Section 12(2) in The Richardson and Cruddas Ltd.(Acquisition and Transfer of Undertaking) Act, 1972
(2)The Custodian shall receive the sum referred to in section 8 and shall deal with the said sum for meeting any liability which is incurred by the old company after the appointed day, and the balance, if any, left after meeting the said liability, in accordance with the wishes of the members of the old company, expressed in a general meeting convened by the Custodian, and the provisions of the Companies Act, 1956 (1 of 1956), shall, so far as may be, apply to such meeting.
