Companies

Link to law: http://rgd.legalaffairs.gov.tt/Laws2/Alphabetical_List/lawspdfs/81.01.pdf

Comp A
COMPANIES ACT
CHAPTER 81:01

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Current Authorised Pages
Pages Authorised
(inclusive) by L.R.O.
1–2 ..
3–24 ..
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27–32 ..
33–36 ..
37–266 ..
267–284 ..
285–288 ..
289–294 ..
295–442 ..
443–444 ..
445–478 ..
479–480 ..
481–494 ..
495–496 ..
497–506 ..
507–510 ..
511–514 ..
515–524 ..
525–534 ..
535–538 ..
539–586 ..
587–588 ..
589–590 ..
591–627 ..

L.R.O.

Act
35 of 1995
Amended by

5 of 1997
6 of 1999
*12 of 2003
2 of 2012
2 of 2013

*See Note on page 2

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Index of Subsidiary Legislation
Page

Companies Regulations (LN 69/1997) … … … 507

(N.B.: See Note on page 3 on First, Second and Third Schedules to the Act with respect to
other Subsidiary Legislation).

Note on Legal Notices Nos. 59 and 78 of 1999
See LNs 59 and 78/1999 re the Act before its revision.

Note on Act No. 12 of 2003
Sections 2, 3 and 4 of the Companies (Former-Act Companies)(Validation) Act 2003
(Act No. 12 of 2003) provides as follows:
2. In this Act—
“Act” means the Companies Act, 1995;
“certificate of continuance” has the meaning assigned to it in Part V, Division 3 of the Act;
“former-Act company” has the meaning assigned to it in section 4 of the Act.

3. (1) Any act done or omitted to be done by a former-Act company which applied for
a certificate of continuance between the 14th day of August, 2000 and the 1st day of June,
2001, shall be valid and lawful to the extent that it would have been had the former-Act
company applied for a certificate of continuance before the 15th day of August, 2000.
(2) For the avoidance of doubt and subject to subsection (3), any act or thing done or
omitted to be done by a former-Act company which applied for a certificate of continuance
between the 14th day of August, 2000 and the 1st day of June, 2001, shall not be called into
question merely because the former-Act company applied for the certificate of continuance
between the 14th day of August, 2000 and the 1st day of June, 2001 and section 346 of the
Act shall not be invoked against the former-Act company.
(3) Subsection (2) shall not apply to proceedings which have already been concluded.

4. This Act binds the State.

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Note on section 340 of the Act
Section 340 of the Act states that every former-Act company shall within two years after the
commencement date of the Act (i.e., 15th April, 1997) apply to the Registrar for a Certificate
of Continuance.
For the extension of the deadline date for application to the Registrar for a Certificate of
Continuance see the 2004 Edition of The Consolidated Index of Acts and Subsidiary
Legislation for references to the relevant Legal Notices.

Note on the First, Second
and Third Schedules to the Act

Section 464(2) of the Act ordains that the Rules contained in the Eleventh, Twelfth and
Thirteenth Schedules of the Companies Ordinance [Ch. 31. No. 11.(1950 Edition)] shall,
notwithstanding the repeal of this Ordinance, continue to have effect with such modification
and adaptation as are required to make them conform to the Act.

(N.B.: The Eleventh Schedule deals with the “Rules of Procedure on Applications under the
Act” and is incorporated in the Act as the FIRST SCHEDULE.

The Twelfth Schedule deals with “Rules with respect to the Winding Up of Companies” and
is incorporated in the Act as the SECOND SCHEDULE.

The Thirteenth Schedule deals with “Rules in regards to Certified Copies, etc., required
under the Act and as to General Forms” and is incorporated in the Act as the THIRD
SCHEDULE).

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CHAPTER 81:01

COMPANIES ACT
ARRANGEMENT OF SECTIONS

SECTION

PART I
PRELIMINARY

1. Short title.
2. Commencement.
3. Prohibited associations.

PART II
CONSTRUCTION AND INTERPRETATION OF ACT

4. Interpretation.

CORPORATE RELATIONSHIPS
5. Affiliated corporations.

PUBLIC DISTRIBUTION OF CORPORATE SECURITIES
6. Distribution to the public.
7. (Repealed by Act No. 5 of 1997).

PART III
FORMATION AND OPERATION OF COMPANIES

DIVISION 1—INCORPORATION OF COMPANIES
8. Incorporation.
9. Formalities.
10. Required votes.
11. Documentation.

CERTIFICATE OF INCORPORATION
12. Certificate of incorporation.
13. Effective date.

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SECTION

CORPORATE NAME
14. Corporate name.
15. Reserved name.
16. Name change.
17. Continued name.
18. Name revocation.
19. Assigned name.

PRE-INCORPORATION AGREEMENTS
20. Pre-incorporation agreements.

DIVISION 2—CORPORATE CAPACITY AND POWERS
21. Capacity and powers.
22. Powers reduced.
23. Validity of acts.
24. Notice not presumed.
25. No disclaimer allowed.
26. Contracts of a company.
27. Bills and notes.
28. Power of attorney.
29. Company seals.

DIVISION 3—SHARE CAPITAL
30. Nature of shares.
31. If only one class.
32. Share classes.
33. Share issue.
34. Consideration.
35. Stated capital accounts.
36. Open-ended mutual company.
37. Series shares.
38. Pre-emptive rights.
39. Conversion privileges.
40. Reserve shares.
41. Own shares.
42. Exceptions.

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ARRANGEMENT OF SECTIONS—Continued
SECTION

43. Acquisition of own shares.
44. Other acquisition.
45. Redeemable shares.
46. Donated shares.
47. Voting thereon.
48. Stated capital reduction.
49. Stated capital adjustment.
50. Cancellation of shares.
51. Presumption re own shares.
52. Changing share class.
52A. Redemption and cancellation of debentures.
53. Effect of purchase contract.
53A. Sale of shares on commission.
54. Prohibited dividend.
55. Payment of dividend.
56. Illicit loans by company.
57. Enforcement of illicit loans.
58. Immunity of shareholders.
59. Lien on shares.

DIVISION 4—MANAGEMENT OF COMPANIES
60. Duty of directors to manage company.
61. Secretary.
62. Acts of secretary, etc.
63. Secretary of public company.
64. Number of directors.
65. Restricted powers.
66. Bye-law powers.
67. Organisational meeting.
68. Disqualified directors.
69. Court disqualified directors.
70. No qualification required.

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71. Notice of directors.
72. Alternate directors.
73. Cumulative voting.
74. Termination of office.
75. Removal of directors.
76. Right to notice.
77. Filling vacancy.
78. Numbers changed.
79. Notice of change.
80. Directors’ meetings.
81. Notice and waiver.
82. Adjourned meeting
83. Telephone participation.
84. Delegation of powers.
85. Validity of acts.
86. Resolution in writing.

LIABILITIES OF DIRECTORS
87. Liability for share issue.
88. Liability for other acts.
89. Contribution for judgment.
90. Recovery by action.
91. Defence to liability
92. Time-limit on liability.

CONTRACTUAL INTEREST
93. Interest in contracts.
94. Interest declaration.
95. Avoidance of nullity.
96. Setting aside contract.

OFFICERS OF A COMPANY
97. Designation of offices, etc.

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BORROWING POWERS OF DIRECTORS
98. Borrowing powers.

DUTY OF DIRECTORS AND OFFICERS
99. Duty of care.
100. Dissenting to resolution.

INDEMNITIES
101. Indemnifying directors, etc.
102. For derivative action.
103. Right to indemnity.
104. Insurance of directors, etc.
105. Court approval of indemnity.

REMUNERATION OF DIRECTORS, OFFICERS
AND EMPLOYEES

106. Remuneration.

DIVISION 5— SHAREHOLDERS OF COMPANIES
MEETINGS OF SHAREHOLDERS

107. Shareholders and their meetings.
108. Meeting outside Trinidad and Tobago.
109. Calling meetings.
110. Record date of shareholders.
111. Statutory date.
112. Notice of record date.
113. Notice of meeting.
114. Special business.
115. Waiver of notice and telephone participation.

PROPOSALS
116. “Proposals” of shareholders.
117. Inclusion in proxy circular.
118. Nomination in proposal.

ARRANGEMENT OF SECTIONS—Continued
SECTION

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119. Non-compliance with proxy solicitation.
120. Publishing immunity.
121. Refusal notice.
122. Restraining meeting.
123. Right to omit proposal.
124. Registrar’s notice.

SHAREHOLDER LISTS

125. List of shareholders.
126. Examination of list.

QUORUM
127. Quorum at meetings.

VOTING SHARES

128. Right to vote shares.
129. Representative of other body.
130. Joint shareholders.
131. Voting method at meetings.
132. Resolution in writing.

COMPULSORY MEETING

133. Requisitioned shareholders meeting.
134. Court called meeting.

CONTROVERTED AFFAIRS
135. Court review controversy.

SHAREHOLDER AGREEMENTS

136. Pooling agreement.
137. Unanimous shareholder agreement.

SHAREHOLDER APPROVAL
138. Extraordinary transaction.

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DIVISION 6—PROXIES
139. Definitions.

PROXY HOLDERS

140. Proxy appointment.
141. Revocation of proxy.
142. Deposit of proxy.
143. Mandatory solicitation of proxy.
144. Prohibited solicitation.
145. Documents for Commission.
146. Exemption by Commission.
147. Proxy attending meeting.

SHARE REGISTRANTS

148. Duty of broker.
149. Governing prohibition.

REMEDIAL POWERS
150. Restraining order.

DIVISION 7—FINANCIAL DISCLOSURE
COMPARATIVE FINANCIAL STATEMENTS

151. Annual financial returns.
152. (Repealed by Act No. 5 of 1997).
153. Consolidated financial returns.
154. Approval of directors.
155. Copies of documents to be sent to shareholders.
156. Registrar’s copies.

AUDIT COMMITTEE
157. Audit committee.

ARRANGEMENT OF SECTIONS—Continued
SECTION

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AUDITOR
158. Eligibility for appointment.
159. Ministerial authorisation of appointment.
160. (Repealed by Act No. 5 of 1997).
161. Ineligibility on ground of lack of independence.
162. Effect of ineligibility.
163. Appointment of auditor.
164. Dispensing with auditor.
165. Cessation of office.
166. Removal of auditor.
167. Filling auditor vacancy.
168. Court-appointed auditor.
169. Auditor’s right to notice.
170. Required attendance.
171. Right to comment.
172. Examination by auditor.
173. Right to inspect.
174. Detected error.

DIVISION 8—CORPORATE RECORDS
REGISTERED OFFICE OF COMPANY

175. Registered office.
176. Notice of address.

COMPANY REGISTERS AND RECORDS
177. Records of company.

REGISTER OF DIRECTORS AND SECRETARIES
178. Register of directors and secretaries.
179. Register of directors’ holdings.
180. Extension of section to associates of directors.

REGISTER OF SUBSTANTIAL SHAREHOLDERS
181. Substantial shareholder.
182. Substantial shareholder to give notice to company.
183. Person ceasing to be a substantial shareholder to notify the company.

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184. Company to keep register of substantial shareholders.
185. Offence.

RECORDS OF TRUSTS
186. Trust notices.

ACCOUNTS, MINUTES AND OTHER RECORDS
187. Other records.

FORM OF RECORDS
188. Records form.

CARE OF RECORDS
189. Duty of care for records.

ACCESS TO RECORDS
190. Access to records.

SHAREHOLDERS’ LISTS
191. Basic list of shareholders.
192. Options list.
193. Restricted use of lists.
194. Annual returns.

DIVISION 9—TRANSFER OF SHARES AND DEBENTURES
195. Transfer of shares.
196. Restrictions on transfer.
197. Duty to issue.
198. Transfer certificate.
199. Registration.
200. Effect of certificate.

DIVISION 10—TAKEOVER BIDS
201. Definitions.
202. Offeror rights.

ARRANGEMENT OF SECTIONS—Continued
SECTION

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203. Notice to dissenting shareholders.
204. Adverse claims.
205. Delivery of certificates.
206. Payment for shares.
207. Money in trust.
208. Duty of offeree company.
209. Application to Commission.
210. Joined parties.
211. Powers and order of Commission.
212. Additional orders.
213. Takeover regulations.

DIVISION 11—FUNDAMENTAL COMPANY CHANGES
ALTERING ARTICLES

214. Fundamental amendment to articles.
215. Proposal to amend articles.
216. Class vote on proposal.
217. Delivery of articles.
218. Certificate of amendment.
219. Re-stated articles.

AMALGAMATION
220. Amalgamation.
221. Agreement for amalgamation.
222. Approval by shareholders.
223. Vertical short-form amalgamation.
224. Horizontal short-form amalgamation.
225. Articles of amalgamation.
226. Certificate of amalgamation.

DISSENTERS’ RIGHTS AND OBLIGATIONS
227. Dissent by shareholder.
228. Demand for payment.
229. Suspension of rights.

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230. Offer to pay for share.
231. Application to Court.
232. Joined parties.
233. Court powers.
234. Interest.
235. Recourse of dissenting shareholder.
236. Prohibition of payment.

RE-ORGANISATION
237. Re-organisation.

ARRANGEMENTS
238. Arrangements.

DIVISION 12—CIVIL REMEDIES
239. Definitions.

DERIVATIVE ACTIONS

240. Derivative actions.
241. Court powers.

RESTRAINING OPPRESSION

242. Oppression restrained.
243. Staying action.
244. Interim costs.
245. Rectification of records.

OTHER REMEDIAL ACTIONS

246. Directions for Registrar.
247. Refusal by Registrar.
248. Appeal from Registrar.
249. Restraining order, etc.

ARRANGEMENT OF SECTIONS—Continued
SECTION

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SECTION

APPLICATION TO THE COURT
250. Summary application.

PART IV

PROTECTION OF CREDITORS
DIVISION 1—REGISTRATION OF CHARGES

251. Registration with Registrar.
252. Contents of charge statements.
253. (Repealed by Act No. 5 of 1997).
254. Later charges.
255. Effect on written laws.
256. Fluctuating charges.
257. Charge on acquisition of property.
258. Duty to register.
259. Register of charges.
260. Endorsement on debenture.
261. Satisfaction and payment.
262. Rectification of error.
263. Retention of copy.
264. Inspection of copies.
265. Registration of receiver.
266. External company.

DIVISION 2—TRUST DEEDS AND DEBENTURES
267. Definitions.
268. Application of Division.

TRUSTEES
269. Conflict of interest.
270. List of debenture holders.
271. Evidence of compliance.
272. Contents of evidence.
273. Further evidence.

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274. Evidence relating to conditions.
275. Certificate of compliance.
276. Notice of default.
277. Redemption of debenture.
278. Duty of care.
279. Reliance on statements.
280. No exculpation.
281. Rights of trustees.

TRUST DEEDS
282. Need for trust deed.
283. Kinds of debentures.
284. Cover of trust deed.
285. Exception.
286. Contents of trust deed.
287. Contents of debentures.

REALISATION OF SECURITY
288. Equity realisation.

DIVISION 3—RECEIVERS AND RECEIVER-MANAGERS

289. Disqualified receivers.
290. Functions of receivers.
291. Functions of receiver-manager.
292. Directors’ powers stopped.
293. Duty under Court’s directions.
294. Duty under instrument.
295. Duty of care.
296. Directions by Court.
297. Duties of receivers, etc.
298. Liability of receivers, etc.
299. Notice of receivership.

ARRANGEMENT OF SECTIONS—Continued
SECTION

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SECTION

300. Floating charges priorities.
301. Statement of affairs.
302. Contents of statement.

DIVISION 4—INSIDER TRADING
303. “Insider” defined.
304. Presumed insider defined.
305. Liability of insider.
306. Time limit on action.

PART V
OTHER REGISTERED COMPANIES

DIVISION 1—COMPANIES WITHOUT SHARE CAPITAL
307. Application of Division.
308. Incorporation.
309. Form of articles.
310. Directors ex officio.
311. Members unlimited.
312. Admission to membership.
313. Voting by members.
314. Transfer of members.
315. Bye-laws.
316. Disposal of property on dissolution.

DIVISION 2—EXTERNAL COMPANIES
317. Application of Division.
318. Registration required.
319. Registration of external companies registered under former Act.
320. Entitlement to registration.
321. External amalgamated company.
322. Language.
323. Attorney of company.
324. Failure of power.

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325. Capacity of attorney.
326. Certificate of registration.
327. Effect of registration.
328. (Repealed by Act No. 5 of 1997).
329. Cancelling registration.
330. Revival of registration.
331. Previous activities.
332. Fundamental changes.
333. Returns.
334. Incapacity of company.
335. Exhibition of company’s name.
336. (Repealed by Act No. 5 of 1997).
337. Other provisions.

DIVISION 3—FORMER-ACT COMPANIES
338. Application of Division.
339. (Repealed by Act No. 5 of 1997).
340. Continuation of company.
341. (Repealed by Act No. 5 of 1997).
342. Articles of continuance.
343. Certificate of continuance.
344. Preservation of company.
345. Previous shares.
346. Non-continuance disability.
347. (Repealed by Act No. 5 of 1997).

PART VI
WINDING UP

DIVISION 1—PRELIMINARY
348. Modes of winding up.
349. Liability of members.
350. Saving.

ARRANGEMENT OF SECTIONS—Continued
SECTION

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351. Definitions.
352. Nature of liability of contributory.
353. Contributories in case of death of member.
354. Contributories in case of bankruptcy of members.

DIVISION 2—WINDING UP BY THE COURT
355. Circumstances in which company may be wound up by Court.
356. Definition of inability to pay debts.
357. Petition for winding up.
358. Powers of Court on hearing petition.
359. Power to stay or restrain proceedings against company.
360. Avoidance of dispositions of property, etc., after commencement of

winding up.
361. Avoidance of attachments, etc.
362. Commencement of winding up by the Court.
363. Copy of order to be forwarded to Registrar.
364. Actions stayed on winding up order.
365. Effect of winding up order.

OFFICIAL RECEIVER
366. Meaning of “Official Receiver”.
367. Statement of company’s affairs.
368. Report by Official Receiver.

LIQUIDATORS
369. Power of the Court to appoint liquidators.
370. Appointment and powers of provisional liquidator.
371. Appointment, style, etc., of liquidators.
372. Provisions where person other than Official Receiver is

appointed liquidator.
373. General provisions as to liquidators.
374. Custody of company’s property.
375. Vesting of property of company in liquidator.
376. Powers of liquidator.
377. Exercise and control of liquidator’s powers.

SECTION

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378. Books to be kept by liquidator.
379. Payments of liquidator into bank.
380. Audit of liquidator’s accounts.
381. Control of Registrar over liquidators.
382. Release of liquidator.

COMMITTEE OF INSPECTION
383. Meetings of creditors and contributories to determine whether

committee of inspection shall be appointed.
384. Constitution and proceedings of committee of inspection.
385. Powers of Court where no committee of inspection.

GENERAL POWERS OF COURT
386. Power to stay winding up, etc.
387. Settlement of list of contributories and application of assets.
388. Delivery of property to liquidator.
389. Payment of debts due by contributory to company and extent to

which set-off allowed.
390. Power of Court to make calls.
391. Payment into bank of moneys due to company.
392. Order on contributory is conclusive evidence.
393. Appointment of special manager.
394. Power to exclude creditors not proving in time.
395. Adjustment of rights of contributories.
396. Inspection of books by creditors or contributories.
397. Power to order costs of winding up to be paid out of assets.
398. Power to summon persons suspected of having property of company.
399. Power to order public examination of promoters, directors, etc.
399A. Power to restrain fraudulent persons from managing companies.
400. Power to arrest absconding contributory.
401. Powers of Court cumulative.
402. Delegation to liquidator of certain powers of Court.
403. Dissolution of company.
404. Power to enforce orders and appeals from orders.

ARRANGEMENT OF SECTIONS—Continued
SECTION

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DIVISION 3—VOLUNTARY WINDING UP
405. Winding up resolution.
406. Notice of resolution to wind up voluntarily.
407. Commencement of voluntary winding up.
408. Effect of voluntary winding up on business and status of company.
409. Avoidance of transfers, etc., after commencement of voluntary

winding up.
410. Statutory declaration of solvency in case of proposal of winding

up voluntarily.

PROVISIONS APPLICABLE ONLY TO MEMBERS’
VOLUNTARY WINDING UP

410A. Application of sections 411 to 417.
411. Power of company to appoint and fix remuneration of liquidators.
412. Power to fill vacancy in office of liquidator.
413. Power of liquidator to accept shares, etc., as consideration for sale of

property of company.
414. Duty of liquidator to call creditors’ meeting in case of insolvency.
415. Duty of liquidator to call general meeting at end of each year.
416. Final meeting and dissolution.
417. Alternative provisions as to annual and final meetings in case

of insolvency.

PROVISIONS APPLICABLE TO A CREDITORS’
VOLUNTARY WINDING UP

417A. Application of sections 418 to 425.
418. Meeting of creditors.
419. Appointment of liquidator.
420. Appointment of committee of inspection.
421. Fixing of liquidator’s remuneration and cesser of directors’ powers.
422. Power to fill vacancy in office of liquidator.
423. Application of section 413 to a creditors’ winding up.
424. Duty of liquidator to call meetings of company and of creditors at

end of each year.
425. Final meeting and dissolution.

SECTION

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PROVISIONS APPLICABLE TO EVERY VOLUNTARY WINDING UP
425A. Application of sections 426 to 433.
426. Distribution of property of company.
427. Powers and duties of liquidator in voluntary winding up.
428. Power of Court to appoint and remove liquidator in voluntary

winding up.
429. Notice by liquidator of his appointment.
430. Arrangement when binding on creditors.
431. Power to apply to Court to have questions determined or

powers exercised.
432. Costs of voluntary winding up.
433. Saving for rights of creditors and contributories.

DIVISION 4—PROVISIONS APPLICABLE TO EVERY MODE OF
WINDING UP

PROOF AND RANKING OF CLAIMS
434. Debts of all descriptions to be proved.
435. Preferential payments.

EFFECT OF WINDING UP ON ANTECEDENT
AND OTHER TRANSACTIONS

436. Fraudulent preference.
437. Liabilities and rights of certain fraudulently preferred persons.
438. Effect of floating charge.
439. Disclaimer of onerous property.
440. Definitions of “bailiff” and “goods”.
441. Restriction of rights of creditor as to execution or attachment.
442. Duties of bailiff as to goods taken in execution.

OFFENCES
443. Offences by officers of companies in liquidation.
444. Penalty for falsification of books.
445. Frauds by officers of companies which have gone into liquidation.

ARRANGEMENT OF SECTIONS—Continued
SECTION

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446. Liability where proper accounts not kept.
447. Fraudulent trading.
448. Power of Court to assess damages against delinquent directors, etc.
449. Prosecution of delinquent officers and members of a company.

SUPPLEMENTARY PROVISIONS AS TO
WINDING UP

450. Disqualification for appointment as liquidator.
450A. Enforcement of duty of liquidator to make returns, etc.
451. Notification that a company is in liquidation.
452. Failure to comply with section 451.
453. Exemption of certain documents from stamp duty on winding up

of company.
454. Books of company to be evidence.
455. Disposal of books and papers of companies.
456. Information as to pending liquidations.
457. Unclaimed assets.
457A. Resolutions passed at adjourned meetings of creditors

and contributories.

SUPPLEMENTARY POWERS OF COURT

458. Meetings to ascertain wishes of creditors or contributories.
459. Affidavits, etc.

PROVISIONS AS TO DISSOLUTION

460. Power of Court to declare dissolution of company void.
461. Registrar may strike defunct company off register.
462. Outstanding assets of defunct company to vest in Official Receiver.
463. Disposal of moneys.

RULES
464. Rules.

SECTION

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DIVISION 5—WINDING UP OF UNREGISTERED COMPANIES
465. Unregistered company.
466. Winding up of unregistered companies.
467. Contributories in winding up of unregistered company.
468. Power of Court to stay or restrain proceedings.
469. Outstanding assets of defunct unregistered company.

