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Companies Act, 1956 Sec 513 - Body corporate not to be appointed as liquidator. (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, or a manager thereof, shall be punishable with fine which may extend to ten thousand rupees.    |
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