Companies Act, 1956
Section - 526 - [OMITTED BY THE COMPANIES (SECOND AMENDMENT) ACT, 2002 , W.E.F. A DATE YET TO BE NOTIFIED]
Effect of supervision order.526. [Omitted by the Companies (Second Amendment) Act, 2002, w.e.f. a date yet to be notified.] 80. Prior to their omission, sections 525, 526 and 527 read as under : ‘525. Powers and obligations of liquidator appointed by Court.—A liquidator appointed by the Court under section 524 shall have the same powers, be subject to the same obligations, and in all respects stand in the same position, as if he had been duly appointed in accordance with the provisions of this Act with respect to the appointment of liquidators in a voluntary winding up. 526. Effect of supervision order.—(1) Where an order is made for a winding up subject to supervision, the liquidator may, subject to any restrictions imposed by the Court, exercise all his powers, without the sanction or intervention of the Court, in the same manner as if the company were being wound up altogether voluntarily. &# .... To read the full section download the app from Google Play store
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