PART VII
ADMINISTRATION AND GENERAL

DIVISION 1—FUNCTIONS OF THE REGISTRAR
REGISTRAR OF COMPANIES

470. Responsibility.
471. Service upon the Registrar.

REGISTER OF COMPANIES
472. Register of companies.
473. Inspection of register.

NOTICES AND DOCUMENTS
474. Notice to directors, etc.
475. Presumption of receipt.
476. Undelivered documents.
477. Notice waiver.
478. Certificate by company.
479. Evidentiary value.
480. Copies.
481. Filed articles.
482. Alteration of documents.
483. Correction of documents.
484. Proof of documents.
485. Retention of documents.

ARRANGEMENT OF SECTIONS—Continued
SECTION

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486. Registrar’s certificate.
487. Refusal power.
488. Filing form.

REMOVAL FROM REGISTER
489. Striking off register.
490. Liability continues.

SERVICE
491. Service on company.

COMPANY NAMES

492. Reservation of name.
493. Prohibited name.
494. (Repealed by Act No. 5 of 1997).
495. Amalgamated company.
496. Restored name.

DIVISION 2—INVESTIGATION OF COMPANIES
INVESTIGATIONS

497. Non-application to public company.
498. Investigation order.
499. Court powers.
500. Inspector’s powers.
501. In camera hearing.
502. Incriminating evidence.
503. Privilege absolute.

INQUIRIES
504. Ownership interest.
505. Client privileges.
506. Inquiries.

DIVISION 3—REGULATIONS
507. Regulations.

SECTION

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ARRANGEMENT OF SECTIONS—Continued
SECTION

DIVISION 4—OFFENCES AND PENALTIES
508. Name offence.
509. Abuse of corporate status.
510. Reports.
511. Specific offences.
512. Company offences.
513. General offence.
514. Order to comply.
515. Limitation.
516. Penalty for late filing.
516A. Waiver of penalties.
517. Civil remedies unaffected.
517A. Criminal proceedings against firms.

DIVISION 5—INCIDENTAL AND CONSEQUENTIAL MATTERS
518. Repeal.
519. References to Companies Act.
520. Transitional.
521. (Repealed by Act No. 5 of 1997).
522. Security for costs.
523. Power of Court to grant relief in certain cases.
524. Saving for privileged communications.

FIRST SCHEDULE.—(Rules of Procedure on Applications under the
Act).

SECOND SCHEDULE.—(Rules with respect to the Winding Up of
Companies).

THIRD SCHEDULE.—(Rules in regard to Certified Copies, etc. required
under the Act and as to General Forms).

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CHAPTER 81:01

COMPANIES ACT

AnAct to revise and amend the law relating to companies and
to provide for related and consequential matters.

*[ASSENTED TO 6TH OCTOBER 1995]

PART I

PRELIMINARY

1. This Act may be cited as the Companies Act.

2. This Act came into operation on 15th April 1997.

3. No association, society, body or other group consisting of
more than ten persons may be formed for the purpose of carrying
on any trade or business for gain unless it is—
(a) incorporated under this Act;
(b) formed under some other written law; or
(c) a partnership.

PART II

CONSTRUCTION AND INTERPRETATION OF ACT
4. In this Act, unless the context otherwise requires—
“affairs” means, in relation to any company or other body

corporate, the relationship among the company or body
corporate, its affiliates and the shareholders, directors and
officers thereof, but does not include any businesses carried
on by the companies or other bodies corporate;

“affiliate” means an affiliated body corporate within the meaning
of section 5;

35 of 1995.

Short title.

Commencement.
68/1997.

Prohibited
associations.

Interpretation.
[5 of 1997].

*See section 2 for date of commencement of this Act.

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UPDATED TO DECEMBER 31ST 2014

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“articles” means, unless qualified, the original or restated
articles of incorporation, articles of amendment, articles of
amalgamation, articles of continuance, articles of
re-organisation, articles of dissolution, and articles of revival;

“associate”, when used to indicate a relationship with any
person, means—

(a) a body corporate of which that person
beneficially owns or controls, directly or
indirectly, either shares or securities currently
convertible into shares, carrying more than
twenty per cent of the voting rights—

(i) under all circumstances;
(ii) by reason of the occurrence of an event

that has occurred and is continuing,
or a currently exercisable option or right to

purchase such shares or such convertible
securities;

(b) a partner of that person acting on behalf of the
partnership of which they are partners;

(c) a trust or estate, in which that person has a
substantial beneficial interest or in respect of
which he serves as a trustee, legal representative
or in a similar capacity;

(d) a spouse or child of that person; or
(e) a relative of that person or of his spouse if that

relative has the same residence as that person;
“auditor” includes a partnership of auditors;
“beneficial interest” means an interest arising out of the

beneficial ownership of shares or debentures;
“beneficial ownership” includes ownership through a trustee,

legal representative, agent or other intermediary;
“body corporate” includes a company or other body corporate

wherever or however incorporated, other than a
corporation sole;

“Bye-laws” means the Bye-laws of a company made under
section 66;

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Ch. 83:02.

Ch. 81:03.

“commencement date” means the 15th April, 1997;
“Commission” means the Securities and Exchange Commission

established under section 3(1) of the Securities Industry
Act;

“company” means a body corporate that is incorporated or
continued under this Act;

“company limited by guarantee” means a company with or
without a share capital whose articles set out the provisions
required by section 9(2A);

“control”, in relation to a body corporate, means the power of a
person to secure by means of—

(a) the holding of shares or the possession of voting
power in relation to that body corporate; or

(b) any other power conferred by the articles of
incorporation or other document regulating the
body corporate,

that the business and affairs of the body corporate are
conducted in accordance with the wishes of that person;

“Court” means the High Court;
“corporate instruments” includes any statute, letters patent,

memorandum of association, articles of association,
certificate of incorporation, certificate of continuance,
Bye-laws, Regulations or other instrument by which a body
corporate is incorporated or continued or that governs or
regulates the affairs of a body corporate;

“debenture” includes debenture stock and any bond or other
instrument evidencing any indebtedness or guarantee of a
company in respect of indebtedness whether secured or
not, but shall not include a cheque, promissory note or bill
of exchange or endorsement thereon, a letter of credit
issued by a bank nor an instrument evidencing a deposit
account issued by a financial institution or a credit union
within the meaning of the Co-operative Societies Act or an
insurance company;

“director”, in relation to a body corporate, means a person
occupying therein the position of a director by whatever title
he is called;

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Ch. 31. No. 1.
[1950 Ed.].

“external company” means any incorporated body of persons
that is formed under the laws of a country other than
Trinidad and Tobago;

“firm” means an unincorporated body of two or more individuals,
or one or more individuals and one or more corporations, or
two or more corporations, who have entered into partnership
with one another with a view to carrying on business for
profit;

“former Act” means the Companies Ordinance, repealed by
this Act;

“former-Act company” means a company incorporated or
registered under the former Act or any Act replaced by
that Act;

“incorporator” means, in relation to a company, a person who
signs the articles of incorporation of the company;

“legal representative”, in relation to a company, shareholder,
debenture holder or other person, means a person who
stands in place of and represents the company, shareholder,
debenture holder or person, and without limiting the
generality of the foregoing, includes, as the circumstances
require, a trustee, executor, administrator, assignee, or
receiver of the company, shareholder, debenture holder
or person;

“liability” includes, in relation to a company, any debt of the
company that arises under—

(a) section 53;
(b) section 235(2); or
(c) section 242(3)(f) or (g);
“member”, in relation to a non-profit company or a company

limited by guarantee, means a member of the company in
accordance with the provisions of this Act and the articles
and Bye-laws of the company;

“Minister” means the Minister to whom responsibility for the
Registrar General’s Department is assigned;

“non-profit company” means a company without share capital;

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Ch. 19:03.

“officer”, in relation to a body corporate means—
(a) the chairman, deputy chairman, president or

vice-president of the board of directors;
(b) the managing director, general manager,

comptroller, secretary or treasurer; or
(c) any other person who performs for the body

corporate functions similar to those normally
performed by the holder of any office specified
in paragraph (a) or (b) and who is duly
appointed to perform such functions;

“ordinary resolution” means a resolution passed by a majority of
the votes cast by the shareholders who voted in respect of
that resolution;

“prescribed” means prescribed by rules made under section 464
or Regulations made under section 507;

“public company” means a company any of whose issued shares
or debentures are or were part of a distribution to the public
within the meaning of section 6 but does not include a
former-Act company which was not a public company
under the former Act at the commencement date;

“record” includes any register, book or other record that is
required to be kept by a body corporate;

“redeemable share” means a share issued by a company—
(a) that the company can purchase or redeem upon

demand of the company; or
(b) that the company is required by its articles to

purchase or redeem at a specified time or upon
the demand of a shareholder;

“Registrar” refers to the Registrar of Companies under this Act;
“Registrar of Companies” refers to the Registrar General or any

officer acting in that capacity, and in this regard section 3(1)
of the Registrar General Act applies and includes any person
duly authorised by the Registrar;

“relative”, in relation to a person, means—
(a) a parent, grandparent, brother, sister or spouse;
(b) a son-in-law or daughter-in-law; or
(c) a stepchild;

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

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Ch. 7:04.

Affiliated
corporations.
[5 of 1997].

“security interest” means any interest in or charge upon any
property of a company, by way of mortgage, assignment,
bond, lien, pledge or other means, that is created or taken to
secure the payment of a debt or the performance of any other
obligation of the company;

“seal” includes a rubber stamp;
“send” includes deliver;
“series”, in relation to shares, means a division of a class of shares;
“share” includes stock;
“shareholder”, in relation to a company, means a person

described in section 107(1);
“special resolution” means a resolution proposed at a meeting of

the company of which not less than twenty-one days’ notice
specifying the intention to propose the resolution as a
special resolution has been duly given and which is—

(a) passed by a majority of not less than seventy-five
per cent of the votes cast by the shareholders
who voted in respect of the resolution; or

(b) reduced to writing as a special resolution and
signed by all the shareholders entitled to vote on
the resolution;

“stated capital account” means an account maintained pursuant to
section 37;

“statutory declaration” means a declaration made under the
Statutory Declarations Act;

“stock exchange” means any market where shares, bonds and
other securities are traded;

“unanimous shareholder agreement” means an agreement
described in section 137;

“unlimited liability company” means a company not having any
limit on the liability of its members.

CORPORATE RELATIONSHIPS

5. (1) For the purposes of this Act—
(a) one body corporate is affiliated with another body

corporate if one of them is the subsidiary of the

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Distribution to
the public.
[5 of 1997].

other, or both are subsidiaries of the same body
corporate, or each of them is controlled by the
same person; and

(b) if two bodies corporate are affiliated with the
same body corporate at the same time, they are
affiliated with each other.

(2) For the purposes of this Act—
(a) a body corporate is the holding body corporate

of another if that other body corporate is its
subsidiary; and

(b) a body corporate is a subsidiary of another
body corporate if it is controlled by that other
body corporate.

PUBLIC DISTRIBUTION OF CORPORATE SECURITIES

6. (1) For the purposes of this Act—
(a) a share or debenture of a body corporate is part

of a distribution to the public, when, in respect
of the share or debenture—

(i) there has been, under the laws of Trinidad
and Tobago or any other jurisdiction, a
filing of a prospectus, statement in lieu of
prospectus, registration statement, stock
exchange takeover bid circular or similar
instrument; or

(ii) the share or debenture is listed for
trading on any stock exchange wherever
situated; and

(b) a share or debenture of a body corporate is
deemed to be part of a distribution to the public
where the share or debenture has been issued
and a filing referred to in paragraph (a)(i) would
be required if the share or debenture were being
issued currently.

(2) For the purposes of this Act, the shares or debentures
of a company that are issued upon a conversion of other shares or

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UPDATED TO DECEMBER 31ST 2014

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Incorporation.
[5 of 1997
2 of 2013].

Ch. 28:02.

Formalities.
[5 of 1997
2 of 2013].

debentures of a company, or in exchange for other shares or
debentures, are deemed to be part of a distribution to the public
if any of those other shares or debentures were part of a
distribution to the public.
(3) On the application of a company, the Commission
may determine that shares or debentures of the company are not
or were not part of a distribution to the public if the Commission
is satisfied that such determination would not prejudice any
shareholder or debenture holder of the company.

7. (Repealed by Act No. 5 of 1997).
PART III

FORMATION AND OPERATION OF COMPANIES
DIVISION 1—INCORPORATION OF COMPANIES

8. (1) Subject to subsection (2), one or more persons may
incorporate a company, with or without limited liability, by
signing and delivering articles of incorporation to the Registrar
and otherwise complying with the requirements of this Division
and the name of every incorporator shall be entered in the
company’s register of members as soon as may be after the
company’s registration.
(2) No individual who—
(a) is less than eighteen years of age;
(b) is mentally ill, within the meaning of the Mental

Health Act; or
(c) is an undischarged bankrupt, having been

adjudged or otherwise declared bankrupt under
any law in force in Trinidad and Tobago or
elsewhere,

shall form or join in the formation of a company under this Act.
(3) (Repealed by Act No. 2 of 2013).
9. (1) Articles of incorporation shall follow the prescribed
form and set out, in respect of the proposed company—
(a) its proposed name;

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(b) whether the liability of its members is limited or
unlimited and if the liability of its members is
limited whether it is limited by shares or by
guarantee or by both shares and guarantee;

(ba) whether it is a public company;
(c) its classes of shares, if any, and—
(i) if there will be two or more classes of

shares, the rights, privileges, restrictions
and conditions attaching to each class of
shares; and

(ii) if a class of shares can be issued in series,
the authority, if any, given to the directors to
fix the number of shares in, or to determine
the designation of, and the rights,
privileges, restrictions and conditions
attaching to, the shares of each series;

(d) if the transfer or ownership of shares of the
company is to be restricted, a statement to that
effect and a statement as to the nature of such
restrictions;

(da) whether the pre-emptive rights under section 38
with respect to the issue of shares are to be
varied and, if so, a statement as to the nature of
such variations;

(db) whether the power of the directors to make,
amend or repeal the Bye-laws under section 66
is restricted and, if so, a statement as to the
nature of such restrictions;

(e) the number of directors, or , subject to section 73(a),
the minimum and maximum number of directors;

(ea) the number of intended employees;
(eb) the main area of business activity;
(f) any restrictions on the business that the

company may carry on;
(g) whether it is a non-profit company.

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Required votes.

(2) Articles of incorporation may set out the maximum
number of shares that the company is authorised to issue.
(2A) The articles of a company limited by guarantee
shall also set out—
(a) that each member undertakes to contribute to

the assets of the company in the event of its
being wound up while he is a member, or within
one year after he ceases to be a member, for
payment of the debts and liabilities of the
company contracted before he ceases to be a
member, and of the costs, charges, and expenses
of winding up, and for adjustment of the rights
of the contributories among themselves, such
amount as may be required, not exceeding a
specified amount; and

(b) the number of members with which it is
proposed to be registered.

(2B) The articles shall include a statement by an
Attorney-at-law engaged in the formation of the company or by a
person named in the articles or in the documents accompanying
the articles as a director or secretary of the company that no
signatory to the articles is an individual who is so described in
section 8(2) and that there is compliance with all the requirements
precedent to the formation of the company under the Act.
(3) The articles may provide for anything permitted by
this Act or any other law to be provided for by the Bye-laws of
the company.

10. (1) Subject to subsection (2), if the articles or any
unanimous shareholder agreement require a greater number of
votes of directors or shareholders than that required by this Act to
effect any action, the provisions of the articles or of the
unanimous shareholder agreement shall prevail.
(2) The articles shall not require a greater number of
votes of shareholders to remove a director than the number
specified in section 75.

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Documentation.

Certificate of
incorporation.

Effective date.

Corporate name.
[5 of 1997].

Reserved name.
[5 of 1997].

Name change.

11. An incorporator shall deliver or cause to be delivered to
the Registrar with the articles of incorporation the documents
required by sections 71(1), 176(1) and 481.

CERTIFICATE OF INCORPORATION

12. Upon receipt of articles of incorporation which comply
with the provisions of this Act, the Registrar shall issue a
certificate of incorporation in accordance with section 481 and
the certificate is conclusive proof of the incorporation of the
company named in the certificate.

13. A company comes into existence on the date shown on its
certificate of incorporation.

CORPORATE NAME

14. (1) Subject to subsection (2) and section 17—
(a) the word “Limited” or the abbreviation “Ltd.”

shall be the last word of the name of every
limited liability company; and

(b) the word “unlimited” or the abbreviation “Unltd.”
shall be the last word of the name of every
unlimited liability company,

and a company may use and may be legally designated by either
the full or the abbreviated form.
(2) Subsection (1) does not apply to a non-profit company.

15. Subject to section 17, a company shall not be
incorporated with or have a name—
(a) that is prohibited or refused under section 493; or
(b) that is reserved for another company or intended

company under section 492.

16. Where, through inadvertence or otherwise, a company—
(a) comes into existence with a name that

contravenes section 15; or

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

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Continued
name.

Name
revocation.
[5 of 1997].

Assigned name.
[5 of 1997].

Pre-
incorporation
agreements.

(b) is, upon an application to change its name,
granted a name that contravenes section 15,

the Registrar may direct the company to change its name in
accordance with section 214.
17. A company that is continued under this Act is entitled to
be continued with the name it lawfully had before that continuance.
18. Where a company has been directed under section 16 to
change its name and has not, within sixty days from the service
of the direction to that effect, changed its name to a name that
complies with this Act, the Registrar may revoke the name of the
company and assign to it a name and, until changed in
accordance with section 214, the name of the company is
thereafter the name so assigned.

19. (1) When a company has had its name revoked and a name
assigned to it under section 18, the Registrar shall issue a certificate
of amendment showing the new name of the company and shall
forthwith give notice of the change in the Gazette and a daily
newspaper.
(2) Upon the issue of a certificate of amendment under
subsection (1), the articles of the company to which the certificate
refers are amended accordingly on the date shown in the certificate.
(3) The Registrar may recover the cost of giving notice
in a daily newspaper under subsection (1) from the company in
respect of which the notice is given.

PRE-INCORPORATION AGREEMENTS

20. (1) Except as provided in this section, a person who
enters into a written contract in the name of or on behalf of a
company before it comes into existence is personally bound by
the contract and is entitled to the benefits of the contract.
(2) Within a reasonable time after a company comes into
existence, it may, by any action or conduct signifying the
intention to be bound thereby, adopt a written contract made, in
its name or on its behalf, before it came into existence.

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Capacity and
powers.
[5 of 1997].

(3) When a company adopts a contract under
subsection (2)—
(a) the company is bound by the contract and is

entitled to the benefits thereof as if the company
had been in existence at the date of the contract
and had been a party to it; and

(b) a person, who purported to act in the name of
the company or on its behalf, ceases, except as
provided in subsection (4), to be bound by or
entitled to the benefits of the contract.

(4) Except as provided in subsection (5), whether or not
a written contract made before the coming into existence of the
company is adopted by the company, a party to the contract may
apply to the Court for an order fixing obligations under the
contract as joint or joint and several, or apportioning liability
between or among the company and a person who purported to
act in the name of the company or on its behalf and the Court
may, upon the application, make any order it thinks fit.
(5) If expressly so provided in the written contract, a
person who purported to act for or on behalf of a company before
it came into existence is not in any event bound by the contract
or entitled to the benefits of the contract.

DIVISION 2—CORPORATE CAPACITY AND POWERS

21. (1) A company has the capacity, and, subject to this Act
and any other law, the rights, powers and privileges of an
individual including, without prejudice to the foregoing, the power
to hold lands in any part of Trinidad and Tobago or elsewhere.
(2) A non-profit company may not, without the licence of
the President, hold more than two acres of land but the President
may by licence empower any such company to hold lands in such
quantity, and subject to such conditions, as the President thinks fit.
(3) A company has the capacity to carry on its business,
conduct its affairs and exercise its powers in Trinidad and Tobago
to the extent that the laws of Trinidad and Tobago permit and in
any jurisdiction outside Trinidad and Tobago to the extent that the
laws of that jurisdiction permit.

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Powers reduced.

Validity of acts.

Notice not
presumed.
[5 of 1997].

No disclaimer
allowed.
[5 of 1997].

(4) It is not necessary for a bye-law to be passed to
confer any particular power on a company or its directors.
(5) This section does not authorise any company to
carry on any business or activity in breach of—
(a) any written law prohibiting or restricting the

carrying on of the business or activity; or
(b) any provision requiring any permission or licence

for the carrying on of the business or activity.

22. A company shall not carry on any business or exercise
any power that it is restricted by its articles from carrying on or
exercising, nor shall a company exercise any of its powers in a
manner contrary to its articles.

23. For the avoidance of doubt, it is declared that no act of a
company, including any transfer of property to or by a company,
is invalid by reason only that the act or transfer is contrary to
its articles.

24. (1) Subject to subsection (2), no person is affected by, or
presumed to have notice or knowledge of, the contents of a
document concerning a company by reason only that the
document has been filed with the Registrar or is available for
inspection at any office of the company.
(2) Subsection (1) shall not apply to a charge, the
particulars of which are required to be registered under Part IV.

25. A company or a guarantor of an obligation of the company
may not assert against a person dealing with the company or with
any person who has acquired rights from the company—
(a) that any of the articles or Bye-laws of the

company or any unanimous shareholder
agreement has not been complied with;

(b) that the persons named in the most recent notice
sent to the Registrar under section 71 or 79 are
not the directors of the company;

40 Chap. 81:01 Companies

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Companies Chap. 81:01 41

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L.R.O.

Contracts
of a company.
[5 of 1997].

(c) that the place named in the most recent notice
sent to the Registrar under section 176 is not the
registered office of the company;

(d) that a person held out by a company as a director,
an officer or an agent of the company has not
been duly appointed or had no authority to
exercise the powers and perform the duties that
are customary in the business of the company or
usual for such a director, officer or agent;

(e) that a document issued by any director, officer
or agent of the company with actual or usual
authority to issue the document is not valid or
not genuine; or

(f) that the financial assistance referred to in
section 56 or the sale, lease or exchange of
property referred to in section 138 was not
authorised,

except where that person has, or ought to have by virtue of his
position with or relationship to the company, knowledge to
the contrary.

26. (1) A contract made according to this section—
(a) is in form effective in law and binds the company

and the other party to the contract; and
(b) may be varied or discharged in the like manner

that it is authorised by this section to be made.
(2) Contracts made on behalf of a company may be
made as follows:
(a) a contract which if made between private

persons would be by law required to be in writing
and if made according to the law of Trinidad and
Tobago to be under seal may be made on behalf
of the company in writing under the company’s
common seal;

(b) a contract which if made between private persons
would be by law required to be in writing, signed

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Bills and notes.

Power of
attorney.
[5 of 1997].
Ch. 19:06.

Company seals.
[5 of 1997].

by the parties to be charged therewith, may be
made on behalf of the company in writing
signed by any person acting under its authority,
express or implied;

(c) a contract which if made between private persons
would by law be valid although made by parol
only and not reduced into writing may be made
by parol on behalf of the company by any person
acting under its authority, express or implied.

27. A bill of exchange or promissory note is deemed to have
been made, accepted or endorsed on behalf of a company if
made, accepted or endorsed in the name of, or by or on behalf or
on account of, the company by a person acting under its authority.
28. (1) Subject to the provisions of the Registration of
Deeds Act, a company may, by writing under seal, empower any
person, either generally or in respect of any specified matter, as
its attorney to execute deeds on its behalf in any place within or
outside Trinidad and Tobago.
(2) A Deed signed by a person empowered as provided
in subsection (1) binds the company and has the same effect as if
it were under the company’s seal.
29. (1) A company may have a common seal with its name
signified thereon in legible characters; but, except when required
by any written law to use its common seal, the company may, for
the purpose of sealing any document, use its common seal or any
other form of seal.
(2) If authorised by its Bye-laws, a company may have
for use in any country other than Trinidad and Tobago or for use
in any district or place not situated in Trinidad and Tobago an
official seal, which shall be a facsimile of the common seal of the
company with the addition on its face of the name of every
country, district or place where it is to be used.
(3) Every document to which an official seal of the
company is duly affixed binds the company as if it had been
sealed with the common seal of the company.

