SECTION 550

DISPOSAL OF BOOKS AND PAPERS IN VOLUNTARY WINDING-UP

1. Subject - Disposal of Books and papers in voluntary winding-up.

2. Passing Authority - General Meeting.

3. Nature of the Resolution - Special Resolution.

4. Specimen Resolution(s):

"That the books, accounts and documents of the company and of Liquidators be handed over to the Bengal Chamber of Commerce and Industry after the Company has been deemed to be dissolved in terms of section 497 of the Companies Act, 1956, for retention in accordance with section 550 of the said Act."

5. Guidelines:

1) The Central Government may prevent for a period of 5 years from dissolution, the destruction of books and papers of the company.

2) If the resolution is not passed, the liquidator will continue to be in charge of the books and papers. He may be ordered to produce the same.

[London & Yorkshire Bank v. Cooper (1885) 15 Q.B.D. 473].

6. Filing: Form 23--within 30 days.