COMPANIES ACT (NORTHERN IRELAND) 1960 - SECT 229 Constitution and proceedings of committee of inspection.

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COMPANIES ACT (NORTHERN IRELAND) 1960 - SECT 229

Constitution and proceedings of committee of inspection.

229.(1) A committee of inspection appointed in pursuance of this Act shall
consist of creditors and contributories of the company or persons holding
general powers of attorney from creditors or contributories in such
proportions as may be agreed on by the meetings of creditors and
contributories or as, in case of difference, may be determined by the court.

(2) The committee shall meet at such times as they from time to time appoint,
and, failing such appointment, at least once a month, and the liquidator or
any member of the committee may also call a meeting of the committee as and
when he thinks necessary.

(3) The committee may act by a majority of their members present at the
meeting but shall not act unless a majority of the committee are present.

(4) A member of the committee may resign by notice in writing signed by him
and delivered to the liquidator.

(5) If a member of the committee becomes bankrupt or compounds or arranges
with his creditors or is absent from five consecutive meetings of the
committee without the leave of those members who together with himself
represent the creditors or contributories, as the case may be, his office
shall thereupon become vacant.

(6) A member of the committee may be removed by an ordinary resolution at a
meeting of creditors, if he represents creditors, or of contributories, if he
represents contributories, of which seven days' notice has been given, stating
the object of the meeting.

(7) Subject to sub-section (8), on a vacancy occurring in the committee
the liquidator shall forthwith summon a meeting of creditors or of
contributories, as the case may require, to fill the vacancy, and the meeting
may, by resolution, reappoint the same or appoint another person, qualified
under sub-section (1) to be a member of the committee, to fill the vacancy.

(8) If the liquidator, having regard to the position in the winding up, is of
the opinion that it is unnecessary for a vacancy occurring in the committee to
be filled he may apply to the court and the court 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.

(9) The continuing members of the committee, if not less than two, may act
notwithstanding any vacancy in the committee.[

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Northern Irish Legislation

COMPANIES ACT (NORTHERN IRELAND) 1960 - SECT 229