Section 125Part 5 — Company Restructuring and Winding Up
Avoidance of share transfers
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Any transfer of shares, not being a transfer with the sanction of the liquidator, and any alteration in the status of the company ’ s members made after the commencement of a voluntary winding up is void. 1 26. General meeting at year ’ s end 126 .
In the event of a voluntary winding up continuing for more than one year, the liquidators shall summon a general meeting of the company at the end of the first year from the commencement of the winding up and at the end of each succeeding year and such meetings shall be held within three months of each anniversary of the commencement of the liquidation.
At each meeting the liquidator shall lay before the meeting a report and account of that person’s acts and dealings and the conduct of the winding up during the preceding year.
A liquidator who fails to comply with this section commits an offence and is liable on conviction to a fine of ten thousand dollars.