PAYMENT OF UNCLAIMED DIVIDENDS OR UNDISTRIBUTED ASSETS INTO THE COMPANY LIQUIDATION DIVIDEND AND UNDISTRIBUTED ASSETS ACCOUNT IN A WINDING UP (From Rule 179 to Rule 182)
Bank investments of surplus funds must follow the written request and instructions of the company liquidator, with proceeds credited accordingly. All investments must be made by the bank upon the written request of the Company Liquidator, with securities retained by the bank in the name and on behalf of the Company Liquidator; securities shall not be sold except by the bank under the written instructions of the Company Liquidator, and when sold the proceeds shall be credited by the bank to the account of the Company Liquidator.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Bank investments of surplus funds must follow the written request and instructions of the company liquidator, with proceeds credited accordingly.
All investments must be made by the bank upon the written request of the Company Liquidator, with securities retained by the bank in the name and on behalf of the Company Liquidator; securities shall not be sold except by the bank under the written instructions of the Company Liquidator, and when sold the proceeds shall be credited by the bank to the account of the Company Liquidator.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
