(1)The Liquidator shall conduct the proceedings in winding up the company and perform such duties in reference thereto as the [Tribunal] may impose.(2)Where [the Official Liquidator referred to in clause (c) of sub-section (1) of section 448] [ Substituted by Act 11 of 2003, Section 65, for " Official Liquidator" .] becomes or acts as Liquidator, there shall be paid to the Central Government out of the assets of the company such fees as may be prescribed.(3)The acts of a Liquidator shall be valid, notwithstanding any defect that may afterwards be discovered in his appointment or qualification:Provided that nothing in this sub-section shall be deemed to give validity to acts done by a Liquidator after his appointment has been shown to be invalid.
