Section 12
Vacation of office by directors, etc., of the old company.
The Richardson and Cruddas Limited (Acquisition and Transfer of Undertaking) Act, 1972
About this Act
An Act to provide for the acquisition and transfer of the undertaking of the Richardson and Cruddas Limited, for the reconstruction of the register of its members and for matters connected therewith or incidental thereto.
(1) On the appointment of a
Custodian, every person holding office, immediately before such appointment, as director or manager of
the old company shall, notwithstanding anything contained in any other law for the time being in force or
in any decree or order of any court or tribunal, vacate such office.
(2) The Custodian shall receive the sum referred to in section 8 and shall deal with the said sum for meeting any liability which is incurred by the old company after the appointed day, and the balance, if any, left after meeting the said liability, in accordance with the wishes of the members of the old company, expressed in a general meeting convened by the Custodian, and the provisions of the Companies Act, 1956 (1 of 1956), shall, so far as may be, apply to such meeting.
(3) The Custodian may, if the members of the old company so desire, distribute the balance referred to in sub-section (2) amongst such members in accordance with their rights and interests and thereafter apply to the Court for the winding up of the old company by the Court.
(2) The Custodian shall receive the sum referred to in section 8 and shall deal with the said sum for meeting any liability which is incurred by the old company after the appointed day, and the balance, if any, left after meeting the said liability, in accordance with the wishes of the members of the old company, expressed in a general meeting convened by the Custodian, and the provisions of the Companies Act, 1956 (1 of 1956), shall, so far as may be, apply to such meeting.
(3) The Custodian may, if the members of the old company so desire, distribute the balance referred to in sub-section (2) amongst such members in accordance with their rights and interests and thereafter apply to the Court for the winding up of the old company by the Court.