42 Chap. 81:01 Companies

LAWS OF TRINIDAD AND TOBAGO

UNOFFICIAL VERSION


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Companies Chap. 81:01 43

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L.R.O.

Nature of
shares.

(4) A company may, by an instrument in writing under
its common seal, authorise any person appointed for that purpose
to affix the company’s official seal to any document to which the
company is party in the country, district or place where its official
seal can be used.
(5) Any person dealing with an agent appointed
pursuant to subsection (4) may, in reliance on the instrument
conferring the authority, assume that the authority of the agent
continues during the period, if any, mentioned in the instrument,
or, if no period is so mentioned, until that person has actual notice
of the revocation or determination of the authority.
(6) A person who affixes an official seal of a company
to a document shall, by writing under his hand, certify on the
document the date on which, and the place at which, the official
seal is affixed.

DIVISION 3—SHARE CAPITAL

30. (1) Shares in a company are personal estate and are not
of the nature of real estate; and a share is transferable in the
manner provided by this Act.
(2) Shares in a company are to be without nominal or
par value.
(3) When a former-Act company is continued under this
Act, a share with nominal or par value issued by the company
before it was so continued is, for the purposes of subsection (2),
deemed to be a share without nominal or par value.
(4) Subject to subsection (5), each share in a company
shall be distinguished by an appropriate designation.
(5) If at any time all the issued shares in a company, or
all the issued shares in a company of a particular class, rank
equally for all purposes, none of those shares need thereafter
have a distinguishing designation so long as it ranks equally for
all purposes with all shares for the time being issued, or, as the
case may be, all the shares for the time being issued of the
particular class.

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

If only
one class.

Share classes.

Share issue.

Consideration.

31. When a company has only one class of shares, the rights
of the holders are equal in all respects, and include—
(a) the right to vote at any meeting of shareholders;
(b) the right to receive any dividend declared by the

company;
(c) the right to receive the remaining property of the

company on dissolution.

32. The articles of a company may provide for more than one
class of shares; and, if they so provide—
(a) the rights, privileges, restrictions and conditions

attaching to the shares of each class shall be set
out in the articles; and

(b) the rights set out in section 31 shall be attached
to at least one class of shares, but all of those
rights need not be attached to the same class
of shares.

33. (1) Subject to the articles, the Bye-laws, any unanimous
shareholder agreement and section 38, shares may be issued at
such times, to such persons and for such consideration as the
directors may determine.
(2) No company may issue bearer shares or bearer share
certificates.

34. (1) A share shall not be issued until it is fully paid—
(a) in money; or
(b) in property or past service that is the fair

equivalent of the money that the company
would have received if the share had been issued
for money.

(2) In determining whether property or past service is
the fair equivalent of a money consideration, reasonable charges
and expenses of organisation and reorganisation, and payments
for property and past services reasonably expected to benefit the
company shall be taken into account.

44 Chap. 81:01 Companies

LAWS OF TRINIDAD AND TOBAGO

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

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Companies Chap. 81:01 45

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L.R.O.

Stated capital
accounts.
[5 of 1997].

(3) For the purposes of this section, “property” does not
include a promissory note or a promise to pay.

35. (1) A company shall maintain a separate account to be
known as a “stated capital account” for each class and series of
shares that it issues.
(2) A company shall add to the appropriate stated capital
account the full amount of the consideration that it receives for
any shares that it issues.
(3) A company shall not reduce or permit to be reduced
its stated capital or any stated capital account except in the
manner provided by this Act.
(4) A company shall not, in respect of a share that it
issues, add to a stated capital account an amount greater than the
amount of the consideration that it receives for the share.
(5) When a company proposes to add an amount to a
stated capital account that it maintains in respect of a class or
series of shares, that addition to the stated capital account shall be
approved by special resolution if—
(a) the amount to be added was not received by

the company as consideration for the issue of
shares; and

(b) the company has issued any outstanding shares
of more than one class or series.

(6) Notwithstanding section 34 and subsection (2)—
(a) when, in exchange for property, a company

issues shares—
(i) to a body corporate that was an affiliate of

the company immediately before the
exchange; or

(ii) to a person who controlled the company
immediately before the exchange,

the company, subject to subsection (4), may add
to the stated capital accounts that are maintained
for the shares of the classes or series issued, the

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

amount agreed, by the company and the body
corporate or person, to be the consideration for
the shares so exchanged;

(b) when a company issues shares in exchange for
shares of a body corporate that was an affiliate of
the company immediately before the exchange,
the company may, subject to subsection (4), add
to the stated capital accounts that are maintained
for the shares of the classes or series issued an
amount that is not less than the amount set out, in
respect of the acquired shares of the body
corporate, in the stated capital or equivalent
accounts of the body corporate immediately
before the exchange; or

(c) when a company issues shares in exchange for
shares of a body corporate that becomes, because
of the exchange, an affiliate of the company, the
company may, subject to subsection (4), add to the
stated capital accounts that are maintained for the
shares of the classes or series issued an amount
that is not less than the amount set out, in respect
of the acquired shares of the body corporate, in
the stated capital or equivalent accounts of the
body corporate immediately before the exchange.

(7) When a former-Act company is continued under
this Act—
(a) then, notwithstanding subsection (2), it is not

required to add to a stated capital account any
consideration received by it before it was so
continued, unless the share in respect of which
the consideration is received is issued after the
company is continued under this Act;

(b) an amount unpaid in respect of a share issued by
the former-Act company before it was so
continued and paid after it was so continued
shall be added to the stated capital account that
is maintained for the shares of that class or
series; and

46 Chap. 81:01 Companies

LAWS OF TRINIDAD AND TOBAGO

UNOFFICIAL VERSION


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Companies Chap. 81:01 47

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L.R.O.

Open-ended
mutual
company.

Series shares.

(c) its stated capital for the purposes of—
(i) section 43(2);
(ii) section 48;
(iii) section 54;
(iv) section 56(2)(b); and
(v) section 225(2)(a),
is deemed to include the amount that would

have been included in stated capital if the
company had been incorporated under this Act.

(8) When a former-Act company is continued under this
Act, it may add to a stated capital account any consideration
received by it for a share it issued.
(9) A company at any time may, subject to
subsection (5), add to a stated capital account any amount it
credited to a retained earnings or other surplus capital account.

36. Section 35 and any other provision of this Act relating to
stated capital do not apply to a company—
(a) that is a public company;
(b) that carries on only the business of investing the

consideration it receives for the shares it
issues; and

(c) all or substantially all of whose issued shares are
redeemable upon the demand of shareholders.

37. (1) The articles of a company may authorise the issue of
any class of shares in one or more series, and may authorise the
directors to fix the number of shares in and to determine the
designation, rights, privileges, restrictions and conditions
attaching to the shares of each series, subject to the limitations set
out in the articles.
(2) If any cumulative dividends or amounts payable on
return of capital in respect of a series of shares are not paid in full,
the shares of all series of the same class participate rateably in
respect of accumulated dividends and return of capital.

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Pre-emptive
rights.
[5 of 1997].

(3) No rights, privileges, restrictions or conditions
attached to a series of shares authorised under this section may
confer upon the series a priority in respect of dividends or return
of capital over any other series of shares of the same class that are
then outstanding.
(4) Before the issue of shares of a series authorised under
this section, the directors shall deliver to the Registrar articles of
amendment in the prescribed form to designate a series of shares.
(5) Upon receipt from a company of articles of
amendment designating a series of shares, the Registrar shall
issue to the company a certificate of amendment in accordance
with section 481.
(6) The articles of a company are amended accordingly
on the date shown in the certificate of amendment issued under
subsection (5).
38. (1) Except the articles otherwise provide, no shares of a
class of shares may be issued unless the shares have first been
offered to the shareholders of the company holding shares of that
class; and those shareholders have a pre-emptive right to acquire
the offered shares in proportion to their holdings of the shares of
that class, at such price and on such terms as those shares are to
be offered to others.
(2) Notwithstanding subsection (1) and anything
contained in the articles, the shareholders of the company have
no pre-emptive right in respect of shares to be issued by the
company pursuant to the exercise of conversion privileges,
options or rights previously granted by the company.
(3) Subject to subsections (4) to (9), an offer required by
subsection (1) shall be in writing and shall be made to a holder of
shares either personally or by sending it by post (that is to say,
prepaying and posting a letter containing the offer) to him or to
his registered address or, if he has no registered address in
Trinidad and Tobago, to the address in Trinidad and Tobago
supplied by him to the company for the giving of notice to him,
and if sent by post, the offer is deemed to be made at the time at
which the letter would be delivered in the ordinary course of post.

48 Chap. 81:01 Companies

LAWS OF TRINIDAD AND TOBAGO

UNOFFICIAL VERSION


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Companies Chap. 81:01 49

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L.R.O.

(4) Where shares are held by two or more persons
jointly, the offer may be made to the joint holder first named in
the register of members in respect of the shares.
(5) In the case of the holder’s death or bankruptcy, the
offer may be made—
(a) by sending it by post in a prepaid letter addressed

to the persons claiming to be entitled to the
shares in consequence of the death or bankruptcy
by name, or by the title of representatives of the
deceased, or trustee of the bankrupt, or by any
like description, at the address in Trinidad and
Tobago supplied for the purpose by those so
claiming; or

(b) until such an address has been so supplied, by
giving the notice in any manner in which it
might have been given if the death or
bankruptcy had not occurred.

(6) If the holder—
(a) has no registered address in Trinidad and

Tobago and has not given to the company an
address in Trinidad and Tobago for the service
of notices on him; or

(b) is the holder of a share warrant,
the offer may be made by causing a notice specifying where a
copy of the offer can be obtained or inspected, to be published in
a daily newspaper circulating in Trinidad and Tobago.
(7) The offer shall state a period of not less than twenty-
one days during which it may be accepted and the offer shall not
be withdrawn before the end of that period.
(8) A requirement or authority contained in the articles
of a company, if it is inconsistent with any of the provisions
of subsections (3) to (7), has effect as a provision excluding
subsection (3).
(9) Subsections (3) to (8) are without prejudice to any
written law by virtue of which a company is prohibited, whether

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Conversion
privileges.
[5 of 1997].

Reserve shares.

Own shares.
[5 of 1997].

generally or in specified circumstances, from offering or allotting
shares to any person.
39. (1) A company may grant conversion privileges, options
or rights to acquire shares or debentures of the company, but shall
set out the conditions thereof in any certificates or other
instruments issued in respect thereof.
(2) Conversion privileges, options and rights to acquire
shares or debentures of a company may be made transferable or
non-transferable, and options and rights to acquire shares or
debentures may be made separable or inseparable from any
debentures or shares to which they are attached.
40. Where a company—
(a) has granted privileges to convert any debentures

or shares issued by the company into shares or
into shares of another class or series of shares; or

(b) has issued or granted options or rights to
acquire shares,

if the articles of the company limit the number of authorised
shares, the company shall reserve and continue to reserve
sufficient authorised shares to meet the exercise of those
conversion privileges, options and rights.
41. (1) Subject to subsection (2), and except as provided in
sections 42 to 45, a company—
(a) shall not hold shares in itself or in its holding

body corporate; and
(b) shall not permit any of its subsidiary bodies

corporate to acquire shares of the company.
(2) A company shall cause a subsidiary body corporate
of the company that holds shares of the company, except as
may be permitted under sections 42 to 45, to sell or otherwise
dispose of those shares within five years from the date, as the
case requires—
(a) that the body corporate became a subsidiary of

the company; or
(b) that the company was continued under this Act.

50 Chap. 81:01 Companies

LAWS OF TRINIDAD AND TOBAGO

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

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Companies Chap. 81:01 51

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L.R.O.

Exceptions.

Acquisition of
own shares.

Other
acquisition.
[5 of 1997].

42. (1) A company may in the capacity of a legal
representative hold shares in itself or in its holding body
corporate unless it, or the holding body corporate, or a subsidiary
of either of them has a beneficial interest in the shares.
(2) A company may hold shares in itself or in its holding
body corporate by way of security for the purposes of a
transaction entered into by it in the ordinary course of a business
that includes the lending of money.
43. (1) Subject to subsection (2) and to its articles, a
company may purchase or otherwise acquire shares issued by it.
(2) A company shall not make any payment to purchase
or otherwise acquire shares issued by it, if there are reasonable
grounds for believing that—
(a) the company is unable, or would, after that

payment, be unable to pay its liabilities as they
become due; or

(b) the realisable value of the company’s assets
would, after that payment, be less than the
aggregate of its liabilities and stated capital of
all classes.

44. (1) Notwithstanding section 43(2), but subject to
subsection (3) and to its articles, a company may purchase or
otherwise acquire its own issued shares—
(a) to settle or compromise a debt or claim asserted

by or against the company;
(b) to eliminate fractional shares; or
(c) to fulfil the terms of a non-assignable agreement

under which the company has an option or is
obligated to purchase shares owned by a director,
an officer or an employee of the company.

(2) Notwithstanding section 43(2), a company may
purchase or otherwise acquire its own issued shares—
(a) to satisfy the claim of a shareholder who

dissents under section 227; or
(b) to comply with an order under section 242.

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Redeemable
shares.

(3) A company shall not make any payment to purchase
or acquire under subsection (1) shares issued by it if there are
reasonable grounds for believing that—
(a) the company is unable, or would, after the

payment, be unable to pay its liabilities as they
become due; or

(b) the realisable value of the company’s assets
would, after the payment, be less than the
aggregate of—

(i) its liabilities; and
(ii) the amount that would be required to pay

the holders of shares who have a right to
be paid, on a redemption or in a winding
up, rateably with or before the holders of
shares to be purchased or redeemed.

45. (1) Notwithstanding section 43(2) or section 44(3), but
subject to subsection (2) of this section and to its articles, a
company may, at prices not exceeding the redemption price thereof
stated in its articles or calculated according to a formula stated in
its articles, purchase or redeem any redeemable shares issued by it.
(2) A company shall not make any payment to purchase
or redeem any redeemable shares issued by it if there are
reasonable grounds for believing that—
(a) the company is unable or would, after that

payment, be unable to pay its liabilities as they
become due; or

(b) the realisable value of the company’s assets
would, after that payment, be less than the
aggregate of—

(i) its liabilities; and
(ii) the amount that would be required to pay

the holders of shares that have a right to
be paid, on a redemption or in a winding
up, rateably with or before the holders of
the shares to be purchased or redeemed.

52 Chap. 81:01 Companies

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UNOFFICIAL VERSION


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Companies Chap. 81:01 53

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L.R.O.

Donated shares.

Voting thereon.
[5 of 1997].

Stated capital
reduction.
[5 of 1997].

46. Subject to section 50, a company may accept from any
shareholder a share of the company surrendered to it as a gift, but
may not extinguish or reduce a liability in respect of any amount
unpaid on any such share except in accordance with section 48.

47. A company holding shares in itself or in its holding body
corporate shall not vote those shares or permit those shares to be
voted unless the company—
(a) holds the shares in the capacity of a legal

representative; and
(b) has complied with section 148.

48. (1) Subject to subsection (3), a company may by
special resolution reduce its stated capital for any purpose
including, without limiting the generality of the foregoing, for the
purpose of—
(a) extinguishing or reducing a liability in respect

of an amount unpaid on any share;
(b) distributing to the holder of an issued share of

any class or series of shares an amount not
exceeding the stated capital of the class or
series; or

(c) declaring its stated capital to be reduced by an
amount that is not represented by realisable assets.

(2) A special resolution under this section shall specify
the stated capital account or accounts from which the reduction of
stated capital effected by the special resolution will be deducted.
(3) A company shall not reduce its stated capital for any
purpose other than the purpose mentioned in subsection (1)(c) if
there are reasonable grounds for believing that—
(a) the company is unable, or would, after that

reduction, be unable, to pay its liabilities as they
become due; or

(b) the realisable value of the company’s assets would
thereby be less than the aggregate of its liabilities.

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Stated capital
adjustment.
[5 of 1997].

(4) A company that reduces its stated capital under this
section shall, not later than thirty days after the date of the
passing of the resolution, serve notice of the resolution on all
persons who on the date of the passing of the resolution were
creditors of the company.
(5) A creditor may apply to the Court for an order
compelling a shareholder or other recipient—
(a) to pay to the company an amount equal to any

liability of the shareholder that was extinguished
or reduced contrary to this section; or

(b) to pay or deliver to the company any money or
property that was paid or distributed to the
shareholder or other recipient as a consequence
of a reduction of capital made contrary to
this section.

(6) An action to enforce a liability imposed by this
section may not be commenced after two years from the date of
the act complained of.
(7) This section does not affect any liability that arises
under section 88 or 89.

49. (1) Upon a purchase, redemption or other acquisition by
a company under section 43, 44, 45, 59 or 230 or section
242(3)(f) of shares or fractions thereof issued by it, the company
shall deduct, from the stated capital account maintained for the
class or series of shares purchased, redeemed or otherwise
acquired, an amount equal to the result obtained by multiplying
the stated capital of the shares of that class or series by the
number of shares of that class or series or fractions thereof
purchased, redeemed or otherwise acquired, divided by the
number of issued shares of that class or series immediately before
the purchase, redemption or other acquisition.
(2) A company shall deduct the amount of a payment
made by the company to a shareholder under section 242(3)(g)
from the stated capital account maintained for the class or series
of shares in respect of which the payment was made.

54 Chap. 81:01 Companies

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UNOFFICIAL VERSION


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Companies Chap. 81:01 55

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L.R.O.

Cancellation of
shares.

Presumption
re own shares.

(3) A company shall adjust its stated capital accounts in
accordance with any special resolution referred to in section 48(2).
(4) Upon a conversion of issued shares of a class into
shares of another class, or upon a change under section 214, 237
or 242 of issued shares of a company into shares of another class
or series, the company shall—
(a) deduct, from the stated capital account

maintained for the class or series of shares
changed or converted, an amount equal to the
result obtained by multiplying the stated capital
of the shares of that class or series by the
number of shares of that class or series changed
or converted, divided by the number of issued
shares of that class or series immediately before
the change or conversion; and

(b) add the result obtained under paragraph (a), and
any additional consideration received by the
company pursuant to the change, to the stated
capital account maintained or to be maintained
for the class or series of shares into which the
shares have been changed or converted.

(5) For the purposes of subsection (4), when a company
issues two classes of shares and there is attached to each of the
classes a right to convert a share of the one class into a share of
the other class, then, if a share of one class is converted into a
share of the other class, the amount of stated capital attributable
to a share in either class is the aggregate of the stated capital of
both classes divided by the number of issued shares of both
classes immediately before the conversion.
50. Shares or fractions of shares issued by a company and
purchased, redeemed or otherwise acquired by the company shall
be cancelled, or, if the articles of the company limit the number
of authorised shares, the shares or fractions may be restored to
the status of authorised, but unissued, shares.
51. For the purposes of sections 49 and 50, a company
holding shares in itself as permitted by section 42 is deemed not
to have purchased, redeemed or otherwise acquired those shares.

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Changing share
class.
[5 of 1997].

Redemption and
cancellation of
debentures.
[5 of 1997].

Effect of
purchase
contract.

52. (1) Shares issued by a company and converted or
changed under section 214, 237 or 242 into shares of another class
or series become issued shares of the class or series of shares into
which the shares have been converted or changed.
(2) Where its articles limit the number of authorised
shares of a class or series of shares of a company and issued
shares of that class or series have become, pursuant to
subsection (1), issued shares of another class or series, the number
of unissued shares of the first-mentioned class or series shall,
unless the articles otherwise provide, be increased by the number
of shares that, pursuant to subsection (1), became shares of another
class or series.

52A. (1) Debentures issued, pledged, hypothecated or deposited
by a company are not redeemed by reason only that the indebtedness
evidenced by the debentures or in respect of which the debentures are
issued, pledged, hypothecated or deposited is repaid.
(2) Debentures issued by a company and purchased,
redeemed or otherwise acquired by it may be cancelled or, subject to
any applicable trust deed or other agreement, may be reissued, pledged
or hypothecated to secure any obligation of the company then existing
or thereafter incurred, and any such acquisition and reissue, pledge or
hypothecation is not a cancellation of the debentures.

53. (1) A contract with a company providing for the purchase
of shares of the company is specifically enforceable against the
company except to the extent that the company cannot perform the
contract without thereby being in breach of section 43 or 44.
(2) In any action brought on a contract referred to in
subsection (1), the company has the burden of proving that
performance of the contract is prevented by section 43 or 44.
(3) Until the company has fully performed a contract
referred to in subsection (1), the other party retains the status of
a claimant who is entitled—
(a) to be paid as soon as the company is lawfully

able to do so; or

56 Chap. 81:01 Companies

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UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

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Companies Chap. 81:01 57

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

Sale of shares
on commission.
[5 of 1997].

Prohibited
dividend.

Payment of
dividend.
[5 of 1997].

Illicit loans
by company.

(b) to be ranked in a winding up subordinate to the
rights of creditors but in priority to the
shareholders.

53A. The directors of a company may authorise the company
to pay a reasonable commission to any person in consideration of
his purchasing or agreeing to purchase shares of the company
from the company or from any other person or procuring or
agreeing to procure purchasers for any such shares.

54. A company shall not declare or pay a dividend if there
are reasonable grounds for believing that—
(a) the company is unable, or would, after the

payment, be unable, to pay its liabilities as they
become due; or

(b) the realisable value of the company’s assets
would thereby be less than the aggregate of its
liabilities and stated capital of all classes.

55. (1) Subject to section 54 and subsection (2), a company
may pay a dividend in money, in property, or by issuing fully paid
shares of the company.
(2) A company shall not pay a dividend in money or in
property out of unrealised profits.
(3) If shares of a company are issued in payment of a
dividend, the value of the dividend stated as an amount in money
shall be added to the stated capital account maintained or to be
maintained for the shares of the class or series issued in payment
of the dividend.

56. (1) When circumstances prejudicial to the company
exist, the company or any company with which it is affiliated
shall not, directly or indirectly, give financial assistance by
means of a loan, guarantee or otherwise—
(a) to a shareholder, director, officer or employee of

the company or affiliated company, or to an
associate of any such person for any purpose; or

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Enforcement of
illicit loans.

Immunity of
shareholders.

Lien on shares.
[5 of 1997].

(b) to any person for the purpose of, or in
connection with, a purchase of a share issued or
to be issued by the company or a company with
which it is affiliated.

(2) Circumstances prejudicial to the company exist in
respect of financial assistance mentioned in subsection (1) when
there are reasonable grounds for believing that—
(a) the company is unable or would, after giving the

financial assistance, be unable to pay its
liabilities as they become due; or

(b) the realisable value of the company’s assets,
excluding the amount of any financial assistance
in the form of a loan and in the form of assets
pledged or encumbered to secure a guarantee,
would, after giving the financial assistance, be
less than the aggregate of the company’s
liabilities and stated capital of all classes.

57. A contract made by a company contrary to section 56
may be enforced by the company or by a lender for value in good
faith without notice of the contravention.
58. The shareholders of a company other than of an unlimited
liability company are not, as shareholders, liable for any liability,
act or default of the company except under section 48(5) or
section 137(2).
59. (1) Subject to this Act, the articles of a company may
provide that the company has a lien on a share registered in the
name of a shareholder or his legal representative for a debt of
that shareholder to the company and, in the case of a former-
Act company, such debt may include an amount unpaid in
respect of a share issued by the company prior to its continuance
under this Act and the articles may provide also for an existing
right of forfeiture in respect of any such partly paid share.
(2) A company may enforce a lien or right of forfeiture
referred to in subsection (1) in accordance with its articles or
Bye-laws.

58 Chap. 81:01 Companies

LAWS OF TRINIDAD AND TOBAGO

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Companies Chap. 81:01 59

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

Duty of
directors to
manage
company.

Secretary.

Acts of
secretary, etc.

Secretary of
public
company.

