Cap. 6:07
INSOLVEt\CY
No. 7/2018
(4) A director or member may, within one month of the date of the form referred
to in subsection (3), object by affidavit or otherwise, to his or her name being entered
in the register referred to in subsection (I).
(5) If after considering any objections made by or on behalf of a director or
member the Registrar of Companies intends to enter the name of a director or member
in the register, he or she must send a standard notice to such director or member
accordingly.
(6) Any person aggrieved by the decision contemplated in subsection (5) may,
within one month of the date of such decision, apply to the Court for relief.
(7) The Registrar of Companies must on the expiration of one month after the
date of his or her decision under subsection (5) or, if an application under subsection (6)
is pending, after the application has been disposed of and if the Court has not ordered
otherwise, enter the name of the director or member in the register.
(8) Any liquidator who fails to comply with the provisions of subsection (2), is
guilty of an offence and liable on conviction to fine not exceeding le\·el5 or imprisonment
for a period not exceeding six months or both to such fine and imprisonment.
114 Change of address by directors and secretaries and certain former
directors and secretaries
(I) Every director and secretary of a company, and every member of a pri\·ate
business corporation, which is being liquidated and who, before the liquidator's final
account has in terms of section I 00 been confirmed, changes his or her residential or
postal address must notify the liquidator by standard notice of the new address, \vi thin
14 days after such change.
(2) If the liquidator has not been appointed on the date of such change, the
director or secretary or member must notify the liquidator within 14 days after the
appointment of the liquidator.
(3) Any person who fails to comply with any requirement of subsection (I) or
(2) is guilty of an offence and liable on conviction to a fine not exceeding level 5 or
imprisonment for a period not exceeding six months or to both a fine and imprisonment.
115 Restoration of property and payment of compensation
Where in the course of the liquidation of a company or of a private business
corporation incorporated in terms of the Companies Act [Chapter 24:3/1, it appears
that a person \Vho has taken part in the formation or promotion of the company, or
any past or present director or a officer of the company, or past or present member
or officer of the private business corporation, has misapplied or retained or become
liable or accountable for any money or property of the company or private business
corporation, or has been guilty of any breach of faith or trust in relation to the company
or private business corporation, the Court may, on the application of the Master or
of the liquidator or of any creditor or shareholder or member or contributory of the
company or pri\'ate business corporation, enquire into the conduct of the promoter,
director, member or officer in question, and may order him or her to repay or restore the
money or property or any part thereof, with interest at a rate determined by the Court,
or to contribute such sum to the assets of the company or private business corporation
by way of compensation in respect of the misapplication, retention, breach of faith or
trust as the Court considers appropriate.
279
Select target paragraph3
Add to table of contents