Insolvency Act · s 74

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74.
Power to fill vacancy in office of liquidator
(1) If a vacancy occurs by death, resignation or otherwise in the office of a liquidator appointed by the company, the company in general meeting may, subject to any arrangement with its creditors, fill the vacancy.
(2) For that purpose, a general meeting may be convened by any contributory or, if there were more than one liquidator, by the continuing liquidators.
(3) The meeting shall be held in the manner provided by this Act or by the articles of the company, or in such manner as may, on application by any contributory or by the continuing liquidators, be determined by the
Court.
(4) Subject to sections 77 and 83, in the event of the winding up of a company continuing for more than one year, the liquidator shall —
(a) for each prescribed period, produce a progress report relating to the prescribed matters; and
(b) within such period commencing with the end of the period referred to in paragraph (a) as may be prescribed, send a copy of the progress report to —
(i) the members of the company; and
(ii) such other persons as may be prescribed.
(5) A liquidator who fails to comply with this section is guilty of an offence and liable on conviction to a fine not exceeding $10,000, and, in the

Insolvency 76
case of a continuing offence, with a further fine not exceeding $500 for every day or part thereof during which the offence continues after conviction.

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s 74Power to fill vacancy in office of liquidator

(1)

If a vacancy occurs by death, resignation or otherwise in the office of a liquidator appointed by the company, the company in general meeting may, subject to any arrangement with its creditors, fill the vacancy.

(2)

For that purpose, a general meeting may be convened by any contributory or, if there were more than one liquidator, by the continuing liquidators.

(3)

The meeting shall be held in the manner provided by this Act or by the articles of the company, or in such manner as may, on application by any contributory or by the continuing liquidators, be determined by the

Court.

(4)

Subject to sections 77 and 83, in the event of the winding up of a company continuing for more than one year, the liquidator shall —

(a)

for each prescribed period, produce a progress report relating to the prescribed matters; and

(b)

within such period commencing with the end of the period referred to in paragraph (a) as may be prescribed, send a copy of the progress report to —

(i)

the members of the company; and

(ii)

such other persons as may be prescribed.

(5)

A liquidator who fails to comply with this section is guilty of an offence and liable on conviction to a fine not exceeding $10,000, and, in the

Insolvency 76

case of a continuing offence, with a further fine not exceeding $500 for every day or part thereof during which the offence continues after conviction.