Sri Lanka Consolidated Acts

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Companies Act (No. 17 of 1982) - Sect 315

Power of company to appoint and fix remuneration of liquidators

315 .
(1) The company in general meeting shall appoint one or more liquidators for the purpose of winding-up the affairs and distributing the assets of the company, and may fix the remuneration to be paid to each such liquidator.
(2) On the appointment of a liquidator all the powers of the directors shall cease, except so far as the company in general meeting or the liquidator, sanctions the continuance thereof.

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