(1)Every Liquidator of a company, not being an Official Liquidator, shall, in such manner and at such times as may be prescribed, pay the moneys received by him in his capacity as such into a Scheduled Bank to the credit of a special banking account opened by him in that behalf, and called "the Liquidation Account of...................................Company Limited/Company Private Limited/Company":Provided that if the [Tribunal] is satisfied that for the purpose of carrying on the business of the company or of obtaining advances or for any other reason, it is to the advantage of the creditors or contributories that the Liquidator should have an account with any other bank, the [Tribunal] [ Substituted by Act 11 of 2003, Section 108, for " Court" .] may authorise the Liquidator to make his payments into or out of such other bank as the [Tribunal] [ Substituted by Act 11 of 2003, Section 108, for " Court" .] may select; and thereupon those payments shall be made in the prescribed manner and at the prescribed time into or out of such other bank.
