(1)Where any part of the property of a company which is being wound up consists of-(a)land of any tenure, burdened with onerous covenants;(b)shares or stock in companies;(c)any other property which is unsaleable or is not readily saleable, by reason of its binding the possessor thereof either to the performance of any onerous act or to the payment of any sum of money; or(d)unprofitable contracts, the Liquidator of the company, notwithstanding that he has endeavoured to sell or has taken possession of the property, or exercised any act of ownership in relation thereto, or done anything in pursuance of the contract, may, with the leave of the [Tribunal] and subject to the provisions of this section, by writing signed by him, at any time within twelve months after the commencement of the winding up or such extended period as may be allowed by the [Tribunal] [ Substituted by Act 11 of 2003, Section 95, for " Court" .], disclaim the property:Provided that, where any such property has not come to the knowledge of the Liquidator within one month after the commencement of the winding up, the power of disclaiming the property may be exercised at any time within twelve months after he has become aware thereof or such extended period as may be allowed by the [Tribunal] [ Substituted by Act 11 of 2003, Section 95, for " Court" .].
