Section 513 - Body corporate not to be appointed as liquidator. - Companies Act, 1956

Body corporate not to be appointed as liquidator. 513. (1) A body corporate shall not be qualified for appointment as liquidator of a company in a voluntary winding up. (2) Any appointment made in contravention of sub-section (1) shall be void. (3) Any body corporate which acts as liquidator of a company, and every director [1] [* * *] or a manager thereof, shall be punishable with fine which may extend to [2] [ten thousand rupees]: [3] [ Provided that, notwithstanding anything contained in any other law for the time being in force a body corporate consisting of such professionals as may be approved by the Central Government from time to time, shall be qualified for appointment as Official Liquidator under section 448.] -------------------------------------------- Notes: [1] Omitted by the Companies (Amendment) Act, 2000, w.e.f. 13-12-2000, as provisions relating to managing agents, secretaries and treasures had become redundant after abolition of system by Act 17 of 1969. [2] Substituted for "one thousand rupees" by the Companies (Amendment) Act, 2000, w.e.f. 13-12-2000. [3] Inserted by the Companies (Second Amendment) Act, 2002, w.e.f. a date yet to be notified.