DIVISION 4—MANAGEMENT OF COMPANIES

60. Subject to the articles and any unanimous shareholder
agreement, the directors of a company shall—
(a) exercise the powers of the company directly or

indirectly through the employees and agents of
the company; and

(b) direct the management of the business and
affairs of the company.

61. (1) Every company shall have a secretary and may have
one or more assistant secretaries, who, or each of whom—
(a) shall be appointed by the directors, or if

provision is made in the Bye-laws of a company
for the appointment, in accordance with that
provision; and

(b) may be an individual, a body corporate or a firm.
(2) If a company carries on business for more than one
month without complying with subsection (1), the company
and every officer of the company who is in default is guilty of
an offence.
62. (1) Anything required or authorised to be done by or in
relation to the secretary, may, if the office is vacant, or if for any
other reason the secretary is unable to act, be done by or in
relation to any assistant secretary or, if the assistant secretary or
secretaries are unable to act, by or in relation to any officer of the
company authorised generally or specially in that behalf by the
director or directors of the company.
(2) A provision requiring or authorising a thing to be
done by or in relation to a director and the secretary is not satisfied
by its being done by or in relation to the same person acting both
as director and as, or in the place of, the secretary.

63. (1) The directors of a public company shall take all
reasonable steps to ensure that each secretary and assistant
secretary of the company is a person who appears to the directors
to have the requisite knowledge and experience to discharge the
functions of a secretary of a public company.

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Number of
directors.
[5 of 1997].

Restricted
powers.

Bye-law
powers.

(2) For the purpose of this section, a person—
(a) who, on the commencement date, held the office

of secretary, assistant secretary or deputy
secretary of a public company;

(b) who, for at least three years of the five years
immediately preceding his appointment as secretary,
held the office of secretary of a public company;

(c) who is a member in good standing of the
Institute of Chartered Accountants of Trinidad
and Tobago, the Association of Chartered
Secretaries and Administrators of Trinidad and
Tobago or the Chartered Institute of Public
Finance and Accountancy;

(d) who is an Attorney-at-law; or
(e) who, by virtue of his holding or having held any

other position or having been a member of any
other body, appears to be capable of discharging
the functions of a secretary of a public company,

may be assumed by a director of a public company to have the
requisite knowledge and experience to discharge the functions of
a secretary or assistant secretary of a public company, if the
director does not know otherwise.
64. (1) A company shall have at least two directors but a
public company shall have no fewer than three directors, at least
two of whom are not officers or employees of the company or
any of its affiliates.
(2) Only an individual or a body corporate may be a
director of a company.
65. The articles of a company may, in whole or in part,
restrict the powers of the directors to manage the business and
affairs of the company.
66. (1) Except the articles, Bye-laws or any unanimous
shareholder agreement otherwise provide, the directors of a
company may by resolution make, amend or repeal any Bye-laws
for the regulation of the business or affairs of the company.

60 Chap. 81:01 Companies

LAWS OF TRINIDAD AND TOBAGO

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

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Companies Chap. 81:01 61

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

Organisational
meeting.
[5 of 1997].

(2) The directors of a company shall submit a
Bye-law, or any amendment or repeal of a Bye-law made under
subsection (1), to the shareholders of the company at the next
meeting of shareholders after the making, amendment or repeal
of the Bye-law; and the shareholders may, by ordinary resolution,
confirm, amend or reject the Bye-law, amendment or repeal.
(3) A Bye-law, or any amendment or repeal of a Bye-
law, is effective from the date of the resolution of the directors
making, amending or repealing the Bye-law until—
(a) the Bye-law, amendment or repeal is confirmed,

amended or rejected by the shareholders
pursuant to subsection (2); or

(b) the Bye-law, amendment or repeal ceases to be
effective pursuant to subsection (4),

and, if the Bye-law, amendment or repeal is confirmed or
amended by the shareholders, it continues in effect in the form in
which it was confirmed or amended.
(4) When a Bye-law, or an amendment or repeal of a
Bye-law, is not submitted to the shareholders as required by
subsection (2), or is rejected by the shareholders, the Bye-law,
amendment or repeal ceases to be effective; and no subsequent
resolution of the directors to make, amend or repeal a Bye-law
having substantially the same purpose or effect is effective until
the resolution is confirmed, with or without amendment, by
the shareholders.
(5) A shareholder who is entitled to vote at an annual
meeting of shareholders may, in accordance with sections 116
to 124, propose the making, amendment or repeal of a Bye-law.

67. (1) After the issue of a certificate of incorporation of a
company, a meeting of the directors of the company shall be held
at which the directors may—
(a) make Bye-laws;
(b) adopt forms of share certificates and

corporate records;

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Disqualified
directors.

Court
disqualified
directors.

(c) authorise the issue of shares;
(d) appoint officers;
(e) unless a special meeting is called to pass a

resolution pursuant to section 164, appoint an
auditor to hold office until the first annual
meeting of shareholders;

(f) make banking arrangements; and
(g) transact any other business.
(2) In the case of a public company, an incorporator or
a director may call a meeting of directors referred to in
subsection (1) by giving by post not less than seven clear days’
notice of the meeting to each director and stating in the notice the
time and place of the meeting.
(3) Subsection (1) does not apply to a company to which
a certificate of amalgamation has been issued under section 226.

68. (1) An individual who is prohibited by section 8(2) from
forming or joining in the formation of a company shall not be a
director of any company.
(2) When an individual is disqualified under section 69
from being a director of a company, that individual shall not, during
that period of disqualification, be a director of any company.

69. (1) When, on the application of the Registrar, the Court is
satisfied that an individual is unfit to be concerned in the
management of a public company, the Court may order that that
individual shall not, without the prior leave of the Court, be a
director of the company, or be in any way, directly or indirectly,
concerned with the management of the company for such period—
(a) beginning—
(i) with the date of the order; or
(ii) if the individual is undergoing, or is to

undergo, a term of imprisonment and the
Court so directs, with the date on which he

62 Chap. 81:01 Companies

LAWS OF TRINIDAD AND TOBAGO

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

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Companies Chap. 81:01 63

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

No qualification
required.

Notice of
directors.

completes that term of imprisonment or is
otherwise released from prison; and

(b) not exceeding five years,
as may be specified in the order.
(2) In determining whether or not to make an order under
subsection (1), the Court shall have regard to all the circumstances
that it considers relevant, including any previous convictions of
the individual in Trinidad and Tobago or elsewhere for an offence
involving fraud or dishonesty or in connection with the
promotion, formation or management of any body corporate.
(3) Before making an application under this section in
relation to any individual, the Registrar shall give that individual
not less than ten days’ notice of the Registrar’s intention to make
the application.
(4) On the hearing of an application made by the
Registrar under this section or an application for leave under this
section, the Registrar and any individual concerned with the
application may appear and call attention to any matters that are
relevant, and may give evidence, call witnesses and be
represented by an Attorney-at-law.

70. Except the articles of a company otherwise provide, a
director of the company need not hold shares issued by
the company.

71. (1) At the time of delivering articles of incorporation of
a company to the Registrar, the incorporators shall deliver, in the
prescribed form, a notice of the names of the directors of the
company; and the Registrar shall file the notice.
(2) Each director named in the notice referred to in
subsection (1) holds office as a director of the company from the
issue of the certificate of incorporation of the company until the
first meeting of the shareholders of the company.
(3) Subject to section 73(b), the shareholders of a
company shall, by ordinary resolution at the first meeting of the

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Alternative
directors.
[5 of 1997].

company and at each following annual meeting at which an
election of directors is required, elect directors to hold office for a
term expiring not later than the close of the third annual meeting of
the shareholders of the company following the election.
(4) Directors of a company who are elected at a meeting
of shareholders need not hold office for the same term.
(5) A director who is not elected for an expressly stated
term ceases to hold office at the close of the first annual meeting
of shareholders following his election.
(6) Notwithstanding subsections (2), (3) and (5), if
directors are not elected at a meeting of shareholders, the incumbent
directors continue in office until their successors are elected.
(7) If a meeting of shareholders fails, by reason of the
disqualification, incapacity or death of any candidates, to elect
the number or the minimum number of directors required by the
articles of the company, the directors elected at that meeting may
exercise all the powers of the directors as if the number of
directors so elected constituted a quorum.
(8) The articles of a company or an unanimous
shareholder agreement may, for terms expiring not later than the
close of the third annual meeting of the shareholders following
the election, provide for the election or appointment of directors
by the creditors or employees of the company or by any classes
of these creditors or employees.

72. (1) A meeting of the shareholders of a company may, by
ordinary resolution, elect a person to act as a director in the
alternative to a director of the company, or may authorise the
directors to appoint such alternative directors as are necessary for
the proper discharge of the affairs of the company.
(2) An alternate director shall have all the rights and
powers of the director for whom he is elected or appointed in the
alternative, except that he shall not be entitled to attend and vote
at any meeting of the directors otherwise than in the absence of
that other director.

64 Chap. 81:01 Companies

LAWS OF TRINIDAD AND TOBAGO

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

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Companies Chap. 81:01 65

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

Cumulative
voting.
[5 of 1997].

(3) Notwithstanding subsections (1) and (2), the Bye-
laws of a company, other than a public company, may, in relation
to alternate directors, make provisions in addition to or in
substitution for the provisions of subsection (1) or (2).
73. Where the articles of a company provide for cumulative
voting, the following rules shall apply:
(a) the articles shall require a fixed number, and not

a minimum and maximum number of directors;
(b) each shareholder who is entitled to vote at an

election of directors has the right to cast a number
of votes equal to the number of votes attached to
the shares held by him, multiplied by the number
of directors to be elected, and he may cast all his
votes in favour of one candidate, or distribute
them among the candidates in any manner;

(c) a separate vote of shareholders shall be taken
with respect to each candidate nominated for
director unless a resolution is passed
unanimously permitting two or more persons to
be elected by a single resolution;

(d) if a shareholder votes for more than one
candidate without specifying the distribution of
his votes among the candidates, he is deemed to
distribute his votes equally among the
candidates for whom he votes;

(e) if the number of candidates nominated for
director exceeds the number of positions to be
filled, the candidates who receive the least
number of votes shall be eliminated until the
number of candidates remaining equals the
number of positions to be filled;

(f) each director ceases to hold office at the close of
the first annual meeting of shareholders
following his election;

(g) a director may not be removed from office if the
votes cast against his removal would be sufficient
to elect him and those votes could be voted

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Termination
of office.

Removal of
directors.

cumulatively at the election at which the same
total number of votes were cast and the number
of directors required by the articles were then
being elected; and

(h) the number of directors required by the articles
may not be decreased if the votes cast against
the motion to decrease would be sufficient to
elect a director and those votes could be voted
cumulatively at an election at which the same
total number of votes were cast and the number
of directors required by the articles were then
being elected.

74. (1) A director of a company ceases to hold office when—
(a) he dies or resigns;
(b) he is removed in accordance with section 75; or
(c) he becomes disqualified under section 68 or 69.
(2) The resignation of a director of a company becomes
effective at the time his written resignation is served on the company
or at the time specified in the resignation, whichever is later.
75. (1) Subject to section 73(g), the shareholders of a
company may—
(a) by ordinary resolution at a special meeting,

remove any director from office; or
(b) where a director was elected for a term

exceeding one year and is not up for re-election
at an annual meeting, remove such director by
ordinary resolution at that meeting.

(2) Where the holders of any class or series of shares of a
company have an exclusive right to elect one or more directors, a
director so elected may only be removed by an ordinary resolution
at a meeting of the shareholders of that class or series of shares.
(3) Subject to section 73(b) to (e), a vacancy created by
the removal of a director may be filled at the meeting of the
shareholders at which the director is removed, or, if the vacancy
is not so filled, it may be filled pursuant to section 77.

66 Chap. 81:01 Companies

LAWS OF TRINIDAD AND TOBAGO

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Companies Chap. 81:01 67

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

Right to notice.
[5 of 1997].

Filling vacancy.
[5 of 1997].

76. (1) A director of a company is entitled to receive notice
of, and to attend and be heard at, every meeting of shareholders.
(2) A director—
(a) who resigns;
(b) who receives a notice or otherwise learns of a

meeting of shareholders called for the purpose
of removing him from office; or

(c) who receives a notice or otherwise learns of a
meeting of directors or shareholders at which
another person is to be appointed or elected to
fill the office of director, whether because of his
resignation or removal, or because his term of
office has expired or is about to expire,

may submit to the company a written statement giving the
reasons for his resignation or the reasons why he opposes any
proposed action or resolution.
(3) The company shall forthwith send a copy of the
statement referred to in subsection (2) to the Registrar and to
every shareholder entitled to receive notice of any meeting
referred to in subsection (1), unless the statement is included in or
attached to a management proxy circular required by section 144.
(4) No company or person acting on its behalf incurs
any liability by reason only of circulating a director’s statement
in compliance with subsection (3).
77. (1) Subject to subsections (3) and (4), a quorum of
directors of a company may fill a vacancy among the directors of
the company, except a vacancy resulting from an increase in the
number or minimum number of directors, or from a failure to
elect the number or minimum number of directors required by the
articles of the company.
(2) If there is no quorum of directors, or if there has been
a failure to elect the number or minimum number of directors
required by the articles, the directors then in office shall forthwith
call a special meeting of shareholders to fill the vacancy and, if
they fail to call a meeting, or if there are no directors then in
office, the meeting may be called by any shareholder.

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Numbers
changed.
[5 of 1997].

(3) Where the holders of any class or series of shares of
a company have an exclusive right to elect one or more directors
and a vacancy occurs among those directors—
(a) then, subject to subsection (4), the remaining

directors elected by that class or series may fill
the vacancy except a vacancy resulting from an
increase in the number or minimum number of
directors for that class or series, or from a failure
to elect the number or minimum number of
directors for that class or series; or

(b) if there are no such remaining directors, any
holder of shares of that class or series may call
a meeting of the holders thereof for the purpose
of filling the vacancy.

(4) The articles of a company may provide that a
vacancy among the directors be filled only—
(a) by a vote of the shareholders;
(b) by a vote of the holders of any class or series of

shares having an exclusive right to elect one or
more directors, if the vacancy occurs among the
directors elected by that class or series; or

(c) by any other method.
(5) Subject to section 75, a director appointed or
elected to fill a vacancy holds office for the unexpired term of
his predecessor.

78. (1) The shareholders of a company may amend the
articles of the company to increase or, subject to section 73(h), to
decrease the number of directors, or the minimum or maximum
number of directors.
(2) A decrease under subsection (1) shall not affect the
term of an incumbent director.
(3) Where the shareholders adopt an amendment to the
articles of a company to increase the number or minimum number
of directors, the shareholders may, at the meeting at which they
adopt the amendment, elect the additional number of directors

68 Chap. 81:01 Companies

LAWS OF TRINIDAD AND TOBAGO

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

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Companies Chap. 81:01 69

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

Notice of
change.
[5 of 1997].

Directors’
meetings.

Notice and
waiver.

Adjourned
meeting.

authorised by the amendment, and for that purpose,
notwithstanding sections 218(2) and 481(2), on the issue of a
certificate of amendment the articles are deemed to be amended as
of the date the shareholders adopt the amendment to the articles.
79. (1) Within thirty days after a change is made among its
directors, a company shall deliver to the Registrar a notice in the
prescribed form setting out the change, and the Registrar shall
file the notice.
(2) Any interested person, or the Registrar, may apply to
the Court for an order to require a company to comply with
subsection (1); and the Court may so order and make any further
order it thinks fit.
80. (1) Unless the articles or Bye-laws of a company
otherwise provide, the directors of a company may meet at any
place, and upon such notice as the Bye-laws require.
(2) Subject to the articles or Bye-laws, a majority of the
number of directors or minimum number of directors required by
the articles constitutes a quorum at any meeting of directors; and
notwithstanding any vacancy among the directors, a quorum of
directors may exercise all the powers of the directors.
81. (1) A notice of a meeting of the directors of a company
shall specify any matter referred to in section 84(2) that is to be
dealt with at the meeting; but, unless the Bye-laws of the
company otherwise provide, the notice need not specify the
purpose of or the business to be transacted at the meeting.
(2) A director may, in any manner, waive a notice of a
meeting of directors; and attendance of a director at a meeting of
directors is a waiver of notice of the meeting by the director
except when he attends the meeting for the express purpose of
objecting to the transaction of any business on the grounds that
the meeting is not lawfully called.

82. Notice of an adjourned meeting of directors need not be
given if the time and place of the adjourned meeting is announced
at the original meeting.

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Telephone
participation.

Delegation of
powers.

Validity of
acts.

83. (1) Subject to the Bye-laws of a company, a director may,
if all the directors of the company consent, participate in a meeting
of directors of the company or of a committee of the directors by
means of such telephone or other communication facilities as
permit all persons participating in the meeting to hear each other.
(2) A director who participates in a meeting of directors
by such means as are described in subsection (1), is, for the
purposes of this Act, present at the meeting.
(3) For the purposes of this section, the laws of Trinidad
and Tobago shall apply to any meeting of directors of a company
incorporated in Trinidad and Tobago and the meeting is deemed
to take place in Trinidad and Tobago.
84. (1) Directors of a company may appoint from their
number a managing director or a committee of directors and
delegate to the managing director or committee any of the powers
of the directors.
(2) Notwithstanding subsection (1), no managing
director and no committee of directors of a company may—
(a) submit to the shareholders any question or matter

requiring the approval of the shareholders;
(b) fill a vacancy among the directors or in the

office of auditor;
(c) issue shares except in the manner and on the

terms authorised by the directors;
(d) declare dividends;
(e) purchase, redeem or otherwise acquire shares

issued by the company;
(f) approve a management proxy circular referred

to in Division 6;
(g) approve any financial statements referred to in

section 151; or
(h) adopt, amend or repeal Bye-laws.

85. An act of a director or officer is valid notwithstanding
any irregularity in his election or appointment, or any defect in
his qualification.

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Resolution in
writing.

Liability for
share issue.
[5 of 1997].

Liability for
other acts.

Contribution for
judgment.

86. (1) When a resolution in writing is signed by all the
directors entitled to vote on that resolution at a meeting of
directors or committee of directors—
(a) the resolution is deemed to be as valid as if it

had been passed at a meeting of directors or a
committee of directors; and

(b) the resolution is deemed to satisfy all the
requirements of this Act relating to meetings of
directors or committees of directors.

(2) A copy of every resolution referred to in
subsection (1) shall be kept with the minutes of the proceedings
of the directors or committee of directors.

LIABILITIES OF DIRECTORS

87. Directors of a company who vote for or consent to a
resolution authorising the issue of a share under section 34 for a
consideration other than money are jointly and severally liable to
the company to make good any amount by which the
consideration received is less than the fair equivalent of the
money that the company would have received if the share had
been issued for money on the date of the resolution.
88. Directors of a company who vote for, or consent to, a
resolution authorising—
(a) a purchase, redemption or other acquisition of

shares contrary to section 43, 44 or 45;
(b) a payment of a dividend contrary to section 54

or 55;
(c) financial assistance contrary to section 56;
(d) a payment of an indemnity contrary to any of the

provisions of sections 227 to 236 or section 242,
are jointly and severally liable to restore to the company
any amounts so distributed or paid and not otherwise recovered
by the company.

89. A director who has satisfied a judgment founded on a
liability under section 87 or 88 is entitled to contribution from the

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Recovery by
action.

Defence to
liability.

Time-limit
on liability.

Interest in
contracts.
[5 of 1997].

other directors who voted for or consented to the unlawful
act upon which the judgment was founded.

90. (1) A director who is liable under section 88 may apply
to the Court for an order compelling a shareholder or other
recipient to pay or deliver to the director any money or property
that was paid or distributed to the shareholder or other recipient
contrary to section 43, 44, 45, 54, 55 or 56.
(2) In connection with an application under subsection
(1), the Court may, if it is satisfied that it is equitable to do so—
(a) order a shareholder or other recipient to pay or

deliver to a director any money or property that
was paid or distributed to the shareholder or
other recipient contrary to any of the provisions
of section 43, 44, 45, 54, 55, 56, 101 to 105, 227
to 236 or 242;

(b) order a company to return or issue shares to a
person from whom the company has purchased,
redeemed or otherwise acquired shares; or

(c) make any further order it thinks fit.

91. A director of a company is not liable under section 87 if
he did not know and could not reasonably have known that the
share was issued for a consideration less than the fair equivalent
of the money that the company would have received if the share
had been issued for money.

92. An action to enforce a liability imposed under section 87
or 88 may not be commenced after two years from the date of the
resolution authorising the action complained of.

CONTRACTUAL INTEREST

93. (1) A director or officer of a company—
(a) who is a party to a material contract or proposed

material contract with the company; or
(b) who is a director or an officer of any body, or

has a material interest in any body, that is a

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party to a material contract or proposed material
contract with the company,

shall disclose in writing to the company or request to have
entered in the minutes of meetings of directors the nature and
extent of his interest.
(2) The disclosure required by subsection (1) shall be
made, in the case of a director of a company—
(a) at the meeting at which a proposed contract is

first considered;
(b) if the director was not then interested in a

proposed contract, at the first meeting after he
becomes so interested;

(c) if the director becomes interested after a
contract is made, at the first meeting after he
becomes so interested; or

(d) if a person who is interested in a contract later
becomes a director of the company, at the first
meeting after he becomes a director.

(3) The disclosure required by subsection (1) shall be
made, in the case of an officer of a company who is not a director—
(a) forthwith after he becomes aware that the

contract or proposed contract is to be
considered, or has been considered, at a meeting
of directors of the company;

(b) if the officer becomes interested after a contract
is made, forthwith after he becomes so
interested; or

(c) if a person who is interested in a contract later
becomes an officer of the company, forthwith
after he becomes an officer.

(4) If a material contract or a proposed material contract
is one that, in the ordinary course of the company’s business,
would not require approval by the directors or shareholders of the
company, a director or officer of the company shall disclose in
writing to the company, or request to have entered in the minutes

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Interest
declaration.

Avoidance
of nullity.

of meetings of directors, the nature and extent of his interest
forthwith after the director or officer becomes aware of the
contract or proposed contract.
(5) A director of a company who is referred to in
subsection (1) shall not be present at, form part of a quorum or
vote on any resolution to approve a contract in which he has an
interest, unless the contract—
(a) is an arrangement by way of security for

money loaned to, or obligations undertaken by
him, for the benefit of the company or an
affiliate of the company;

(b) is a contract that relates primarily to his
remuneration as a director, officer, employee
or agent of the company or an affiliate of
the company;

(c) is a contract for indemnity or insurance under
sections 101 to 105; or

(d) is a contract with an affiliate of the company.
(6) Any contract referred to in subsection (1) together
with all circumstances relevant thereto shall be reported to the
shareholders not later than on the distribution of the next
financial statements.

94. For the purposes of section 93, a general notice to the
directors of a company by a director or an officer of the company
declaring that he is a director or officer of, or has a material
interest in, another body, and is to be regarded as interested in any
contract with that body is a sufficient declaration of interest in
relation to any such contract.

95. A material contract between a company and one or more of
its directors or officers, or between a company and another body of
which a director or officer of the company is a director or officer, or
in which he has a material interest, is neither void nor voidable—
(a) by reason only of that relationship; or
(b) by reason only that a director with an interest in

the contract is present at, or is counted to

74 Chap. 81:01 Companies

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UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

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Companies Chap. 81:01 75

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L.R.O.

Setting aside
contract.

Designation of
offices, etc.

Borrowing
powers.

determine the presence of a quorum at, a
meeting of directors or a committee of directors
that authorised the contract,

if the director or officer disclosed his interest in accordance with
section 93(2), (3) or (4) or section 94, as the case may be, and the
contract was approved by the directors or the shareholders and was
reasonable and fair to the company at the time it was approved.

96. When a director or officer of a company fails to disclose,
in accordance with section 93 or 94, his interest in a material
contract made by the company, the Court may, upon the
application of the company or a shareholder of the company, set
aside the contract on such terms as the Court thinks fit.

