Companies Liquidation Account Defined.
" 229. (1) An account, called the Com panies Liquidation Account, shall be kept by the Board of Trade with the Bank of England, and all moneys received by the Board in respect of proceedings under this Act in con nection with the winding up of companies in England shall be paid to that account.
" (21 All payments out of money standing to the credit of the Board of Trade in the Companies Liquidation Ac count shall be made by the Bank of England in the prescribed manner.
Investnfrnt of Surplus Funds on General "2M. (1) Whenever the cash balance standing to the credit of the Com panies Liquidation Account is in excess of the amount which in the opinion of the Board of Trade is required for the time being to answer demands in respect of companies' estates, the Board shall notify the excess to the Treasury, and shall pay over the whole or any part of that excess as the Treasury may require, to the Treasury, to such account as the Treasury may direct, and the Treasury may invest the sums paid over, or any part thereof, in Govern ment securities, to be placed to the credit of the said account.
" (2) When any part of the money so in vested is, in the opinion of the Board of Trade, required to answer any demands in respect of companies' estates, the Board shall notify to the Treasury the amount so required, and the Treasury shall thereupon repay to the Board such sum as may be required to the credit of the Companies Liquidation Account, and for that purpose may direct the sale of such part of the said securities as may be necessary.
" (3) The dividends on investments under this Section shall be paid to such account as the Treasury may direct, and regard shall be had to the amount thus derived in fixing the fees payable in respect of proceed ings in the winding up of companies in England.
Separate Accounts of Particular Estates . (1) An account shall be kept by the Board of Trade of the receipts and payments in the winding up of each company in England, and, when the cash balance standing to the credit of the account of any company is in excess of the amount which, in the opinion of the committee of inspec tion, is required for the time being to answer demands in respect of that company's estate, the Board shall, on the request of the committee, invest the amount not so required in Government securities, to be placed to the credit of the said account for the benefit of the company.
" (2) When any part of the money so in vested is, in the opinion of the com mittee of inspection, required to answer any demands in respect of the estate of the company, the Board of Trade shall, on the request of the committee, raise such sum as may be required by the sale of such part of the said securities as may be necessary.
" (3) The dividends on investments under this Section shall be paid to the credit of the company.
" (4) When the balance at the credit of any company's account in the hands of the Board of Trade exceeds two thousand pounds, and the liquidator gives notice to the Board that the excess is not required for the pur poses of the liquidation, the com pany shall be entitled to interest on the excess at the rate of two per cent. per annum." (See COMPANIES.)