Companies Act, 1956
Section - 494 - Power of liquidator to accept shares, etc., as consideration for sale of property of company
Power of liquidator to accept shares, etc., as consideration for sale of property of company.494. (1) Where— (a) a company (in this section called "the transferor company") is proposed to be, or is in course of being, wound up altogether voluntarily; and (b) the whole or any part of its business or property is proposed to be transferred or sold to another company, whether a company within the meaning of this Act or not (in this section called "the transferee company");the liquidator of the transferor company may, with the sanction of a special resolution of that company conferring on the liquidator either a general authority or an authority in respect of any particular arrangement,— (i) receive, by way of compensation or part compensation for the transfer or sale, shares, policies, or other like interests in the transferee company, for distribution among the members of the transferor company; or Google Play store
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