OFFICERS OF A COMPANY

97. Subject to this Act and to the articles or Bye-laws of a
company or any unanimous shareholder agreement—
(a) the directors of the company may designate the

offices of the company, appoint as officers
persons of full capacity, specify their duties and
delegate to them powers to manage the business
and affairs of the company, except powers to do
anything referred to in section 84(2);

(b) a director may be appointed to any office of the
company; and

(c) two or more offices of the company may be held
by the same person.

BORROWING POWERS OF DIRECTORS

98. (1) Unless the articles or Bye-laws of, or any unanimous
shareholder agreement relating to, the company otherwise
provide, the directors of the company may, without authorisation
of the shareholders—
(a) borrow money upon the credit of the company;
(b) issue, reissue, sell or pledge debentures of

the company;

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

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Duty of care.

(c) subject to section 56, give a guarantee on behalf
of the company to secure performance of an
obligation of any person; and

(d) mortgage, charge, pledge, or otherwise create to
secure any obligation of the company or any
other person a security interest in all or any
property of the company that is owned or
subsequently acquired by the company.

(2) Notwithstanding section 84(2) and section 97(a),
unless the articles or Bye-laws of, or any unanimous shareholder
agreement relating to, a company otherwise provide, the directors
of the company may by resolution delegate the powers
mentioned in subsection (1) to a director, a committee of
directors or any officer of the company.

DUTY OF DIRECTORS AND OFFICERS

99. (1) Every director and officer of a company shall in
exercising his powers and discharging his duties—
(a) act honestly and in good faith with a view to the

best interests of the company; and
(b) exercise the care, diligence and skill that a

reasonably prudent person would exercise in
comparable circumstances.

(2) In determining what are the best interests of a
company, a director shall have regard to the interests of the
company’s employees in general as well as to the interests of
its shareholders.
(3) The duty imposed by subsection (2) on the directors
of a company is owed by them to the company alone; and the
duty is enforceable in the same way as any other fiduciary duty
owed to a company by its directors.
(4) No information about the business or affairs of a
company shall be disclosed by a director or officer of the
company except—
(a) for the purposes of the exercise or performance

of his functions as a director or officer;

76 Chap. 81:01 Companies

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Dissenting to
resolution.
[5 of 1997].

(b) for the purposes of any legal proceedings;
(c) pursuant to the requirements of any written

law; or
(d) when authorised by the company.
(5) Every director and officer of a company shall
comply with this Act and the Regulations, and with the articles
and Bye-laws of the company, and any unanimous shareholder
agreement relating to the company.
(6) Subject to section 137(2), no provision in a contract,
the articles of a company, its Bye-laws or any resolution, relieves
a director or officer of the company from the duty to act in
accordance with this Act or the Regulations, or relieves him from
liability for a breach of this Act or the Regulations.
100. (1) A director who is present at a meeting of the
directors or of a committee of directors is deemed to have consented
to any resolution passed or action taken at that meeting, unless—
(a) he requests that his dissent be or his dissent is

entered in the minutes of the meeting;
(b) he sends his written dissent to the secretary of

the meeting before the meeting is adjourned; or
(c) he sends his dissent by registered post or delivers

it to the registered office of the company
immediately after the meeting is adjourned.

(2) A director who votes for a resolution may not dissent
under subsection (1).
(3) A director who was not present at a meeting at which
a resolution was passed or action taken is presumed to have
consented thereto unless, within twenty-one days after he
becomes aware of the resolution, he—
(a) causes his dissent to be placed with the minutes

of the meeting; or
(b) sends his dissent by registered post or delivers it

to the registered office of the company,
provided that, where a director fails to comply with paragraph (a)
or (b) within the specified time, he may apply to the Court for
relief, and the Court, if satisfied that failure to comply was

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Indemnifying
directors, etc.
[5 of 1997].

accidental or due to inadvertence or that it is just and equitable
to grant relief, may make an order extending the time for
complying with paragraph (a) or (b) for such period as the Court
may think proper.
(4) A director is not liable under section 87, 88 or 99 if
he relies in good faith upon—
(a) financial statements of the company represented

to him by an officer of the company; or
(b) a report of an Attorney-at-law, accountant,

engineer, appraiser or other person whose
profession lends credibility to a statement made
by him.

INDEMNITIES
101. (1) Except in respect of an action by or on behalf of a
company or body corporate to obtain a judgment in its favour, a
company may indemnify—
(a) a director or officer of the company;
(b) a former director or officer of the company; or
(c) a person who acts or acted at the company’s

request as a director or officer of a body
corporate of which the company is or was a
shareholder or creditor,

or his personal representatives, against all costs, charges and
expenses (including an amount paid to settle an action or satisfy
a judgment) reasonably incurred by him in respect of any civil,
criminal or administrative action or proceeding to which he is
made a party by reason of being, or having been, a director or
officer of that company or body corporate.
(2) Subsection (1) does not apply unless the director or
officer to be so indemnified—
(a) acted honestly and in good faith with a view to

the best interests of the company; and
(b) in the case of a criminal or administrative action

or proceeding that is enforced by a monetary
penalty, had reasonable grounds for believing
that his conduct was lawful.

78 Chap. 81:01 Companies

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UNOFFICIAL VERSION


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L.R.O.

For derivative
action.
[5 of 1997].

Right to
indemnity.

Insurance of
directors, etc.
[5 of 1997].

102. A company may with the approval of the Court indemnify
a person referred to in section 101 in respect of an action—
(a) by or on behalf of the company or body

corporate to obtain a judgment in its favour; and
(b) to which he is made a party by reason of being

or having been a director or an officer of the
company or body corporate,

against all costs, charges and expenses reasonably incurred by
him in connection with the action, if he fulfils the conditions set
out in section 101(2).

103. Notwithstanding anything in section 101 or 102, a person
described in section 101 is entitled to indemnity from the company
in respect of all costs, charges and expenses reasonably incurred by
him in connection with the defence of any civil, criminal or
administrative action or proceeding to which he is made a party by
reason of being, or having been, a director or officer of the
company or body corporate, if the person seeking indemnity—
(a) was substantially successful on the merits in his

defence of the action or proceeding;
(b) fulfils the conditions set out in section 101(2); and
(c) is fairly and reasonably entitled to indemnity.

104. A company may purchase and maintain insurance for the
benefit of any person referred to in section 101 against any
liability incurred by him—
(a) in his capacity as a director or officer of the

company, except where the liability relates to
his failure to act honestly and in good faith with
a view to the best interests of the company; or

(b) in his capacity as a director or officer of another
body corporate where he acts or acted in that
capacity at the company’s request, except where
the liability relates to his failure to act honestly
and in good faith with a view to the best
interests of the company.

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Court approval
of indemnity.
[5 of 1997].

Remuneration.

Shareholders
and their
meetings.
[5 of 1997].

105. (1) A company or person referred to in section 101 may
apply to the Court for an order approving an indemnity under
section 102 or 103; and the Court may so order and make any
further order it thinks fit.
(2) An applicant under subsection (1) shall give the
Registrar notice of the application; and the Registrar may appear
and be heard in person or by an Attorney-at-law.
(3) Upon an application under subsection (1), the Court
may order notice to be given to any interested person; and
that person may appear and be heard in person or by an
Attorney-at-law.

REMUNERATION OF DIRECTORS, OFFICERS
AND EMPLOYEES

106. Subject to its articles or Bye-laws or any unanimous
shareholder agreement, the directors of a company may fix the
remuneration of the officers and employees of the company and
the shareholders in general meeting may fix the fees payable to
the directors.

DIVISION 5—SHAREHOLDERS OF COMPANIES
MEETINGS OF SHAREHOLDERS

107. (1) The following persons are shareholders in a company:
(a) a person who is a member of the company under

section 349(3);
(b) the personal representative of a deceased

shareholder and the trustee in bankruptcy of a
bankrupt shareholder;

(c) a person in whose favour a transfer of shares has
been executed and delivered but whose name has
not been entered in the register of members of the
company or, if two or more such transfers have
been executed and delivered, the person in whose
favour the most recent transfer has been made,
provided that in the case of a company other than
a public company in respect of the persons
mentioned in paragraphs (b) and (c), this section

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L.R.O.

Meeting outside
Trinidad and
Tobago.
[5 of 1997].

shall take effect subject to the provisions of its
articles or Bye-laws.

(2) In this Act, any reference to holders of shares is a
reference to persons who are shareholders in respect of the shares
and any reference to holding shares shall be construed accordingly.
(3) For the purposes of this Act, shares shall be
considered as having been issued if any person is a shareholder in
respect of them.
(4) Meetings of shareholders of a company shall be held
at the place within Trinidad and Tobago provided in the Bye-
laws, or, in the absence of any such provision, at the place within
Trinidad and Tobago that the directors determine.
(5) Notwithstanding subsection (4), a meeting of
shareholders of a company may be held outside of Trinidad and
Tobago if all the shareholders entitled to vote at the meeting so agree.
(6) A shareholder who attends a meeting of
shareholders held outside Trinidad and Tobago agrees to its
being so held unless he attends the meeting for the express
purpose of objecting to the transaction of any business on the
grounds that the meeting is not lawfully held.
108. (1) Notwithstanding section 107, if the articles of a
company so provide, meetings of shareholders of a company
may be held outside Trinidad and Tobago.
(2) If the Bye-laws so provide and the requisite notice
for the holding of the meeting is given, a shareholder may
participate in a meeting of shareholders by means of such
telephone or other communication facilities as permit all persons
participating in the meeting to hear each other.
(3) A person who participates in a meeting of
shareholders by such means as are described in subsection (2), is,
for the purposes of this Act, present at the meeting.
(4) For the purposes of this section, the laws of Trinidad
and Tobago shall apply to any meeting of shareholders of a
company incorporated in Trinidad and Tobago and the meeting
is deemed to take place in Trinidad and Tobago.

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

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Calling
meetings.

Record date of
shareholders.
[5 of 1997].

Statutory date.
[5 of 1997].

109. The directors of a company—
(a) shall call an annual meeting of shareholders not

later than eighteen months after the company
comes into existence, and subsequently not later
than fifteen months after holding the last
preceding annual meeting; and

(b) may at any time call a special meeting
of shareholders.

110. (1) For the purpose of—
(a) determining the shareholders of the company

who are—
(i) entitled to receive payment of a dividend; or
(ii) entitled to participate in a winding-up

distribution; or
(b) determining the shareholders of the company

for any other purpose except the right to receive
notice of, or to vote at, a meeting,

the directors may fix in advance a date as the record date for the
determination of shareholders; but that record date shall not
precede by more than thirty days the particular action to be taken.
(2) For the purpose of determining shareholders who are
entitled to receive notice of a meeting of shareholders of the
company, the directors of the company may fix in advance a date
as the record date for the determination of shareholders; but the
record date shall not precede by more than sixty days or by less
than fourteen days the date on which the meeting is to be held.
111. If no record date is fixed—
(a) the record date for determining the shareholders

who are entitled to receive a notice of a meeting
of the shareholders is—

(i) the close of business on the date
immediately preceding the day on which
the notice is given; or

(ii) if no notice is given, the day on which the
meeting is held; and

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L.R.O.

Notice of
record date.

Notice of
meeting.
[5 of 1997].

(b) the record date for the determination of
shareholders for any purpose other than the
purpose specified in paragraph (a) is the close of
business on the day on which the directors pass
the resolution relating to that purpose.

112. If a record date is fixed under section 110, notice thereof
shall, in the case of a public company, be given—
(a) to the Commission; and
(b) by advertisement in a daily newspaper

published in Trinidad and Tobago,
not less than seven days before the date so fixed.

113. (1) Subject to the giving of at least twenty-one days’
notice of a special resolution, notice of the time and place of a
meeting of shareholders shall be sent not less than ten days nor
more than fifty days before the meeting—
(a) to each shareholder entitled to vote at the meeting;
(b) to each director; and
(c) to the auditor of the company.
(2) A notice of a meeting of shareholders of a company
is not required to be sent to shareholders of the company who
were not registered on the records of the company or its transfer
agent on the record date determined under section 110 or 111, as
the case may be, but failure to receive notice does not deprive a
shareholder of the right to vote at the meeting.
(3) If a meeting of shareholders is adjourned for less
than thirty days, it is not necessary, unless the Bye-laws
otherwise provide, to give notice of the adjourned meeting, other
than by announcement at the meeting that is adjourned.
(4) If a meeting of shareholders is adjourned by one or
more adjournments for an aggregate of thirty days or more,
notice of the adjourned meeting shall be given as for an original
meeting; but, unless the meeting is adjourned by one or more
adjournments for an aggregate of more than ninety days, section
143(1) does not apply.

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

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Special
business.

Waiver of notice
and telephone
participation.
[5 of 1997].

114. (1) All business transacted at a special meeting of
shareholders, and all business transacted at an annual meeting of
shareholders, is special business, except—
(a) the consideration of the financial statements;
(b) the directors’ report, if any;
(c) the auditor’s report, if any;
(d) the sanction of dividends;
(e) the election of directors; and
(f) the reappointment of the incumbent auditor.
(2) Notice of a meeting of shareholders at which special
business is to be transacted shall state—
(a) the nature of that business in sufficient detail to

permit the shareholder to form a reasoned
judgment thereon; and

(b) the text of any special resolution to be submitted
to the meeting.

115. (1) A shareholder and any other person who is entitled to
attend a meeting of shareholders may in any manner waive
notice of the meeting, and the attendance of any person at a
meeting of shareholders is a waiver of notice of the meeting by
that person unless he attends the meeting for the express purpose
of objecting to the transaction of any business on the grounds that
the meeting is not lawfully called.
(2) Subject to the Bye-laws of a company, a shareholder
may, if all the shareholders of the company or, in the case of a
class of shareholders, all the shareholders of that class consent,
participate in a meeting of shareholders by means of such
telephone or other communication facilities as permit all persons
participating in the meeting to hear each other.
(3) A shareholder who participates in a meeting of
shareholders by such means as are described in subsection (2) is,
for the purposes of this Act, present at the meeting.

84 Chap. 81:01 Companies

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UNOFFICIAL VERSION


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Companies Chap. 81:01 85

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L.R.O.

“Proposals” of
shareholders.

Inclusion in
proxy circular.
[5 of 1997].

Nomination in
proposal.

Non-compliance
with proxy
solicitation.
[5 of 1997].

PROPOSALS

116. A shareholder of a company who is entitled to vote at an
annual meeting of the shareholders may—
(a) submit to the company notice of any matter that

he proposes to raise at the meeting (in this
Division referred to as a “proposal”); and

(b) discuss at the meeting any matter in respect of
which he would have been entitled to submit
a proposal.

117. (1) A company that solicits proxies shall set the proposal
out in the management proxy circular required by section 144 or
attach the proposal to that circular.
(2) If so requested by a shareholder who submits a
proposal to a company, the company shall include in the
management proxy circular, or attach to it, a statement by the
shareholder of not more than two hundred words in support of the
proposal, and the name and address of the shareholder.

118. A proposal may include nominations for the election of
directors if the proposal is signed by one or more holders of
shares who represent in the aggregate not less than—
(a) five per cent of the shares of the company; or
(b) five per cent of the shares of a class of shares of

the company,
entitled to vote at a meeting to which the proposal is to be
presented; but this section does not preclude nominations made at
a meeting of shareholders of a company that is not required to
solicit proxies under section 143.

119. A company is not required to comply with
section 117 if—
(a) the proposal is not submitted to the company at

least sixty days before the anniversary date of
the previous annual meeting of shareholders of
the company;

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

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Publishing
immunity.

Refusal notice.
[5 of 1997].

(b) it clearly appears that the proposal is submitted
by the shareholder primarily for the purpose of
enforcing a personal claim or redressing a
personal grievance against the company or its
directors, officers, shareholders or debenture
holders or primarily for the purpose of
promoting general economic, political, racial,
religious, social or similar causes;

(c) the company, at the shareholder’s request,
included a proposal in a management proxy
circular relating to a meeting of shareholders held
within two years preceding the receipt of that
request and the shareholder failed to present the
proposal, in person or by proxy, at the meeting;

(d) substantially the same proposal was submitted
to shareholders in a management proxy circular
or a dissident’s proxy circular relating to a
meeting of shareholders held within two years
preceding the receipt of the shareholder’s
request and the proposal was defeated;

(e) the rights conferred by that subsection are being
abused to secure publicity; or

(f) where the matter in the best judgment of the
directors is inimical to the commercial interest
of the company.

120. No company, or person acting on its behalf, incurs any
liability by reason only of circulating a proposal or statement in
compliance with this Act.
121. When a company refuses to include a proposal or a
statement referred to in section 117(2) in a management proxy
circular, the company shall, within ten days after receiving the
proposal or statement, notify the shareholder submitting the
proposal or statement of its intention to omit the proposal or
statement from the management proxy circular; and the company
shall notify him in writing of the reasons for its refusal.

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L.R.O.

Restraining
meeting.

Right to omit
proposal.

Registrar’s
notice.

List of
shareholders.
[5 of 1997].

122. Upon application to the Court by a shareholder of a
company who is claiming to be aggrieved by the company’s
refusal under section 121 to include a proposal in a management
proxy circular, the Court may restrain the holding of the meeting
to which the proposal is sought to be presented and make any
further order it thinks fit.
123. A company or any person claiming to be aggrieved by a
proposal submitted to the company may apply to the Court for an
order permitting the company to omit the proposal from its
management proxy circular and the Court may, if it is satisfied
that section 119 applies, make such order as it thinks fit.

124. An applicant under section 122 or 123 shall give the
Registrar notice of the application, and the Registrar may appear
and be heard in person or by an Attorney-at-law.

SHAREHOLDER LISTS
125. (1) A public company or a company with twenty-five or
more shareholders shall—
(a) not later than ten days after the record date is

fixed under section 110(2), if a record date is so
fixed; or

(b) if no record date is fixed—
(i) at the close of business on the date

immediately preceding the day on which
the notice is given; or

(ii) if no notice is given, as of the day on
which the meeting is held,

prepare a list of its shareholders, who are entitled to receive
notice of a meeting, arranged in alphabetical order and showing
the number of shares held by each shareholder.
(1A) For the purposes of subsection (1), two or more
joint shareholders shall be counted as one shareholder.
(2) When a company fixes a record date under section 110(2),
a person named in the list prepared under subsection (1)(a) is, subject
to subsection (3), entitled at the meeting to which the list relates, to
vote the shares shown opposite his name.

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

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Examination
of list.

Quorum at
meetings.
[5 of 1997].

(3) Where a person has transferred the ownership of any
of his shares in a company after the record date fixed by the
company, if the transferee of those shares—
(a) produces properly endorsed share certificates to

the company or otherwise establishes to the
company that he owns the shares; and

(b) demands, not later than ten days before the
meeting of the shareholders of the company, that
his name be included in the list of shareholders
before the meeting,

the transferee may vote such shares at the meeting, unless the
transfer is one that a company is for any reason entitled to refuse
to register pursuant to the provisions of its articles or Bye-laws;
(4) When a company does not fix a record date under
section 110(2), a person named in a list of shareholders prepared
under subsection (1)(b) may, at the meeting to which the list
relates, vote the shares shown opposite his name.

126. A shareholder of a company may examine the list of its
shareholders—
(a) during usual business hours at the registered

office of the company or at the place where its
register of shareholders is maintained; and

(b) at the meeting of shareholders for which the list
was prepared.

QUORUM

127. (1) Unless the Bye-laws otherwise provide, a quorum of
shareholders is present at a meeting of shareholders if the holders
of a majority of the shares entitled to vote at the meeting are
present in person or represented by proxy.
(2) If a quorum is present at the opening of a meeting
of shareholders, the shareholders present may, unless the
Bye-laws otherwise provide, proceed with the business of the
meeting, notwithstanding that a quorum is not present throughout
the meeting.

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L.R.O.

Right to
vote shares.

Representative
of other body.

Joint
shareholders.

Voting method
at meetings.

(3) Unless the Bye-laws otherwise provide, if a quorum is
not present within thirty minutes of the time appointed for a meeting
of shareholders, the meeting stands adjourned to the same day two
weeks thereafter, at the same time and place; and, if at the adjourned
meeting, a quorum is not present within thirty minutes of the
appointed time, the shareholders present constitute a quorum.
(4) When a company has only one shareholder, or has
only one shareholder of any class or series of shares, that
shareholder present in person or by proxy constitutes a meeting.

VOTING SHARES

128. Unless the articles of the company otherwise provide, on
a show of hands a shareholder or proxy holder has one vote; and
upon a ballot a shareholder or proxy holder has one vote for every
share held.
129. (1) When a body corporate is a shareholder of a company,
the company shall recognise any individual authorised by a
resolution of the directors or governing body of the body corporate
to represent it at meetings of shareholders of the company.
(2) An individual who is authorised as described in
subsection (1) may exercise, on behalf of the body corporate
that he represents, all the powers it could exercise if it were an
individual shareholder.
130. Unless the Bye-laws otherwise provide, if two or more
persons hold shares jointly, one of those holders present at a
meeting of shareholders may, in the absence of the other, vote the
shares; but if two or more of those persons who are present, in
person or by proxy, vote, they shall vote as one on the shares
jointly held by them.
131. (1) Unless the Bye-laws otherwise provide, voting at a
meeting of shareholders shall be by a show of hands, except
when a ballot is demanded by a shareholder or proxy holder
entitled to vote at the meeting.
(2) A shareholder or proxy holder may demand a ballot
either before or immediately after any vote by show of hands.

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Resolution in
writing.

Requisitioned
shareholders
meeting.
[5 of 1997].

132. (1) Except where a written statement is submitted by a
director under section 76 or an auditor under section 171—
(a) a resolution in writing signed by all the

shareholders entitled to vote on that resolution at
a meeting of shareholders is as valid as if it had
been passed at a meeting of the shareholders; and

(b) a resolution in writing dealing with all matters
required by this Act to be dealt with at a meeting
of shareholders, and signed by all the
shareholders entitled to vote at that meeting,
satisfies all the requirements of this Act relating
to meetings of shareholders.

(2) A copy of every resolution referred to in
subsection (1) shall be kept with the minutes of the meetings of
shareholders but failure so to keep such copy does not render
void any action taken by the company.

COMPULSORY MEETING

133. (1) The holders of not less than five per cent of the issued
shares of a company that carry the right to vote at a meeting sought
to be held by them may requisition the directors to call a meeting
of shareholders for the purposes stated in the requisition.
(2) The requisition referred to in subsection (1), which
may consist of several documents of like form, each signed by
one or more shareholders of the company, shall state the business
to be transacted at the meeting and shall be sent to each director
and to the registered office of the company.
(3) Upon receiving a requisition referred to in
subsection (1), the directors shall call a meeting of shareholders
to transact the business stated in the requisition, unless—
(a) a record date has been fixed under section

110(2) and notice thereof has been given under
section 112;

(b) the directors have called a meeting of
shareholders and have given notice thereof
under section 113; or

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L.R.O.

Court called
meeting.

(c) the business of the meeting as stated in the
requisition includes matters described in
section 119(b) to (e).

(4) If, after receiving a requisition referred to in
subsection (1), the directors do not call a meeting of shareholders
within twenty-one days after receiving the requisition, any
shareholder who signed the requisition may call the meeting.
(5) A meeting called under this section shall be called as
nearly as possible in the manner in which meetings are to be called
pursuant to the Bye-laws, this Division and Division 6 of this Part.
(6) Unless the shareholders otherwise resolve at a
meeting called under subsection (4), the company shall reimburse
the shareholders who requisitioned the meeting the expenses
reasonably incurred by them in requisitioning, calling and
holding the meeting.
134. (1) Upon the application to the Court by a director of a
company or a shareholder of the company who is entitled to vote at
a meeting of the shareholders, or by the Registrar, the Court may—
(a) when for any reason it is impracticable—
(i) to call a meeting of shareholders in the

manner in which meetings of shareholders
can be called; or

(ii) to conduct the meeting in the manner
prescribed by the Bye-laws and this Act;
or

(b) when the directors fail to call a meeting of the
shareholders in contravention of section 133; or

(c) for any other reason thought fit by the Court,
order a meeting of shareholders to be called, held and conducted
in such manner as the Court may direct.
(2) Without restricting the generality of subsection (1),
the Court may order that the quorum required by the Bye-laws or
this Act be varied or dispensed with at a meeting called, held and
conducted pursuant to this section.
(3) A meeting of the shareholders of a company
called, held and conducted pursuant to this section is for

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Court review
controversy.

