Commonwealth Numbered Regulations

1983 No. 316 COMPANIES REGULATIONS (AMENDMENT) - REG 8

8. Part IX of the Companies Regulations is repealed and the following Part
substituted:

"PART IX-PAYMENTS, DEPOSITS AND DELIVERIES
BY LIQUIDATOR Payment into liquidator's general account

"77. A liquidator shall, unless otherwise directed by the Court or the
committee of inspection, open a bank account to be known as the liquidator's
general account, into which he shall pay all money received by him not later
than 7 days after it has been received. Deposit of securities

"78. A liquidator shall deposit in the bank with which he opened the
liquidator's general account all bills, notes or other securities payable to
the company or the liquidator as soon as possible after they are received by
him, in order that they be presented by the bank for acceptance and payment,
or payment, as the case requires. Delivery of securities

"79. All bills, notes or other securities deposited in a bank in accordance
with regulation 78 shall be delivered out on the signed request of the
liquidator. Special bank account

"80. (1) The Court may give directions with respect to the payment, deposit or
custody of money payable to or into the possession of a liquidator or of
bills, notes or other securities so payable.

"(2) Where an application is made to the Court to authorize the liquidator to
make payments into and out of a special bank account, the Court may authorize
the payments for such time and on such terms as it thinks fit and may at any
time order the special bank account to be closed, if it is of the opinion that
the account is no longer required.

"(3) An office copy of every order of the Court under sub-regulation (2) shall
be served by the liquidator on the bank with which the special bank account
has been opened. Payments out of liquidator's general account

"81. All payments out of the liquidator's general account shall be made by
cheque, and every cheque shall have the name of the company marked or written
on the face of it and shall be signed by the liquidator.".