Full legislation
s.150
Committee of inspection not to make profit
No member (or
the representative of a member) of a committee of inspection shall,
except under and with the sanction of the court, directly or indirectly, by himself or
any employer, partner, clerk, agent, or servant, be entitled to derive any profit from
any transaction arising out of the winding up, or to receive out of the assets any
payment for services rendered by him in connexion with the administration of the assets,
or for any goods supplied by him to the liquidator for or on account of the company. In
a winding up by the court, if it appears to the Official Receiver or in a voluntary
winding up if it appears to the committee of inspection or to any meeting of creditors
or contributories that any profit or payment has been made contrary to the provisions of
this rule, they may disallow such payment or recover such profit, as the case may be, on
the audit of the liquidator’s accounts, or otherwise.