BODIES CORPORATE (OFFICIAL LIQUIDATIONS) ACT - 1963 (ACT 180)

Section - 64 - Grounds for Winding Up

In its application to bodies corporate the following shall be substituted for subsection (2) of section 4 of this Act:

"(2) The Court may order the official winding up of a body corporate on such petition if,

(a) the body corporate is dissolved, or has ceased to carry on business, or is carrying on business only for the purpose of winding up its affairs,

(b) the body corporate is unable to pay its debts,

(c) the Court is of the opinion that the business or objects of the body corporate or any of them are unlawful or that the body corporate is being operated for any illegal purpose or is carrying on a business or operations not authorised by its constitution, or

(d) the Court is of the opinion that it is just and equitable that the body corporate should be wound up,

and in determining whether the body corporate is unable to pay its debts the provision of subsection (3) of section 3 of this Act shall apply".