Section 278 Circumstances in which company may be wound up voluntarily.

(1)

A company may be wound up voluntarily—

(a)

when the period, if any; fixed for the duration of the company by the articles expires, or the event, if any, occurs, on the occurrence of which the articles provide that the company is to be dissolved, and the company in general meeting has passed a resolution requiring the company to be wound up voluntarily;

(b)

if the company resolves by special resolution that the company be wound up voluntarily;

(c)

if the company resolves by extraordinary resolution to the effect that it cannot by reason of its liabilities continue its business, and that it is advisable to wind up.

(2)

In this Act the expression “a resolution for voluntary winding up ” means a resolution passed under any of the provisions of subsection (1) of this section.