1 75. 176. 177. 178. 179. 180. 181. 1 82. 183. 184. 185. 186. 187. 188. 189. Removal of directors. Prohibition of tax -free payments to directors. Prohibition of loans to directors. Approval of company requisite for payment by it to director for loss of office. Approval of company requisite for payment in connection with transfer of its property to director for loss of office. Duty of director to disclose payments for loss of office, made in connection with transfer of shares in company. Provisions supplementary to sections 178, 179 and 180. Register of directors’ share holdings. Prohibition of allotment of shares to directors save on same terms as to all members, and restriction on sale of undertakings by directors. Particulars in accounts of directors’ salaries and pensions. Particulars in accounts of loans to officers. Disclosure by directors of interests in contracts. Register of directors and secretaries. Particulars of directors in trade catalogues and circulars. Directors may have regard to interests of employees. Avoidance of Provisions in Articles or Contract Relieving Officers from Liability 190. Provisions as to liability of officers and auditors. 191. 192. 193. 194. 195. 196. 197. 198. Arrangements and Reconstruction Power to compromise with creditors and members. Information as to compromise with creditors and members. Provisions for facilitating reconstruction and amalgamation of companies. Power to acquire shares of members dissenting from scheme or contract approved by majority. Minorities Meaning of “member” and “company” in sections 196 to 198. Order on application of member. Order on application of Minister. Powers of court in applications under sections 196 and 197. PART V WINDING UP AND JUDICIAL MANAGEMENT 199. Modes of winding up. 200. Jurisdiction of Master. Preliminary Contributories Liability as contributories of present and past members. Definition of “contributory”. Nature of liability of contributory. Contributories in case of death or insolvency. Definition of Inability to Pay Debts 205. When company deemed unable to pay its debts. 201. 202. 203. 204. 206. 207. 208. 209. 210. 211. Winding up by Court Circumstances in which company may be wound up by court. Petition for winding up company. Powers of court on hearing petitions. Court may stay or restrain proceedings against company. Commencement of winding up by court. Court may adopt proceedings of voluntary winding up. 212. 213. 214. 215. 216. Consequences of Winding-Up Order Effect of winding -up order. Action stayed and avoidance of certain attachments, executions and dispositions and alteration of status. Transmission of winding-up order to certain officers. Statement of company’s affairs to Master. Report by Master.