Section 487
Exercise and control of liquidator’s powers
ActIn forceProvision 487 of 768
Section 487
(2)
The liquidator may summon general meetings of the creditors or contributories for the purpose of ascertaining their wishes and he shall summon meetings at such times as the creditors or contributories by resolution direct or whenever requested in writing to do so by not less than ten per centum in value of the creditors or contributories.
(3)
The liquidator may apply to the Court for directions in relation to any particular matter arising under the winding up.
(4)
Subject to this Division, the liquidator shall use his own discretion in the management of the affairs and property of the company and the distribution of its assets.