280.
| (1) Every liquidator of a company which is being wound up by the court shall, in such manner and at such times as the court directs, pay the money received by him to the Companies Liquidation Account at the bank at which such account is kept: |
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| (2) Where any such liquidator at any time retains for more than ten days a sum exceeding five hundred rupees or such other amount as the court in any particular case authorizes him to retain, then unless he explains the retention to the satisfaction of the court, he shall pay interest on the amount as retained in excess at the rate of twenty per centum per annum, and shall be liable to disallowance of all or such part of his remuneration as the court may think just, and to be removed from his office by the court, and shall be liable to pay any expenses occasioned by reason of his default. |
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| (3) A liquidator of a company which is being wound up by the court shall not pay any sums received by him as liquidator into his private banking account. |
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Sri Lanka Consolidated Acts