Payments of Liquidator in English Winding up into Bank.
" Section 154. (1) Every liquidator of a company which is being wound up by the Court in England shall, in such manner and at such times as the Board of Trade, with the con currence of the Treasury, direct, pay the money received by him to the Companies Liquidation Account at the Bank of England, and the Board shall furnish him with a certificate of receipt of the money so paid : Provided that, if the committee of inspection satisfy the Board of Trade that for the purpose of carrying on the business of the company or of obtaining advances, or for any other reason, it is for the advantage of the creditors or contributories that the liquidator should have an account with any other bank, the Board ' shall, on the application of the corn- ' mittee of inspection, authorise the liquidator to make his payments into and out of such other bank as the committee may select, and there upon those payments shall be made in the prescribed manner.
" (2) If any such liquidator at any time retains for more than ten days a sum exceeding fifty pounds, or such other amount as the Board of Trade in any particular case authorise him to retain, then, unless he explains the retention to the satisfaction of the Board, he shall pay interest on the amount so retained in excess at the rate of twenty per cent. per annum,
and shall be liable to disallowance of all or such part of his remunera tion as the Board may think just, and to be removed from his office by the Board, and shall be liable to pay any expenses occasioned by reason of his default.
" (3) A liquidator of a company which is being wound up by the Court in England shall not pay any sums received by him as liquidator into his private banking account." By Section 149 :— " (4) If more than one liquidator is appointed by the Court, the Court shall declare whether any act by this Act required or authorised to be done by the liquidator is to be done by all or any one or more of the persons appointed." Where an advance is required by liquida tors, it is necessary to ascertain if they have power to borrow, for, unless they have such power, any advance made to them will not bind the estate, and will be a debt due from them merely in their private capacities. (See COMPANIES, WINDING UP.) LIRA. (See FOREIGN MONEYS—ITALY.)