Pooling
agreement.

Unanimous
shareholder
agreement.

all purposes a meeting of shareholders of the company duly
called, held and conducted.

CONTROVERTED AFFAIRS

135. (1) A company or a shareholder or director thereof may
apply to the Court to determine any controversy with respect to an
election or appointment of a director or auditor of the company.
(2) Upon an application made under this section, the
Court may make any order it thinks fit including—
(a) an order restraining a director or auditor whose

election or appointment is challenged from
acting, pending determination of the dispute;

(b) an order declaring the result of the disputed
election or appointment;

(c) an order requiring a new election or
appointment, and including in the order
directions for the management of the business
and affairs of the company until a new election
is held, or appointment made; and

(d) an order determining the voting rights of
shareholders and of persons claiming to
own shares.
SHAREHOLDER AGREEMENTS

136. (1) A written agreement between two or more shareholders
of a company may provide that in exercising voting rights the shares
held by them will be voted as provided in the agreement.
(2) An aggrieved party to an agreement referred to in
subsection (1) may not bring any action or make any claim
against a company on the grounds that shares were not voted in
accordance with that agreement.
137. (1) An otherwise lawful written agreement among all the
shareholders of a company, or among all the shareholders and a
person who is not a shareholder, that restricts, in whole or in part,
the powers of the directors of the company to manage the
business and affairs of the company is valid.

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LAWS OF TRINIDAD AND TOBAGO

L.R.O.

Extraordinary
transaction.
[5 of 1997].

(2) A shareholder who is a party to any unanimous
shareholder agreement has all the rights, powers and duties, and
incurs all the liabilities of a director of the company to which the
agreement relates, to the extent that the agreement restricts the
powers of the directors to manage the business and affairs of the
company; and the directors are thereby relieved of their duties
and liabilities to the same extent.
(3) If a person who is the beneficial owner of all the
issued shares of a company makes a written declaration that
restricts in whole or in part the powers of the directors to manage
the business and affairs of the company, the declaration
constitutes a unanimous shareholder agreement.
(4) Where any unanimous shareholder agreement is
executed or terminated, written notice of that fact, together with
the date of the execution or termination thereof, shall be filed with
the Registrar within fifteen days after the execution or
termination, and in default thereof, the Registrar shall be entitled
to collect from the company a penalty of one hundred dollars for
every month, or part thereof, after the fifteen days that the
company fails to file the notice.

SHAREHOLDER APPROVAL
138. (1) A sale, lease or exchange of all, or substantially all,
the property of a company other than in the ordinary course of
business of the company requires the approval of the
shareholders in accordance with this section.
(2) A notice of a meeting of shareholders complying
with section 113 shall be sent in accordance with that section to
each shareholder and shall—
(a) include or be accompanied by a copy or summary

of the agreement of sale, lease or exchange; and
(b) state that a dissenting shareholder is entitled to

be paid the fair value of his shares in accordance
with section 227,

but failure to make the statement referred to in paragraph (b)
does not invalidate a sale, lease or exchange referred to in
subsection (1).

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Definitions.

Ch. 83:02.

(3) At the meeting referred to in subsection (2) the
shareholders may authorise the sale, lease or exchange of the
property, and may fix or authorise the directors to fix any of the
terms and conditions of the sale, lease or exchange.
(4) Each share of the company carries the right to vote
in respect of a sale, lease or exchange referred to in subsection
(1), whether or not it otherwise carries the right to vote.
(5) The shareholders of a class or series of shares of the
company are entitled to vote separately as a class or series in
respect of a sale, lease or exchange referred to in subsection (1)
only if the class or series is affected by the sale, lease or exchange
in a manner different from the shares of another class or series.
(6) A sale, lease or exchange referred to in subsection
(1) is adopted when the shareholders of each class or series of
shares who are entitled to vote thereon have, by special
resolution, approved of the sale, lease or exchange.
(7) Notwithstanding any authorisation given by the
shareholders under subsection (1), the directors of a company
may, subject to the rights of third parties, abandon the sale, lease
or exchange without any further approval of the shareholders.
(8) Where a sale, lease or exchange is abandoned under
subsection (7), the directors shall notify the shareholders of the
abandonment and the reasons therefor within thirty days of the
decision to abandon it.

DIVISION 6 — PROXIES

139. (1) In this Part—
“broker” means a person registered as a broker under Part IV of

the Securities Industry Act;
“form of proxy” means a written or printed form that, upon

completion and signature by or on behalf of a shareholder,
becomes a proxy;

“proxy” means a completed and signed form of proxy by means
of which a shareholder appoints a proxy holder to attend and
act on his behalf at a meeting of shareholders;

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L.R.O.

Proxy
appointment.

“solicit” or “solicitation” includes, subject to subsection (2)—
(a) a request for a proxy, whether or not

accompanied with or included in a form of proxy;
(b) a request to execute or not to execute a form of

proxy or to revoke a proxy;
(c) the sending of a form of proxy or other

communication to a shareholder under
circumstances reasonably calculated to result in
the procurement, withholding or revocation of a
proxy; and

(d) the sending of a form of proxy to a shareholder
under section 143;

“solicitation by or on behalf of the management of a company”
means a solicitation by any person pursuant to a resolution
or instructions of, or with the acquiescence of, the directors
or a committee of directors of the company concerned.

(2) the term “solicit” or “solicitation” does not include—
(a) the sending of a form of proxy in response to an

unsolicited request made by or on behalf of a
shareholder;

(b) the performance of administrative acts or
professional services on behalf of a person
soliciting a proxy;

(c) the sending by a broker of the documents
referred to in section 148; or

(d) a solicitation by a person in respect of shares of
which he is the beneficial owner.

PROXY HOLDERS

140. (1) A shareholder who is entitled to vote at a meeting
of shareholders may by means of a proxy appoint a proxy holder,
or one or more alternate proxy holders, none of whom need be
shareholders, to attend and act at the meeting in the manner and
to the extent authorised by the proxy and with the authority
conferred by the proxy.
(2) A proxy shall be executed in writing by the
shareholder or his attorney authorised in writing.

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Revocation
of proxy.

Deposit of
proxy.

Mandatory
solicitation
of proxy.
[5 of 1997].

Prohibited
solicitation.

(3) A proxy is valid only at the meeting in respect of
which it is given or any adjournment of that meeting.

141. A shareholder of a company may revoke a proxy—
(a) by depositing an instrument in writing executed

by him or by his attorney authorised in writing—
(i) at the registered office of the company

at any time, up to and including the last
business day preceding the day of the
meeting, or any adjournment of that
meeting, at which the proxy is to be
used; or

(ii) with the chairman of the meeting on the
day of the meeting or any adjournment
of that meeting; or

(b) in any other manner permitted by law.

142. (1) The directors of a company may specify in a notice
calling a meeting of the shareholders of the company a time not
exceeding forty-eight hours preceding the meeting or an
adjournment of the meeting before which time proxies to be used
at the meeting shall be deposited with the company or its agent.
(2) In the calculation of time for the purposes of
subsection (1), Saturdays, Sundays and public holidays are to
be excluded.

143. (1) Subject to subsection (2), the management of a
company shall, concurrently with the giving of notice of a meeting
of shareholders, send a form of proxy in the prescribed form to
each shareholder who is entitled to receive notice of the meeting.
(2) Where a company, other than a public company, has
fewer than twenty-five shareholders, two or more joint
shareholders being counted as one, the management of the
company need not send a form of proxy under subsection (1).
144. A person shall not solicit proxies unless there is sent to
the auditor of the company, to each shareholder whose proxy is

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L.R.O.

Documents for
Commission.

Exemption by
Commission.

Proxy attending
meeting.

solicited and to the company if the solicitation is not by or on
behalf of the management of the company—
(a) a management proxy circular in the prescribed

form, either as an appendix to, or as a separate
document accompanying the notice of the
meeting, when the solicitation is by or on behalf
of the management of the company; or

(b) a dissident’s proxy solicitation, in the prescribed
form stating the purpose of the solicitation,
when the solicitation is not by or on behalf of
the management of the company.

145. A person required to send a management proxy circular
or dissident’s proxy circular shall concurrently send a copy
thereof to the Commission, together with a copy of the notice of
the meeting, form of proxy and any other documents for use in
connection with the meeting.
146. Upon the application of an interested person, the
Commission may, on such terms as it thinks fit, exempt that
person from any of the requirements of section 143 or 144, and the
exemption may be given retroactive effect by the Commission.
147. (1) A person who solicits a proxy and is appointed proxy
holder shall—
(a) attend in person, or cause an alternate proxy

holder to attend, the meeting in respect of which
the proxy is given; and

(b) comply with the directions of the shareholder
who appointed him.

(2) A proxy holder or an alternate proxy holder has the
same rights as the shareholder who appointed him—
(a) to speak at the meeting of shareholders in

respect of any matter;
(b) to vote by way of ballot at the meeting; and
(c) except when a proxy holder or an alternate proxy

holder has conflicting instructions from more than
one shareholder, to vote at the meeting in respect
of any matter by way of any show of hands.

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

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Duty of broker.

Governing
prohibition.

SHARE REGISTRANTS

148. (1) Shares of a company that are registered in the name
of a broker or his nominee and not beneficially owned by the
broker may not be voted unless the broker forthwith after the
receipt thereof sends to the beneficial owner—
(a) a copy of the notice of the meeting, financial

statements, management proxy circular,
dissident’s proxy circular and any other
documents sent to shareholders by or on behalf
of any person for use in connection with the
meeting, other than the form of proxy; and

(b) except where the broker has received written
voting instructions from the beneficial owner, a
written request for voting instructions.

(2) A broker may not vote or appoint a proxy holder to
vote shares registered in his name or in the name of his nominee
that he does not beneficially own unless he receives voting
instructions from the beneficial owner of the shares.
(3) A person by or on behalf of whom a solicitation is
made shall, at the request of a broker, forthwith furnish to the
broker at that person’s expense the necessary number of copies of
the documents referred to in subsection (1)(a).
(4) A broker shall vote or appoint a proxy holder to vote
any shares referred to in subsection (1) in accordance with any
written voting instructions received from the beneficial owner.
(5) If requested by a beneficial owner of shares of a
company, the broker of those shares shall appoint the beneficial
owner or a nominee of the beneficial owner as proxy holder for
those shares.
(6) The failure of a broker to comply with this section
does not render void any meeting of shareholders or any action
taken at the meeting.

149. Nothing in section 148 gives a broker the right to vote
shares that he is otherwise prohibited from voting.

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Companies Chap. 81:01 99

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

Restraining
order.
[5 of 1997].

Annual financial
returns.
[5 of 1997].

REMEDIAL POWERS

150. (1) If a form of proxy, management proxy circular or
dissident’s proxy circular—
(a) contains an untrue statement of a material

fact; or
(b) omits to state a material fact required therein or

necessary to make a statement contained therein
not misleading in the light of the circumstances
in which it was made,

an interested person may apply to the Commission.
(2) On an application under this section, the
Commission may make any order it thinks fit, including any or
all of the following orders:
(a) an order restraining the solicitation or the

holding of the meeting or restraining any person
from implementing or acting upon any
resolution passed at the meeting to which the
form of proxy, management proxy circular or
dissident’s proxy circular relates;

(b) an order requiring correction of any form of proxy
or proxy circular and a further solicitation; or

(c) an order adjourning the meeting.
(3) An applicant under this section shall give the
Registrar notice of the application and the Registrar may appear
and be heard in person or by an Attorney-at-law.

DIVISION 7 — FINANCIAL DISCLOSURE
COMPARATIVE FINANCIAL STATEMENTS

151. (1) Subject to this section and to section 152, the
directors of a company shall place before the shareholders at
every annual meeting of the shareholders of the company—
(a) comparative financial statements, as prescribed,

relating separately to—
(i) the period that began on the date the

company came into existence and ended

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

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Consolidated
financial
returns.

not more than twelve months after that date,
or, if the company has completed a financial
year, the period that began immediately after
the end of the last period for which financial
statements were prepared and ended not
more than twelve months after the beginning
of that period; and

(ii) the immediately preceding financial year;
(b) the report of the auditor, if any; and
(c) any further information respecting the financial

position of the company and the results of its
operations required by the articles of the
company, its Bye-laws, or any unanimous
shareholder agreement and any information
required to be reported under section 93(6).

(2) The financial statements required by
subsection (1)(a)(ii) may be omitted if the reason for the omission
is set out in the financial statements, or in a note thereto, to be
placed before the shareholders at an annual meeting.
(3) The Registrar may in any particular case adjust the
period relating to which financial statements are to be placed
before the shareholders at any annual meeting.
152. (Repealed by Act No. 5 of 1997).
153. (1) A company shall keep at its registered office a copy
of the financial statements of each of its subsidiary bodies
corporate the accounts of which are consolidated in the financial
statements of the company.
(2) A shareholder of a company who holds not less than
five per cent of the equity of the company, or his agent or legal
representative, may, upon request therefor, examine the
statements referred to in subsection (1) during the usual business
hours of the company, and may make extracts from those
statements free of charge.
(3) A company may, within fifteen days of a request to
examine statements under subsection (2), apply to the Court for an
order barring the right of any person to examine those statements

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Approval of
directors.

Copies of
documents to
be sent to
shareholders.

and the Court may, if it is satisfied that the examination would be
detrimental to the company or a subsidiary body corporate, bar that
right and make any further order the Court thinks fit.
(4) A company shall give the Registrar and the person
asking to examine statements under subsection (2) notice of any
application under subsection (3); and the Registrar and that person
may appear and be heard in person or by an Attorney-at-law.
(5) Where a company applies for an order under
subsection (3), the company shall, within seven days, send to the
Registrar a copy of the order made by the Court.
154. (1) The directors of a company shall approve the
financial statements referred to in section 151, and the approval
shall be evidenced by the signature of one or more directors.
(2) A company shall not issue, publish or circulate
copies of the financial statements referred to in section 151
unless the financial statements are—
(a) approved and signed in accordance with

subsection (1); and
(b) accompanied by a report of the auditor of the

company, if any.
155. (1) Not less than twenty-one days before each annual
meeting of the shareholders of a company before the signing of a
resolution under section 132(1)(b) in lieu of its annual meeting,
the company shall send a copy of the documents referred to in
section 151 to each shareholder, except a shareholder who has
informed the company in writing that he does not want a copy of
those documents.
(2) Notwithstanding subsection (1), a public company
whose shares, or any class of whose shares, are listed need not, in
such cases as may be prescribed and provided any prescribed
conditions are complied with, send copies of the documents
referred to in section 151 to shareholders of the company, but
may instead send them a summary financial statement.
(3) The summary financial statement shall be derived
from the company’s annual accounts and the directors’

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UPDATED TO DECEMBER 31ST 2014

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Registrar’s
copies.
[5 of 1997].

report and shall be in the prescribed form and contain the
prescribed information.
(4) Every summary financial statement shall—
(a) state that it is only a summary of information

in the company’s annual accounts and the
directors’ report;

(b) contain a statement of the company’s auditors of
their opinion as to whether the summary
financial statement is consistent with those
accounts and that report and complies with the
requirements of this section and the regulations;

(c) state whether the auditors’ report on the annual
accounts was unqualified or qualified, and if it
was qualified set out the report in full together
with any further material needed to understand
the qualification;

(d) state whether the auditors’ report on the annual
accounts contained a statement as to—

(i) the inadequacy of the accounting records
or returns;

(ii) the accounts not agreeing with the records
or returns; or

(iii) the failure to obtain necessary
information or explanations.

(5) In subsection (2), “listed” means admitted to the
official list of the Trinidad and Tobago Stock Exchange.

156. (1) A public company shall deliver a copy of the
documents referred to in section 151 to the Registrar not less than
twenty-one days before each annual meeting of the shareholders
or forthwith after the signing of a resolution under section
132(1)(b) in lieu of the annual meeting, and in any event not later
than fifteen months after the last date when the last preceding
annual meeting should have been held or a resolution in lieu of
the meeting should have been signed.
(2) (Repealed by Act No. 5 of 1997).

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Audit
committee.
[5 of 1997].

(3) If a company referred to in subsection (1)—
(a) sends interim financial statements or related

documents to its shareholders; or
(b) is required to file interim financial statements or

related documents with, or to send them to, a
public authority or a recognised stock exchange,
the company shall forthwith send copies thereof
to the Registrar.

(4) A subsidiary company is not required to comply with
this section if—
(a) the financial statements of its holding company

are in consolidated or combined form and
include the accounts of the subsidiary; and

(b) the consolidated or combined financial
statements of the holding company are included
in the documents sent to the Registrar by the
holding company in compliance with this section.

(5) The Registrar is entitled to collect, from a company
that fails to comply with subsection (1), a penalty of one hundred
dollars for every day, or part thereof, that the company thereafter
fails to deliver to the Registrar a copy of the documents referred
to in subsection (1).

AUDIT COMMITTEE

157. (1) Subject to subsection (2), a public company shall, and
any other company may, have an audit committee composed of not
less than three directors of the company, a majority of whom are
not officers or employees of the company or any of its affiliates.
(2) A public company may apply to the Commission for
an order authorising the company to dispense with an audit
committee, and the Commission may, if it is satisfied that the
shareholders will not be prejudiced by such an order, permit the
company to dispense with an audit committee on such reasonable
conditions as it thinks fit.
(3) An audit committee shall review the financial
statements of the company before such financial statements are

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UPDATED TO DECEMBER 31ST 2014

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Eligibility for
appointment.
[5 of 1997].

Ministerial
authorisation of
appointment.
[5 of 1997].

approved under section 154 and report its findings to the
Board of Directors.
(4) The auditor of a company is entitled to receive
notice of every meeting of the audit committee and, at the expense
of the company, to attend and be heard thereat; and, if so requested
by a member of the audit committee, shall attend every meeting of
the committee held during the term of office of the auditor.
(5) The auditor of a company or a member of the audit
committee may call a meeting of the committee.

AUDITOR

158. (1) A person is eligible for appointment as auditor of a
company only if he—
(a) is a practising member of a recognised

supervisory body; and
(b) is eligible for the appointment under the rules of

that body.
(2) An individual or a firm may be appointed as auditor
of a company, but a company or other body corporate shall not be
so appointed, unless there is in force in relation to that company
or body corporate a policy of insurance which covers liability in
respect of professional negligence on terms and to an amount
satisfactory to the Commission.
(3) In this section, “recognised supervisory body” means
the Institute of Chartered Accountants of Trinidad and Tobago and
such other body as the President may, by Order, designate.
159. (1) The Minister may, after consultation with the
Institute of Chartered Accountants of Trinidad and Tobago,
authorise, by instrument in writing, any person to be appointed as
an auditor of companies, if that person is in the opinion of the
Minister suitably qualified for such an appointment by reason of
his knowledge and experience, provided that such appointment
shall not be for a period exceeding one year at a time.
(2) A person who was in practice in Trinidad and Tobago
as an auditor on the commencement of this Act shall apply for an
authorisation to be appointed as an auditor of companies

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Ineligibility on
ground of
lack of
independence.
[5 of 1997].

under subsection (1) not later than twelve months after the
commencement of this Act.
160. (Repealed by Act No. 5 of 1997).
161. (1) Subject to subsection (5), a person or a partnership is
disqualified from being an auditor of a company if he or any of
the partners, as the case may be, is not independent of the
company, any of its affiliates, or the directors or officers of any
such company or its affiliates.
(2) For the purposes of this section—
(a) independence is a question of fact; and
(b) a person is deemed not to be independent if he

or his business partner—
(i) is a business partner, a director, an officer

or an employee of the company, of any of
its affiliates, or of any director, officer
or employee of any such company or
its affiliates;

(ii) beneficially owns or controls directly or
indirectly a material interest in the shares
or debentures of the company or any of its
affiliates; or

(iii) has been a receiver, receiver-manager,
liquidator or trustee in bankruptcy of the
company or any of its affiliates within two
years of his proposed appointment as
auditor of the company.

(3) An auditor who becomes disqualified under this
section shall, subject to subsection (5), resign forthwith after
becoming aware of his disqualification.
(4) An interested person may apply to the Court for an
order declaring an auditor to be disqualified under this section
and the office of auditor to be vacant.
(5) An interested person may apply to the Court for an
order exempting an auditor from disqualification under this
section and the Court may, if it is satisfied that an exemption
would not unfairly prejudice the shareholders, make an exemption

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UPDATED TO DECEMBER 31ST 2014

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Effect of
ineligibility.
[5 of 1997].

Appointment
of auditor.

Dispensing
with auditor.

Cessation
of office.

order on such terms as it thinks fit, which order may have
retrospective effect.
162. (1) No person shall act as auditor of a company if he is
disqualified from holding the office.
(2) If during his term of office an auditor of a company
becomes disqualified from holding the office, he shall thereupon
vacate office and shall forthwith give notice in writing to the
company concerned that he has vacated it by reason of ineligibility.
(3) A person who acts as auditor of a company in
contravention of subsection (1) or fails to give notice of vacating
his office as required by subsection (2) is guilty of an offence.
163. (1) Subject to section 164, the shareholders of a
company shall, by ordinary resolution, at the first annual meeting
of shareholders and at each succeeding annual meeting, appoint an
auditor to hold office until the close of the next annual meeting.
(2) An auditor appointed under section 67(1)(e) is
eligible for appointment under subsection (1).
(3) Notwithstanding subsection (1), if an auditor is not
appointed at a meeting of shareholders, the incumbent auditor
continues in office until his successor is appointed.
(4) The remuneration of an auditor may be fixed by
ordinary resolution of the shareholders, or if not so fixed, it may
be fixed by the directors.
164. (1) The shareholders of a company, other than a company
mentioned in section 156(1), may resolve not to appoint an auditor.
(2) A resolution under subsection (1) is valid only until
the next succeeding annual meeting of shareholders.
(3) A resolution under subsection (1) is not valid unless
it is consented to by all the shareholders, including shareholders
not otherwise entitled to vote.
165. (1) An auditor of a company ceases to hold office when—
(a) he dies or resigns; or
(b) he is removed pursuant to section 166.

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Removal of
auditor.

Filling auditor
vacancy.

Court-appointed
auditor.

Auditor’s right
to notice.

(2) A resignation of an auditor becomes effective at the
time a written resignation is sent to the company, or at the time
specified in the resignation, whichever is the later date.
166. (1) The shareholders of a company may, by ordinary
resolution at a special meeting, remove an auditor other than an
auditor appointed by the Court under section 168.
(2) A vacancy created by the removal of an auditor may
be filled at any meeting at which the auditor is removed, or, if the
vacancy is not so filled, it may be filled under section 167.
167. (1) Subject to subsection (3), the directors shall
forthwith fill a vacancy in the office of auditor.
(2) If there is not a quorum of directors, the directors
then in office shall, within twenty-one days after a vacancy in the
office of auditor occurs, call a special meeting of shareholders to
fill the vacancy; and if they fail to call a meeting, or if there are
no directors, the meeting may be called by any shareholder.
(3) The Bye-laws of a company may provide that a
vacancy in the office of auditor be filled only by vote of the
shareholders.
(4) An auditor appointed to fill a vacancy holds office
for the unexpired term of his predecessor.
168. (1) If a company does not have an auditor, the Court
may, upon the application of—
(a) a shareholder;
(b) the Commission, in the case of a public

company; or
(c) the Registrar, in the case of any other company,
appoint and fix the remuneration of an auditor, and the auditor
holds office until an auditor is appointed by the shareholders.
(2) Subsection (1) does not apply if the shareholders
have resolved under section 164 not to appoint an auditor.

169. The auditor of a company is entitled to receive a notice
of every meeting of the shareholders of the company, and, at the

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Required
attendance.
[5 of 1997].

