Section 56: Power to dispense with meetings of creditors, etc.
The Banking Companies Ordinance, 1962 · Federal Acts · III · in_force
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56. Power to dispense with meetings of creditors, etc.-- Notwithstanding anything to the contrary contained in sections 178A and 183 of the 1[Companies Ordinance, 1984 (XLVII of 1984)], the High Court may, in the proceedings for winding-up a banking company, dispense with any meetings of creditors or contributories or with the appointment of a committee of inspection if it considers that no object will be secured thereby sufficient to justify the delay and expense.
Effective date: 1962-06-07
Related sections
Section 55: Notice to preferential claimants and secured and unsecured creditorsSection 57: Booked depositors' credits to be deemed provedSection 54: Preliminary report by official liquidatorSection 58: Priority payments to depositorsSection 53: Stay of proceedingsSection 59: Restriction on voluntary winding up
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