FINANCIAL INSTITUTIONS ACT, 2004

PART III

PROVISIONS OF THE COMPANIES ACT 1972 WHICH DO NOT APPLY

In the table below, the first column indicates the section number of the provision of the Companies Act, the second column indicates the general subject matter of the provision and the third column indicates whether the provision does not apply in relation to the voluntary winding up or compulsory winding up of a financial institution or to both.

Section            Subject Matter                                             Mode

202                  Modes of winding up                                     Compulsory

205 -206          Cases in which company may

be wound up by the Court                           Compulsory

207 -208          Petition for winding up and its effect               Compulsory

209                  Commencement of winding up                       Compulsory

211                   Provisional liquidator                                     Compulsory

213                   Registration of winding up order                    Compulsory

214 -216          Official Receiver                                            Compulsory

217- 223          Liquidators                                                    Compulsory

226 -228          Audit of accounts of and supervision

and release of liquidators                                Compulsory

229 -231          Committees of inspection                                Compulsory

232                   Meetings of shareholders and creditors          Compulsory

233                   Stay of winding up                                          Compulsory

234                   Settlement of list of contributories etc.             Compulsory

236                   Examination of directors, officers, etc.             Compulsory

237(2) - (5)      Power of court to make calls                           Compulsory

238                   Miscellaneous powers of court                        Compulsory

239                   Order of payment into a bank                          Compulsory

240                   Special Manager                                             Compulsory

241                   Public examination of directors etc.                  Compulsory

244                   Delegation of court’s power to liquidator          Compulsory

245                   Dissolution of company                                    Compulsory

247 -250          Resolutions for and commencement

of voluntary winding up                                      Voluntary

251                  Effect of voluntary winding up                            Voluntary

253 -259         Members voluntary winding up                           Voluntary

260 -267         Creditors voluntary winding up                           Voluntary

268                 Provisions for every voluntary winding up            Voluntary

269(1)            Costs of winding up                                             Voluntary

270 -272         Liquidators                                                         Voluntary

273(1)

and (2)            Powers of court in winding up by court                Voluntary

274                 Order for company in voluntary liquidation

to be wound up by court                                     Voluntary

Section          Subject Matter                                                   Mode

275                General meetings of company in

voluntary liquidation                                             Voluntary

277                Application of bankruptcy rules                            Voluntary

278                Preferential payment                                            Voluntary

281               Disclaimer by liquidator                                        Voluntary

293               Disqualification of body corporate

from appointment as liquidator                               Both

294               Order against liquidator to make good default        Both

296               Exemption from stamp duty                                   Both

298(1)          Disposal of books and papers of company             Both

299               Returns by liquidator to Registrar                           Both

300               Unclaimed assets                                                   Both

304               Avoidance of dissolution                                        Both

305               Power of Registrar to strike name

of defunct company off register                              Both