Section 399 of Insolvency Act CAP 53: Appointment of liquidator in members' voluntary liquidation
(1) In a members' voluntary liquidation, the company in general meeting shall appoint one or more liquidators for the purpose of liquidating the company's affairs and distributing its assets.
(2) On the appointment of a liquidator, all the powers of the directors cease, except in so far as the company in general meeting or the liquidator sanctions their continuance.
(3) Only an authorised insolvency practitioner is eligible for appointment under subsection (1).
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