464. Appointment and composition of committee of inspection .-
(1)(a)The [Tribunal] [may, at the time of making an order for the winding up of a company or at any time thereafter, direct that there shall be appointed a committee of inspection to act with the Liquidator.(b)Where a direction is given by the [Tribunal][as aforesaid, the Liquidator shall, within two months from the date of such direction, convene a meeting of the creditors of the company (as ascertained from its books and documents) for the purpose of determining who are to be members of the committee.] [Substituted by Act 65 of 1960, Section 173, for sub-Section (1) (w.e.f. 28.12.1960). ](2)[ The Liquidator shall, within fourteen days from the date of the creditors' meeting or such further time as the [Tribunal] [Substituted by Act 65 of 1960, Section 173, for sub-Section (2) (w.e.f. 28.12.1960). ] [in its discretion may grant for the purpose, convene a meeting of the contributories to consider the decision of the creditors' meeting with respect to the membership of the committee; and it shall be open to the meeting of the contributories to accept the decision of the creditors' meeting with or without modifications or to reject it.] [Substituted by Act 65 of 1960, Section 173, for sub-Section (2) (w.e.f. 28.12.1960). ][Substituted by Act 65 of 1960, Section 173, for sub-Section (1) (w.e.f. 28.12.1960). ](3)Except in the case where the meeting of the contributories accepts the decision of the creditors' meeting in its entirety, it shall be the duty of the Liquidator to apply to the [Tribunal] [Substituted by Act 11 of 2003, Section 70, for " Court" . ] for directions as to [* * *] [ The words " whether there shall be a committee of inspection; and, if so," omitted by Act 65 of 1960, Section 173 (w.e.f. 28.12.1960).] what the composition of the committee shall be, and who shall be members thereof.