Right to
comment.
[5 of 1997].

expense of the company, to attend and be heard at the meeting on
matters relating to his duties as auditor.

170. (1) If a shareholder of a company, whether or not he is
entitled to vote at the meeting, or a director of a company gives
written notice to the auditor of the company or a former auditor
who was engaged in the auditing of the financial statements to be
considered at such meeting not less than ten days before a meeting
of the shareholders of the company, to attend the meeting, the
auditor or former auditor, as the case may be, shall attend the
meeting at the expense of the company and answer questions
relating to his duties as auditor or former auditor of the company.
(2) A shareholder or director who sends a notice referred
to in subsection (1) shall, concurrently, send a copy of the notice
to the company.
(3) An auditor or former auditor of a company who fails
without reasonable cause to comply with subsection (1) is guilty
of an offence.
171. (1) An auditor who—
(a) resigns;
(b) receives a notice or otherwise learns of a

meeting of shareholders called for the purpose
of removing him from office;

(c) receives a notice or otherwise learns of a
meeting of directors or shareholders at which
another person is to be appointed to fill the
office of auditor, whether because of the
resignation or removal of the incumbent auditor
or because his term of office has expired or is
about to expire; or

(d) receives a notice or otherwise learns of a
meeting of shareholders at which a resolution
referred to in section 164 is to be proposed,

may submit to the company a written statement giving the
reasons for his resignation or the reasons why he opposes any
proposed action or resolution.

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Examination by
auditor.

(2) When it receives a statement referred to in
subsection (1), the company shall forthwith send a copy of the
statement to every shareholder entitled to receive notice of any
meeting referred to in section 169 and to the Registrar, unless the
statement is included in, or attached to, a management proxy
circular required by section 144.
(3) No person shall accept an appointment or consent to
be appointed as auditor of a company if he is replacing an auditor
who has resigned, been removed or whose term of office has
expired or is about to expire until he has requested and received
from that auditor a written statement of the circumstances and the
reason why, in that auditor’s opinion, he is to be replaced.
(4) Notwithstanding subsection (3), a person otherwise
qualified may accept an appointment or consent to be appointed
as auditor of a company if, within fifteen days after making the
request referred to in that subsection, he does not receive a reply.
(5) Unless subsection (4) applies, an appointment as
auditor of a company of a person who has not complied with
subsection (3) is void.

172. (1) An auditor of a company shall make the examination
that is in his opinion necessary to enable him to report in the
prescribed manner on the financial statements required by this
Act to be placed before the shareholders, except such financial
statements or parts thereof that relate to the immediately
preceding financial year referred to in section 151(1)(a)(ii).
(2) Notwithstanding section 173, an auditor of a
company may reasonably rely upon the report of an auditor of a
body corporate or an unincorporated business the accounts of
which are included in whole or in part in the financial statements
of the company.
(3) For the purpose of subsection (2), reasonableness is
a question of fact.
(4) Subsection (2) applies whether or not the financial
statements of the holding company reported upon by the auditor
are in consolidated form.

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UPDATED TO DECEMBER 31ST 2014

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Right to
inspect.

Detected error.

173. (1) Upon the demand of an auditor of a company, the
present or former directors, officers, employees or agents of the
company shall furnish to the auditor—
(a) such information and explanations; and
(b) such access to records, documents, books,

accounts and vouchers of the company or any of
its subsidiaries,

as are, in the opinion of the auditor, necessary to enable him to
make the examination and report required under section 172 and
that the directors, officers, employees or agents are reasonably
able to furnish.
(2) Upon the demand of an auditor of a company, the
directors of the company shall—
(a) obtain from the present or former directors,

officers, employees or agents of any subsidiary of
the company the information and explanations
that the directors, officers, employees and agents
are reasonably able to furnish, and that are, in the
opinion of the auditor, necessary to enable him to
make the examination and report required under
section 172; and

(b) furnish the information and explanations so
obtained to the auditor.

174. (1) A director or an officer of a company shall forthwith
notify the audit committee and the auditor of any error or
misstatement of which he becomes aware in a financial
statement that the auditor or a former auditor of the company has
reported upon.
(2) When the auditor or a former auditor of a company
is notified or becomes aware of an error or misstatement in a
financial statement upon which he has reported to the company
and, in his opinion, the error or misstatement is material, he shall
inform each director of the company accordingly.
(3) When under subsection (2) the auditor or a former
auditor of a company informs the directors of an error or

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Registered
office.

Notice of
address.

Records of
company.

misstatement in a financial statement of the company, the
directors shall—
(a) prepare and issue revised financial statements; or
(b) otherwise inform the shareholders of the error

or misstatement,
and, if the company is one that is required to comply with
section 156, inform the Registrar and, in the case of a public
company the Commission, of the error or misstatement in the
same manner as the directors inform the shareholders of the error
or misstatement.

DIVISION 8 — CORPORATE RECORDS
REGISTERED OFFICE OF COMPANY

175. (1) A company shall at all times have a registered office
in Trinidad and Tobago.
(2) The directors of the company may change the
address of the registered office.
176. (1) At the time of delivering articles of incorporation, the
incorporators shall deliver to the Registrar, in the prescribed
form, notice of the address of the registered office of the
company and the Registrar shall file the notice.
(2) A company shall, within fifteen days of any change
of the address of its registered office, deliver to the Registrar a
notice in the prescribed form of the change, which the Registrar
shall file.

COMPANY REGISTERS AND RECORDS
177. (1) A company shall prepare and maintain at its
registered office records containing—
(a) the articles and the Bye-laws, and all amendments

thereto, and a copy of any unanimous shareholder
agreement and amendments thereto;

(b) minutes of meetings and resolutions of
shareholders; and

(c) copies of all notices required by section 71, 79
or 176.

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(2) A company shall prepare and maintain a register of
members showing—
(a) the name and the latest known address of each

person who is a member;
(b) a statement of the shares held by each

member; and
(c) the date on which each person was entered on

the register as a member, and the date on which
any person ceased to be a member.

(3) A company shall prepare and maintain a register of
its directors and secretaries and a register of directors’ holdings in
accordance with sections 178 to 180.
(4) A company that issues debentures shall prepare and
maintain a register of debenture holders showing—
(a) the name and the latest known address of each

debenture holder;
(b) the principal of the debentures held by each

holder; the amount or the highest amount of any
premium payable on redemption of the
debentures;

(c) the issue price of the debentures and the amount
paid upon the issue price;

(d) the date on which the name of each person was
entered on the register as a debenture holder; and

(e) the date on which each person ceased to be a
debenture holder.

(5) A company that grants conversion privileges, options,
or rights to acquire shares of the company shall maintain a register
showing the name and latest known address of each person to
whom the privileges, options or rights have been granted, and such
other particulars in respect thereof as are prescribed.
(6) A company may appoint an agent to prepare and
maintain the registers required by this section to be prepared and
maintained by the company, and the registers shall be kept at the
registered office of the company or at some other place in
Trinidad and Tobago designated by the directors of the company.

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Register of
directors and
secretaries.
[5 of 1997].

REGISTER OF DIRECTORS AND SECRETARIES
178. (1) The register of directors and secretaries kept by a
company pursuant to section 177(3) shall contain with respect to
each director—
(a) a statement of his present forename and

surname, any former forename or surname, his
usual residential address and his business
occupation, if any;

(b) particulars of other directorships held by him; and
(c) who is, or who is to perform the function of, a

managing director, a statement to that effect.
(2) The register kept by a particular company need not
contain, pursuant to subsection (1)(b), particulars of directorships
held by a director in any company of which the particular
company is a wholly owned subsidiary.
(3) The register shall contain with respect to the
secretary and each assistant secretary—
(a) in the case of an individual, a statement of his

present forename and surname, any former forename
or surname, and his usual residential address;

(b) in the case of a corporation, a statement of its
corporate name and registered or principal
office; and

(c) in the case of a firm, a statement of the name and
principal office of the firm.

(4) A company shall lodge with the Registrar—
(a) within one month after a person ceases to be a

director, except in the case of a person becoming
a director pursuant to section 71, a return in the
prescribed form notifying the Registrar of the
change and containing, with respect to each
person who is then a director of the company,
the particulars required to be specified in the
register in relation to him;

(b) within one month after a person becomes the
secretary or an assistant secretary, a return in the
prescribed form notifying the Registrar of that fact

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

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Register of
directors’
holdings.

and containing, with respect to the person, the
particulars required to be specified in the
register in relation to such a person; and

(c) within one month after a person ceases to be the
secretary or an assistant secretary, a return in
the prescribed form notifying the Registrar of
that fact.

(5) A director in respect of whom an entry is required to
be made in the register shall notify the company in writing within
fourteen days after the matter occasioning the requirement of the
entry occurs or arises, and shall include in the notification the
particulars which the company is required to enter in the register
in respect of that matter.
(6) A director is guilty of an offence—
(a) if he fails to comply with subsection (5); or
(b) if he gives false, misleading or incomplete

information to any company with a view to it
making an entry in its register.

179. (1) A public company shall keep a register showing the
required particulars with respect to any interest in shares in, or
debentures of, the company or of any affiliate or associate of the
company, which is vested in a director, and notice of every
entry therein, and any change thereof, shall be given to the
Commission forthwith.
(2) For the purposes of this section, an interest in shares
or debentures is vested in a director if—
(a) the shares or debentures are registered in the

director’s name, or the names of the director and
other persons jointly, or in the name of a
nominee for him, or for him and them;

(b) the director has a derivative interest in the shares
or debentures, or a right or power to acquire a
derivative interest in them;

(c) the director has a right to subscribe for the shares
or debentures, or another person has a right to

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subscribe for them and the director has a right to
acquire them after they have been allotted;

(d) the shares or debentures are the subject of a voting
arrangement in favour of a director, that is to say,
an arrangement (whether legally enforceable or
not) by which the director may require the holder
of the shares or debentures to vote, or not to vote,
or to vote in a particular manner, at any general
meeting of the company or at any meeting of a
class of shareholders or debenture holders, or by
which the debenture may require the holder of
the shares or debentures to appoint the director
or any other person to be his proxy with power to
vote in respect of the shares or debentures at any
such meeting.

(3) For the purposes of subsection (1), the required
particulars with respect to an interest in shares or debentures
vested in a director are—
(a) the number and classes of the shares and the

number, classes and the amount of the principal
and premiums payable to the holder of the
debentures;

(b) the nature of the interest and its duration (if it is
limited in duration);

(c) the date of the acquisition of the interest and the
consideration (if any) given by the director or
any other person for the acquisition; and

(d) the date of the disposal of the interest by the
director or the date of its cessation (whichever
first occurs) and the consideration (if any)
received by him or any other person for such
disposal or cessation.

(4) A director in respect of whom any entry is required
to be made in the register shall notify the company in writing
within seven days after the matter occasioning the requirement of
the entry occurs or arises, and shall include in the notification the
particulars which the company is required to enter in the register
in respect of that matter.

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

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(5) This section extends to interest in shares and
debentures vested in a director at the time when he becomes a
director, and subsection (4) applies in that case with the
substitution of a period of seven days after the director becomes
a director for the period of seven days after the matter
occasioning the requirement of an entry occurs or arises.
(6) The register shall be so made up that entries in it
against the several names recorded in the register appear in
chronological order.
(7) The entries which are required by this section to be
made in the register shall not be removed from the register,
notwithstanding the fact that the person in respect of whom they
are required to be made ceases to be a director, but it shall not be
necessary to make an entry in the register in respect of a matter
which occurs or arises after he ceases to be a director.
(8) This section does not apply to an interest of a
director which is created by the articles of incorporation of a
company if the interest is one which is conferred on all the
shareholders of the company or on all the shareholders of the
class concerned, on the same terms and conditions, as on the
director, that is to say, strictly in proportion to the shares, or
shares of that class, held by them respectively.
(9) A company, its secretary and every director who is in
default, are guilty of an offence—
(a) if the company fails to make an entry required

by this section to be made in the register within
three days after written notification of the
matter required to be registered is given to it or
any of its directors (other than a person in
respect of whom an entry is required to be
made) acquires knowledge of the matter in
relation to which an entry is required to be made
(whichever is the earlier);

(b) if the company makes a false, misleading or
incomplete entry in relation to a matter which is
required to be entered in the register; or

116 Chap. 81:01 Companies

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UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

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Companies Chap. 81:01 117

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L.R.O.

Extension of
section to
associates of
directors.
[5 of 1997].

(c) if the company fails to give the Commission
notice of an entry, or change thereof, within
fourteen days of the date on which the making
of such entry or change was due.

(10) A director of a company is guilty of an offence if he
fails to give a written notice of any matter in compliance with
subsection (4) or (5), within the time thereby limited, to every
company which is required to make an entry in relation to the
matter in the register, or if he gives false, misleading or
incomplete information to any such company with a view to it
making an entry in its register.

180. (1) For the purposes of section 179—
(a) an interest of an associate of a director of a

company (not being himself a director thereof)
in shares or debentures shall be treated as being
the director’s interest; and

(b) a contract, assignment or right of subscription
entered into, exercised or made by, or grant
made to, an associate of a director of a company
(not being himself a director thereof) shall be
treated as having been entered into, exercised or
made by, or as the case may be, as having been
made to, the director.

(2) A director of a company shall be under obligation to
notify the company in writing of the occurrence, while he is
director, of either of the following events, namely:
(a) the grant by the company to an associate of his

of a right to subscribe for shares in, or
debentures of, the company; and

(b) the exercise by an associate of his of such a right
as aforesaid granted by the company,

stating, in the case of the grant of a right, the like information as
is required by section 179 to be stated by the director on the grant
to him by another company of a right to subscribe for shares in, or
debentures of, that other company and, in the case of the exercise
of a right, the like information as is required by that section to be

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Substantial
shareholder.
[5 of 1997].

Substantial
shareholder to
give notice to
company.

stated by the director on the exercise of a right granted to him by
another company to subscribe for shares in, or debentures of, that
other company; and an obligation imposed by this subsection
on a director shall be fulfilled by him before the expiration of
the period of seven days beginning with the day next following
that on which the occurrence of the event that gives rise to it
comes to his knowledge.
(3) A person is guilty of an offence if he fails to give a
written notice of any matter in compliance with subsection (2),
within the time thereby limited, to the company concerned, or if
he gives false, misleading or incomplete information to
the company.

REGISTER OF SUBSTANTIAL SHAREHOLDERS

181. (1) Sections 182 to 185 apply only to public companies.
(2) For the purposes of sections 182 to 185—
(a) a person has a substantial shareholding in a

company if he holds, by himself or by his
nominee, shares in the company entitling him to
cast on his own behalf at least ten per cent of the
total votes entitled to be cast at any general
meeting of the company;

(b) a person who has a substantial shareholding in
a company is a substantial shareholder of
the company.

182. (1) A person who is a substantial shareholder in a
company shall give notice in writing to the company stating his
name and address and giving full particulars of the shares held by
him or his nominee (naming the nominee) by virtue of which he
is a substantial shareholder.
(2) A person required to give notice under subsection (1)
shall do so within fourteen days after that person becomes aware
that he is a substantial shareholder.
(3) The notice shall be so given notwithstanding that the
person has ceased to be a substantial shareholder before the
expiration of the period referred to in subsection (2).

118 Chap. 81:01 Companies

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UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

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Companies Chap. 81:01 119

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L.R.O.

Person ceasing
to be a
substantial
shareholder to
notify the
company.

Company to
keep register of
substantial
shareholders.
[5 of 1997].

Offence.

183. (1) A person who ceases to be a substantial shareholder
in a company shall give notice in writing to the company stating
his name and the date on which he ceased to be a substantial
shareholder and giving full particulars of the circumstances by
reason of which he ceased to be a substantial shareholder.
(2) A person required to give notice under subsection (1)
shall do so within fourteen days after he becomes aware that he
has ceased to be a substantial shareholder.
184. (1) A company shall keep a register in which it
shall enter—
(a) in alphabetical order the names of persons

from whom it has received a notice under
section 182; and

(b) against each name so entered, the information
given in the notice and, where it receives a
notice under section 187, the information given
in that notice,

and notice of every entry therein, and every change thereof, shall
be given to the Commission forthwith.
(2) The Registrar may at any time in writing require the
company to furnish him with a copy of the register or any part of
the register, and the company shall furnish the copy within
fourteen days after the day on which the requirement is received
by the company.
(3) If default is made in complying with this section, the
company and every officer of the company that is in default are
guilty of an offence.
(4) A company is not, by reason of anything done under
sections 182 to 184—
(a) to be taken for any purpose to have notice of, or
(b) put upon inquiry as to, a right of a person to or

in relation to a share in the company.

185. A person who fails to comply with section 182 or 183 is
guilty of an offence.

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Trust notices.
[5 of 1997].

Other records.
[5 of 1997].

RECORDS OF TRUSTS

186. (1) Except as provided in this section, notice of a trust,
express, implied or constructive, shall not be—

(a) entered by a company in any of the registers
maintained by it pursuant to section 177; or

(b) received by the Registrar.
(2) No liabilities are affected by anything done in
pursuance of subsection (3), (4) or (5); and the company
concerned is not affected with notice of any trust by reason of
anything so done.
(3) Subject to the provisions of the articles or the Bye-
laws, a personal representative of the estate of a deceased
individual who was registered in a register of a company as a
member or debenture holder may become registered as the holder
of that share or debenture as personal representative of that estate.
(4) Subject to the provisions of the articles or the Bye-
laws, a personal representative of the estate of a deceased
individual who was the beneficial owner of a share or debenture
of the company that is registered in a register of the company
may, with the consent of the company and of the registered
member or debenture holder, become the registered member or
debenture holder as the personal representative of the estate.
(5) When a personal representative of an estate of a
deceased individual is registered pursuant to subsection (3) as a
holder of a share or debenture of a company, the personal
representative is, in respect of that share or debenture, subject to
the same liabilities, and no more, that he would be subject to had
the share or debenture remained registered in the name of the
deceased individual.

ACCOUNTS, MINUTES AND OTHER RECORDS

187. (1) In addition to the records described in section 177,
a company shall prepare and maintain adequate accounting
records and records containing minutes of meetings and
resolutions of the directors and any committees of the directors.

120 Chap. 81:01 Companies

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UNOFFICIAL VERSION


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Companies Chap. 81:01 121

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L.R.O.

Records form.

Duty of care
for records.

(2) Subject to subsection (3), the records required under
subsection (1) shall be kept at the registered office of the
company or at some other place in Trinidad and Tobago
designated by the directors; and those records shall at all
reasonable times be available for inspection by the directors.
(3) Accounting records of a company may be kept at a
place outside Trinidad and Tobago provided that accounting
records that are adequate to enable the directors to ascertain the
financial position of the company with reasonable accuracy on a
quarterly basis shall be kept by the company at the registered
office of the company or at some other place in Trinidad and
Tobago designated by the directors.
(4) For the purposes of section 177(1)(b) and of this
section, when a former-Act company is continued under this Act,
“records” includes similar registers and other records required by
law to be maintained by the company before it was continued
under this Act.

FORM OF RECORDS

188. All records required by this Act to be prepared
and maintained—
(a) may be in a bound or loose-leaf form or in a

photographic film form; or
(b) may be entered or recorded—
(i) by any system of mechanical or electronic

data processing; or
(ii) by any other information storage device

that is capable of reproducing any
required information in intelligible
written form within a reasonable time.
CARE OF RECORDS

189. A company and its agents shall take reasonable
precautions—
(a) to prevent loss or destruction of;
(b) to prevent falsification of entries in; and

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Access to
records.

Basic list of
shareholders.

(c) to facilitate detection and correction of
inaccuracies in, the records required by this
Act to be prepared and maintained in respect of
the company.

ACCESS TO RECORDS

190. (1) The directors and shareholders of a company, and their
agents and legal representatives, may, during the usual business
hours of the company, examine the records of the company referred
to in section 177 and may take extracts therefrom free of charge.
(2) A shareholder of a company is, upon request and
without charge, entitled to one copy of the articles and Bye-laws
of the company and any unanimous shareholder agreement, and
to one copy of any amendments to any of those documents.
(3) The Commission, its agents and legal representatives,
may, during the usual business hours of a public company, examine
the records of that company referred to in sections 177, 179 and 184
and may take extracts therefrom free of charge.

SHAREHOLDERS’ LISTS

191. (1) Upon payment of a reasonable fee and sending to a
public company or its transfer agent the affidavit referred to in
subsection (4), any person may upon application require the
company or its transfer agent to furnish him, within fifteen days
from the receipt of the affidavit, a list of members of the
company, in this section referred to as the “basic list”, made up
to a date not more than thirty days before the date of receipt of
the affidavit, which shall set out—
(a) the names of the members of the company;
(b) the number of shares held by each member; and
(c) the address of each member as shown on the

records of the company.
(2) When a person requiring a basic list from a public
company states in the affidavit referred to in subsection (4) that
he requires supplemental lists from the company, he may, upon

122 Chap. 81:01 Companies

LAWS OF TRINIDAD AND TOBAGO

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

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Companies Chap. 81:01 123

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

Options list.

payment of a reasonable fee, require the company or its transfer
agent to furnish him with supplemental lists of the members,
which shall set out any changes from the basic list—
(a) in the names or addresses of the members; and
(b) in the number of shares held by each member,

for each business day following the date to
which the basic list is made up.

(3) When a supplemental list has been required from a
public company under subsection (2) by any person, the
company, or its transfer agent, shall furnish that person with a
supplemental list—
(a) on the date the basic list is furnished, if the

information relates to changes that took place
before that date; and

(b) on the business day following the day to which
the supplemental list relates if the information
relates to changes that take place on or after the
date the basic list is furnished.

(4) The affidavit required under subsection (1)
shall state—
(a) the name and address of the applicant;
(b) the name and address for service of the body

corporate, if the applicant is a body
corporate; and

(c) that the basic list and any supplemental list
obtained pursuant to subsection (2) will not be
used except as permitted under section 193.

(5) If the applicant is a body corporate, the affidavit
shall be made by a director or officer of the body corporate.

192. A person requiring under section 191 that a company
supply a basic list or a supplemental list may also require the
company to include in any such list the name and address of
any known holder of an option or right to acquire shares of
the company.

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Restricted use
of lists.

Annual returns.
[5 of 1997].

Transfer of
shares.
[5 of 1997].

193. A list of members obtained under section 191 from a
company shall not be used by any person except in
connection with—
(a) an effort to influence the voting of shareholders

of the company;
(b) an offer to acquire shares in the company;
(c) any other matter relating to the affairs of

the company.

194. (1) A company shall, not later than thirty days after each
anniversary date of its continuance, incorporation or amalgamation
under this Act, deliver to the Registrar a return in the prescribed
form containing the prescribed information made up to such
anniversary date and accompanied by the prescribed fees.
(2) A director or officer of the company shall certify the
contents of every return made under this section.
(3) If default is made in complying with this section, the
company and every director and officer who is in default, are
guilty of an offence.

DIVISION 9—TRANSFER OF SHARES AND DEBENTURES

195. (1) The shares or debentures of a company may be
transferred by a written instrument of transfer signed by the
transferor and naming the transferee.
(2) Where an instrument of transfer is prescribed in the
Bye-laws of a company, that instrument shall be used to transfer
the shares or debentures of the company.
(3) Subject to subsection (2) and to any written law, no
particular form of words is necessary to transfer shares or
debentures, if words are used that show with reasonable certainty
that the person signing the transfer intends to vest the title to the
shares or debentures in the transferee.
(4) A company, and, in the case of debentures, the trustee
of the trust deed securing the same, is not bound or entitled to treat
the transferee of shares or debentures as the owner of them until

124 Chap. 81:01 Companies

LAWS OF TRINIDAD AND TOBAGO

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

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Companies Chap. 81:01 125

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

Restrictions
on transfer.
[5 of 1997].

the transfer to him has been registered or until the Court orders the
registration of the transfer to him; and until the transfer is presented
to the company for registration, the company is not to be treated as
having notice of the transferee’s interest thereunder or of the fact
that the transfer has been made.
(5) This section applies notwithstanding anything
contained in the articles or Bye-laws of a company, and
notwithstanding anything contained in any trust deed or
debentures or any contract or instrument.

