450. Appointment and powers of provisional Liquidator .-
(1)At any time after the presentation of a winding up petition and before the making of a winding up order, the [Tribunal] may appoint the Official Liquidator to be Liquidator provisionally.(2)Before appointing a provisional Liquidator, the [Tribunal] [ Substituted by Act 11 of 2003, Section 64, for " Court" .] shall give notice to the company and give a reasonable opportunity to it to make its representations, if any, unless, for special reasons to be recorded in writing, the [Tribunal] [ Substituted by Act 11 of 2003, Section 64, for " Court" .] thinks fit to dispense with such notice.(3)Where a provisional Liquidator is appointed by the [Tribunal] [ Substituted by Act 11 of 2003, Section 64, for " Court" .] , the [Tribunal] [ Substituted by Act 11 of 2003, Section 64, for " Court" .] may limit and restrict his powers by the order appointing him or by a subsequent order; but otherwise he shall have the same powers as a Liquidator.(4)The Official Liquidator shall cease to hold office as provisional Liquidator, and shall become the Liquidator of the company, on a winding up order being made.
