Part 2 — Provincial Companies Subpart 1 Status and Powers of Provincial Companies
194 Cessation of business and powers
provincial company,
(a) the company continues in ex istence but must cease to carry
on business, except the business that is, in the opinion of the
liquidator, required for an orderly liquidation;
(b) the powers of the directors an d shareholders, if any, cease to
be vested in the directors and shareholders and are vested in
the liquidator, except as specifically authorized by the
Court.
(2) A liquidator may delegate any of the powers vested by
subsection (1)(b) to the directors, officers or shareholders, if any.
1999 cI-5.1 s194