Commonwealth Numbered Acts

COMPANIES ACT 1981 No. 89 of 1981 - SECT 22

22. (1) Where the Commission grants an application by a person for
registration as a liquidator or as a liquidator of a specified corporation,
the person shall lodge and maintain with the local authority a security for
the due performance of his duties as such a liquidator in such form and for
such amount as is, from time to time, determined by the Commission in relation
to that liquidator and with such surety or sureties (if any) as the
Commission, from time to time, requires.

(2) Where a security is lodged with the local authority in accordance with
sub-section (1), the security may be applied by the local authority in such
circumstances, for such purposes and in such manner as is prescribed.

(3) The regulations may make provision for or in relation to-

   (a)  the discharge in whole or part by the Commission of securities lodged
        pursuant to this section; and

   (b)  the release by the Commission of sureties referred to in sub-section
        (1) from all or any of their obligations as such sureties.
(4) In this section, ''local authority'' means the Corporate Affairs
Commission for the Territory.