in sub-section (2) amongst such members in accordance with their rights and interests and thereafter apply to the Court for the winding up of the old company by the Court.

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