Companies Act Section 359 — Appointment of Official Liquidator

CHAPTER XX WINDING UP

Commercial / Corporate

Summary

Sub-section (1) allows the Central Government to appoint as many Official Liquidators, Joint, Deputy, or Assistant Official Liquidators as it thinks necessary. These appointments are made for the winding up of companies by the Tribunal, and the appointees are meant to carry out the functions of the Official Liquidator under this Act.

Sub-section (2) states that all liquidators appointed under sub-section (1) must be whole-time officers of the Central Government, meaning they work for the government on a full-time basis.

Sub-section (3) provides that the salary and other allowances of the Official Liquidator, Joint Official Liquidator, Deputy Official Liquidator, and Assistant Official Liquidator are to be paid by the Central Government.

Official Text

(1) For the purposes of this Act, so far as it relates to the winding up of companies by the Tribunal, the Central Government may appoint as many Official Liquidators, Joint, Deputy or Assistant Official Liquidators as it may consider necessary to discharge the functions of the Official Liquidator.

(2) The liquidators appointed under sub-section (1) shall be whole-time officers of the Central Government.

(3) The salary and other allowances of the Official Liquidator, Joint Official Liquidator, Deputy Official Liquidator and Assistant Official Liquidator shall be paid by the Central Government.