Insolvency Act · s 233

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233.
Powers of Executive Manager
(1) The Executive Manager has the power to do all things as may be necessary for —
(a) the management of the affairs, business and property of the company; and
(b) the discharge of his duties.
(2) Without prejudice to the generality of subsection (1), the
Executive Manager has —
(a) the powers specified in Schedule 2; and
(b) the power to remove any director of the company and to appoint any person to be a director of the company.
(3) A person dealing with the Executive Manager in good faith and for value is not concerned to inquire whether the Executive Manager is acting within his powers.
(4) The Executive Manager has the power to dispose of any property of the company which is subject to a security, on such terms (whether as to the disposition of the proceeds of such disposal or otherwise) as may be prescribed.

Insolvency 188
(5) In exercising his powers and discharging his duties, the
Executive Manager —
(a) is deemed to act as the agent of the company;
(b) shall not be held to have adopted any contract (including any contract of employment) except where he states in writing his intention to do so; and
(c) shall not incur personal liability on any contract entered into by him or which he causes the company to enter into (except in so far as the contract otherwise provides).
(6) Any sums payable in respect of debts or liabilities of the company incurred while the Executive Manager was in office, under contracts entered into by him or which he causes the company to enter into, or contracts (including contracts of employment) adopted by him, shall be charged on and paid out of any property of the company which was in his custody or under his control at that time, in priority to all other liabilities of the company.

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s 233Powers of Executive Manager

(1)

The Executive Manager has the power to do all things as may be necessary for —

(a)

the management of the affairs, business and property of the company; and

(b)

the discharge of his duties.

(2)

Without prejudice to the generality of subsection (1), the

Executive Manager has —

(a)

the powers specified in Schedule 2; and

(b)

the power to remove any director of the company and to appoint any person to be a director of the company.

(3)

A person dealing with the Executive Manager in good faith and for value is not concerned to inquire whether the Executive Manager is acting within his powers.

(4)

The Executive Manager has the power to dispose of any property of the company which is subject to a security, on such terms (whether as to the disposition of the proceeds of such disposal or otherwise) as may be prescribed.

Insolvency 188

(5)

In exercising his powers and discharging his duties, the

Executive Manager —

(a)

is deemed to act as the agent of the company;

(b)

shall not be held to have adopted any contract (including any contract of employment) except where he states in writing his intention to do so; and

(c)

shall not incur personal liability on any contract entered into by him or which he causes the company to enter into (except in so far as the contract otherwise provides).

(6)

Any sums payable in respect of debts or liabilities of the company incurred while the Executive Manager was in office, under contracts entered into by him or which he causes the company to enter into, or contracts (including contracts of employment) adopted by him, shall be charged on and paid out of any property of the company which was in his custody or under his control at that time, in priority to all other liabilities of the company.