196. (1) Where the right to transfer a share is restricted or
subject to a unanimous shareholder agreement, a notice to that
effect shall be given on the share certificate issued in respect of
that share.
(2) A transferee of shares subject to a unanimous
shareholder agreement is deemed to be a party to the agreement.
(3) No restriction or condition in a trust deed covering a
debenture of a company, or in the debenture, limits the right of
any person to transfer the debenture held by him.
(4) Subject to any rights of pre-emption or other
restrictions on the transfer of shares set out in the articles or noted
on the share certificate, a transfer of the shares or debentures of a
shareholder or debenture holder of a company made by—
(a) his legal representative;
(b) a trustee in bankruptcy;
(c) a receiver appointed by or for the benefit of

debenture holders;
(d) a receiver or other person appointed by the

Court to administer the estate of a person of
unsound mind;

(e) the guardian of a minor; or
(f) a person appointed by the Court to execute

the transfer,
is, although the person executing the transfer is not himself
registered with the company as the holder of the shares or

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Duty to issue.
[5 of 1997].

debentures, as the case may be, as valid as if he had been so
registered at the time of the execution of the instrument of transfer.
(5) This section applies in respect of a company
notwithstanding anything contained in the articles or Bye-laws of
the company, and notwithstanding anything contained in any
trust deed or debentures, or any contract or instrument relating to
the shares or debentures of the company.

197. (1) A public company shall issue a certification of the
transfer of a share or debenture on the presentation to the
company of a transfer that is signed by the holder of the share or
debenture and accompanied by delivery to the company of the
share certificate or debenture.
(2) A certification consists of a statement signed on
behalf of the company and written or endorsed on the transfer to
the effect that the share certificate or debenture, as the case may
be, has been delivered to, or lodged with, the company.
(3) The certification by a company of any transfer of a
share or debenture of the company is a representation by the
company to any person acting on the faith of the certification that
there have been produced to the company such documents as on
the face of them show a prima facie title to the share or debenture
in the transferor named in the transfer; but is not a representation
that the transferor has any title to the share or debenture.
(4) Where any person acts on the faith of a false
certification by a company made fraudulently or negligently, the
company is liable to compensate him for any loss he incurs in
consequence of his so acting.
(5) A company that has issued a certification of a
transfer of a share or debenture of the company is liable to
compensate any person for loss that he incurs in consequence of
the company subsequently releasing, otherwise than on surrender
of the certification of the transfer of the share or debenture,
possession of the share certificate or debenture in respect of
which the certification was issued.

126 Chap. 81:01 Companies

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UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

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Companies Chap. 81:01 127

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

Transfer
certificate.

(6) For the purposes of this section—
(a) the certification of a transfer is deemed to be

made by a company if—
(i) the person issuing the certification is a

person authorised to issue certifications of
transfers on the company’s behalf; and

(ii) the certification is signed by a person
authorised to issue certifications of
transfers on the company’s behalf, or by
any other officer or employee, either of
the company or of a body corporate so
authorised; and

(b) a certification is deemed to be signed by a
person if it purports to be authenticated by his
signature or initials, whether handwritten or not,
unless the signature or initials were placed on
the certification neither by that person nor any
person, authorised to use the signature or initials
for the purpose of issuing certifications of
transfers on the company’s behalf.

198. (1) A company shall, within five weeks after the
allotment of any of its shares or debentures, and within two
months after the date on which a transfer of any of its shares or
debentures is presented to the company for registration, complete
and have ready for delivery to the allottee or transferee a proper
certificate or debenture for any share or debenture allotted or
transferred to him.
(2) When a company on which a notice is served
requiring the company to make good any default in complying
with subsection (1) fails to make good the default within seven
days after the service of the notice, the Court may, on the
application of the person entitled to have a certificate or debenture
delivered to him, make an order directing the company and any
officer of the company to make good the default within such time
as may be specified in the order; and the order may provide that
all costs incidental to the application be borne by the company and
any officer of the company responsible for the default.

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Registration.
[5 of 1997].

Effect of
certificate.

(3) For the purposes of this section, “transfer” means a
transfer in proper form duly signed by the transferor and otherwise
valid, and does not include a transfer that the company is for any
reason entitled to refuse to register and does not register.
199. (1) Notwithstanding anything in the articles or Bye-laws
of a company or in any debenture, trust deed or other contract or
instrument, the company shall not register a transfer of any share
or debenture of the company unless a transfer in proper form and
duly signed by the transferor, and accompanied by the relevant
share certificates, has been delivered to the company; but nothing
in this section affects any duty of the company to register as a
member or debenture holder of the company any person to whom
the ownership of any share or debenture of the company has been
transmitted by operation of law.
(2) On the application of the transferor of any share or
debenture of a company, the company shall enter in its register of
members or debenture holders, as the case requires, the name of the
transferee in the same manner and subject to the same conditions as
if the application for the entry had been made by the transferee.
(3) Subject to subsection (4) but otherwise notwithstanding
anything in the articles or Bye-laws of a company or in any
debenture, trust deed or other contract or instrument, a company
shall register the trustee in bankruptcy or the personal representative
of a shareholder or debenture holder as a member in respect of the
shares, or as holder of the debentures of the bankrupt or, as the case
may be, the deceased person, in its register of members or debenture
holders, as the case may be, within seven days after he produces to
the company satisfactory evidence of his title and requests it to
register him as a member or debenture holder.
(4) The duties of a company under this section are subject
to any rights of pre-emption or other restrictions on transfer of
shares contained in the articles or noted on the share certificate.

200. (1) A certificate issued by a company and signed on its
behalf stating that any shares or debentures of the company are
held by any person is prima facie proof of the title of that person
to the shares or debentures.

128 Chap. 81:01 Companies

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Companies Chap. 81:01 129

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L.R.O.

Definitions.

(2) The registration of a person as a member or debenture
holder of a company, or the issue of a share certificate or debenture,
constitutes a representation by the company that the person so
registered, or the person named in the share certificate or debenture
as entitled to the shares or debentures mentioned therein, is entitled
to the shares or debentures mentioned in the register or in the share
certificate or debenture; and the company may not deny the truth of
that representation as against a person who believes it to be true and
acquires or contracts to acquire the shares or debentures or any
interest therein in good faith and for money or money’s worth.
(3) It is no defence for a company to show for the
purposes of subsection (2) that a registration or the issue of a
share certificate or other document was procured by fraud or by
the presentation to it of a forged document.
(4) Subsections (2) and (3) do not apply in respect of
certificates issued by a former-Act company before the
commencement date.

DIVISION 10—TAKEOVER BIDS

201. In this Division—
“dissenting offeree”, if a takeover bid is made for all the shares

of a class of shares—
(a) means a shareholder of that class of share who

does not accept the takeover bid; and
(b) includes a subsequent holder of that share who

acquires it from the person mentioned in
paragraph (a);

“offer” includes an invitation to make an offer;
“offeree” means a person to whom a takeover bid is made;
“offeree company” means a company whose shares are the object

of a takeover bid;
“offeror” means a person who makes a takeover bid otherwise

than as an agent, and includes two or more persons who,
directly or indirectly—

(a) make takeover bids jointly or in concert; or

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Offeror rights.

Notice to
dissenting
shareholders.
[5 of 1997].

(b) intend to exercise, jointly or in concert, voting
rights attached to shares for which a takeover
bid is made;

“share” means a share with or without voting rights,
and includes—

(a) a debenture currently convertible into such a
share; or

(b) currently exercisable options and rights to
acquire a share or such a convertible debenture;

“takeover bid” means an offer made by an offeror to shareholders
of an offeree company to acquire all the shares of any class
of issued shares of the offeree company, and includes every
offer by an issuer to repurchase its own shares.

202. If, within one hundred and twenty days after the date of
a takeover bid, the bid is accepted by the holders of not less than
ninety per cent of the shares of any class of shares to which the
takeover bid relates, other than shares held at the date of the
takeover bid by or on behalf of the offeror or an affiliate or
associate of the offeror, the offeror may, upon complying with
this Division, acquire the shares held by the dissenting offerees.
203. An offeror may acquire shares held by a dissenting
offeree by sending, by registered post, within sixty days after the
date of termination of the takeover bid, and in any event within
one hundred and eighty days after the date of the takeover bid
an offeror’s notice to each dissenting offeree and to the
Commission stating—
(a) that offerees who are holding ninety per cent or

more of the shares to which the bid relates
accepted the takeover bid;

(b) that the offeror is bound to take up and pay for
or has taken up and paid for the shares of the
offerees who accepted the takeover bid;

(c) that a dissenting offeree is required to elect—
(i) to transfer his shares to the offeror on the

terms on which the offeror acquired the
shares of the offerees who accepted the
takeover bid; or

130 Chap. 81:01 Companies

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UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Companies Chap. 81:01 131

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

Adverse claims.

Delivery of
certificates.

Payment for
shares.

Money in trust.

(ii) to demand payment of the fair value of his
shares in accordance with sections 209 to
212 by notifying the offeror within twenty
days after the dissenting offeree receives the
offeror’s notice;

(d) that a dissenting offeree who does not notify the
offeror in accordance with paragraph (c)(ii) is
presumed to have elected to transfer his shares
to the offeror on the same terms as the offeror
acquired the shares from the offerees who
accepted the takeover bids; and

(e) that a dissenting offeree shall send the share
certificates for his shares to which the takeover
bid relates to the offeree company within twenty
days after he receives the offeror’s notice.

204. Concurrently with sending the offeror’s notice under
section 203, the offeror shall send to the offeree company a
notice of adverse claim with respect to each share held by a
dissenting offeree.

205. A dissenting offeree to whom an offeror’s notice is sent
under section 203 shall, within twenty days after he receives that
notice, send the share certificate for the class of shares to which
the takeover bid relates to the offeree company.

206. Within twenty days after the offeror sends an offeror’s
notice under section 203, the offeror shall pay or transfer to the
offeree company the amount of money or other consideration that
the offeror would have had to pay or transfer to a dissenting offeree
if the dissenting offeree had elected, under section 203(c)(i), to
accept the takeover bid.

207. The offeree company holds in trust for the dissenting
shareholders the money or other consideration it receives under
section 206; and the offeree company shall deposit the money in
a separate account in a bank and shall place the other
consideration in the custody of a bank.

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Duty of offeree
company.
[5 of 1997].

Application to
Commission.

208. Within thirty days after the offeror sends an offeror’s
notice under section 203, the offeree company shall—
(a) issue the offeror a share certificate in respect of

the shares that were held by dissenting offerees;
(b) give to each dissenting offeree who—
(i) under section 203(c)(i), elects to accept

the takeover bid; and
(ii) sends his share certificates as required

under section 205,
the money or other consideration to which he is

entitled, disregarding fractional shares, which
may be paid for in money; and

(c) send to each dissenting shareholder who has not
sent his share certificates as required under
section 205 a notice stating that—

(i) his shares have been cancelled;
(ii) the offeree company or some designated

person holds in trust for him the money or
other consideration to which he is entitled
as payment for or in exchange for his
shares; and

(iii) the offeree company will, subject to
sections 209 to 211, send that money or
other consideration to him forthwith after
receiving the relevant share certificates
for his shares.

209. (1) If a dissenting offeree has, under section 203(c)(ii),
elected to demand payment of the fair value of his shares, the offeror
may, within twenty days after it has paid the money or transferred the
other consideration under section 206, apply to the Commission to
fix the fair value of the shares of that dissenting offeree.
(2) If an offeror fails to apply to the Commission under
subsection (1), a dissenting offeree may, within a further period
of twenty days, apply to the Commission to fix the fair value of
the shares of the dissenting shareholder.

132 Chap. 81:01 Companies

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UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Companies Chap. 81:01 133

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

Joined parties.

Powers and
order of
Commission.

Additional
orders.
[5 of 1997].

(3) If no application is made to the Commission under
subsection (2) within the time provided therefor in that
subsection, a dissenting offeree thereby elects to transfer his
shares to the offeror on the same terms as the offeror acquired the
shares from the offerees who accepted the takeover bid.

210. Upon an application under section 209—
(a) all dissenting offerees referred to in

section 203(c)(ii) whose shares have not been
acquired by the offeror are to be joined as
parties and are bound by the decision of the
Commission; and

(b) the offeror shall notify each affected dissenting
offeree of the date, place and consequences of the
application and of the offeree’s right to appear
and be heard in person or by Attorney-at-law.

211. (1) Upon an application to the Commission under
section 209, the Commission may determine whether any other
person is a dissenting offeree who should be joined as a party;
and the Commission shall then fix a fair value for the shares of
all dissenting offerees.
(2) The Commission may appoint one or more
appraisers to assist the Commission to fix a fair value for the
shares of a dissenting offeree.
(3) The final order of the Commission shall be made in
favour of each dissenting offeree against the offeror and be for
the amount of the offeree’s shares as fixed by the Commission.

212. In connection with proceedings under this Division, the
Commission may make any order it thinks fit, and, in particular,
it may—
(a) fix the amount of money or other consideration

that is required to be held in trust under
section 207;

(b) order that the money or other consideration be held
in trust by a person other than the offeree company;

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Takeover
regulations.
[5 of 1997].

(c) allow to each dissenting offeree, from the date he
sends or delivers his share certificates under
section 205 until the date of payment, a reasonable
rate of interest on the amount payable to him;

(d) order that any money payable to a shareholder
who cannot be found be paid into Court and
section 457(2) applies in respect of that payment;

(e) order that any party who has unreasonably
caused or delayed the proceedings or otherwise
increased the costs thereof to pay the whole or
part of the reasonable costs of the Commission
or of the other parties to the proceedings.

213. (1) Subject to this Division, the Minister may make
Regulations governing takeovers in respect of companies other
than public companies.
(2) Without prejudice to the generality of subsection (1),
regulations made thereunder may include—
(a) the exemption of certain offers from this Division;
(b) the level of acquisition of voting rights by a

person or persons acting in concert at which an
offer to all shareholders of the relevant shares
shall become mandatory and the conditions
applying to such offers;

(c) the requirements of the offeror or the offeree
company in respect of information to be
disclosed to shareholders of the offeree
company and of the offeror, if a company;

(d) the requirements as regards equitable treatment
of shareholders of the same class or cash
alternatives in offers or both;

(e) the timing of offer procedures and circulation of
documentation;

(f) conditions observable in the dealing of shares
by the offeror or by persons in concert during
the offer period and the reporting to the
Commission of dealings in the shares of the
offeree company during the takeover period;

134 Chap. 81:01 Companies

LAWS OF TRINIDAD AND TOBAGO

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Companies Chap. 81:01 135

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

Fundamental
amendment to
articles.
[5 of 1997].

(g) the minimum period within which an
unsuccessful offer may not be renewed;

(h) the requirements to protect minority interests.
DIVISION 11 — FUNDAMENTAL COMPANY CHANGES

ALTERING ARTICLES
214. (1) Subject to sections 216 and 217, the articles of a
company may, by special resolution, be amended—
(a) to change its name;
(b) to add, change or remove any restriction upon

the business that the company can carry on;
(c) to change any maximum number of shares that

the company is authorised to issue and in the
case of a company limited by guarantee to
increase the number of members;

(d) to create new classes of shares;
(e) to change the designation of all or any of its

shares, and add, change or remove any rights,
privileges, restrictions and conditions, including
rights to accrued dividends, in respect of all or
any of its shares, whether issued or unissued;

(f) to change the shares of any class or series,
whether issued or unissued, into a different
number of shares of the same class or series, or
into the same or a different number of shares of
other classes or series;

(g) to divide a class of shares, whether issued or
unissued, into a series of shares and fix the number
of shares in each series, and the rights, privileges,
restrictions and conditions attached thereto;

(h) to authorise the directors to divide any class of
unissued shares into series of shares and fix
the number of shares in each series, and the
rights, privileges, restrictions and conditions
attached thereto;

(i) to authorise the directors to change the rights,
privileges, restrictions and conditions attached
to unissued shares of any series;

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Proposal to
amend articles.

(j) to revoke, diminish or enlarge any authority
conferred under paragraph (h) or (i);

(k) to increase or decrease the number of directors
or the minimum or maximum number of
directors, subject to sections 73 and 78;

(l) to add, change or remove restrictions on the
transfer of shares;

(m) to change the liability of its shareholders from
unlimited liability to limited liability, subject to
subsection (3); or

(n) to add, change or remove any other provision
that is permitted by this Act to be set out in the
articles but not, in the case of a company limited
by guarantee, the provisions referred to in
paragraph (a) of section 9(2A).

(2) A provision in the articles of a company that restricts
in whole or in part the powers of the directors to manage the
business and affairs of the company may not be amended except
with the consent of all the shareholders.
(3) A change in the liability of the shareholders of a
company from unlimited liability to limited liability shall not
affect the rights or liabilities of the company in respect of any
debt or obligation incurred, or any contract entered into by, or on
behalf of, the company before the change, and those rights or
liabilities may be enforced as if no such change had taken place.

215. (1) Subject to subsection (2), a director or a shareholder
of a company who is entitled to vote at an annual meeting of
shareholders may, in accordance with section 116, make a
proposal to amend the articles of the company.
(2) Notice of a meeting of shareholders at which a
proposal to amend the articles is to be considered shall set out the
proposed amendment, and, where applicable, shall state that a
dissenting shareholder is entitled to be paid the fair value of his
shares in accordance with section 227; but failure to make that
statement does not invalidate an amendment.

136 Chap. 81:01 Companies

LAWS OF TRINIDAD AND TOBAGO

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Companies Chap. 81:01 137

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

Class vote on
proposal. 216. (1) The holders of shares of a class, or, subject tosubsection (2), of a series, are, unless the articles otherwise

provide in the case of an amendment described in paragraph (a)
or (b), entitled to vote separately, as a class or series, upon a
proposal to amend the articles—
(a) to increase or decrease any maximum number of

authorised shares of that class, or increase any
maximum number of authorised shares of a
class having rights or privileges equal or
superior to the shares of that class;

(b) to effect an exchange, reclassification or
cancellation of all or part of the shares of
that class;

(c) to add, change or remove the rights, privileges,
restrictions or conditions attached to the shares
of that class and, in particular—

(i) to remove or change prejudicially rights
to accrued dividends or to cumulative
dividends;

(ii) to add, remove or change redemption
rights prejudicially;

(iii) to reduce or remove a dividend preference
or a winding up preference; or

(iv) to add, remove or change prejudicially
conversion privileges, options, voting
transfer or pre-emptive rights, or rights to
acquire shares or debentures of a
company, or sinking fund provisions;

(d) to increase the rights or privileges of any class
of shares having rights or privileges equal or
superior to the shares of that class;

(e) to create a new class of shares equal or superior
to the shares of that class;

(f) to make any class of shares having rights or
privileges inferior to the shares of that class
equal or superior to the shares of that class;

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Delivery of
articles.
[5 of 1997].

Certificate of
amendment.

(g) to effect an exchange or to create a right of
exchange of all or part of the shares of another
class into the shares of that class; or

(h) to constrain the issue or transfer of the shares of
that class, or extend or remove the constraint.

(2) The holders of a series of shares of a class are
entitled to vote separately as a series under subsection (1) only if
the series is affected by an amendment in a manner different from
other shares of the same class.
(3) Subsection (1) applies whether or not shares of a
class or series otherwise carry the right to vote.
(4) A proposed amendment to the articles referred to in
subsection (1) is adopted when the holders of the shares of each
class or series entitled to vote separately thereon as a class or
series have approved the amendment by a special resolution.
217. (1) After an amendment has been adopted under
section 214, or 216, articles of amendment in the prescribed form
shall be delivered to the Registrar.
(2) If an amendment effects or requires a reduction of
stated capital, section 48(3) and (4) shall apply.
218. (1) Upon receipt of articles of amendment from a
company, the Registrar shall issue to the company a certificate of
amendment in accordance with section 481.
(2) An amendment to the articles of a company becomes
effective on the date shown in the certificate issued by the
Registrar in respect of that company; and the articles of the
company are amended accordingly.
(3) No amendment to the articles affects—
(a) an existing cause of action or claim or liability

to prosecution in favour of or against the
company or its directors or officers; or

(b) any civil, criminal or administrative action or
proceeding to which a company or any of its
directors or officers is a party.

138 Chap. 81:01 Companies

LAWS OF TRINIDAD AND TOBAGO

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Companies Chap. 81:01 139

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

Re-stated
articles.

Amalgamation.

Agreement for
amalgamation.

219. (1) The directors of a company may at any time, and
shall, when so directed by the Registrar, restate the articles of
incorporation of the company as amended.
(2) Re-stated articles of incorporation in the prescribed
form shall be delivered to the Registrar.
(3) Upon receipt of re-stated articles of incorporation,
the Registrar shall issue a re-stated certificate of incorporation in
accordance with section 481.

AMALGAMATION

220. Two or more companies, including holding and subsidiary
companies, may amalgamate and continue as one company.

221. (1) Each company proposing to amalgamate shall enter
into an agreement setting out the terms and means of effecting the
amalgamation, and in particular, setting out—
(a) the provisions that are required to be included in

articles of incorporation under section 9;
(b) the name and residential address of each

proposed director of the amalgamated company;
(c) the manner in which the shares of each

amalgamating company are to be converted
into shares or debentures of the amalgamated
company;

(d) if any shares of an amalgamating company are
not to be converted into shares or debentures of
the amalgamated company, the amount of
money or shares or debentures of any body
corporate that the holders of those shares are to
receive instead of shares or debentures of the
amalgamated company;

(e) the manner of payment of money instead of the
issue of fractional shares of the amalgamated
company or of any other body corporate the
shares or debentures of which are to be received
in the amalgamation;

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Approval by
shareholders.

(f) whether the Bye-laws of the amalgamated
company are to be those of one of the
amalgamating companies, and, if not, a copy of
the proposed Bye-laws; and

(g) details of any arrangements necessary to perfect
the amalgamation and to provide for the
subsequent management and operation of the
amalgamated company.

(2) If shares of one of the amalgamating companies are
held by or on behalf of another of the amalgamating companies,
the amalgamation agreement shall provide for the cancellation of
those shares when the amalgamation becomes effective, without
any repayment of capital in respect thereof; and no provision may
be made in the agreement for the conversion of those shares into
shares of the amalgamated company.
222. (1) The directors of each amalgamating company shall
submit the amalgamation agreement for approval to a meeting of
the shareholders of the amalgamating company of which they are
directors, and, subject to subsection (4), to the holders of each
class or series of shares of that amalgamating company.
(2) A notice of a meeting of shareholders complying with
section 113 shall be sent in accordance with that section to each
shareholder of each amalgamating company; and the notice—
(a) shall include or be accompanied with a copy or

summary of the amalgamation agreement; and
(b) shall state that a dissenting shareholder is

entitled to be paid the fair value of his shares in
accordance with section 227,

but failure to make the statement referred to in paragraph (b)
does not invalidate an amalgamation.
(3) Each share of an amalgamating company carries the
right to vote in respect of an amalgamation, whether or not the
share otherwise carries the right to vote.
(4) The holders of shares of a class or series of shares of
an amalgamating company are entitled to vote separately as a class
or series in respect of an amalgamation when the amalgamation

140 Chap. 81:01 Companies

LAWS OF TRINIDAD AND TOBAGO

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Companies Chap. 81:01 141

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

Vertical
short-form
amalgamation.

Horizontal
short-form
amalgamation.

agreement contains a provision that, if contained in a proposed
amendment to the articles, would entitle those holders to vote as a
class or series under section 216.
(5) An amalgamation agreement is adopted when the
shareholders of each amalgamating company have approved of
the amalgamation by special resolution of each class or series of
the shareholders entitled to vote on the amalgamation.
(6) An amalgamation agreement may provide that at any
time before the issue of a certificate of amalgamation the
agreement can be terminated by the directors of an amalgamating
company, notwithstanding approval of the agreement by the
shareholders of all or any of the amalgamating companies.
223. A holding company and one or more of its wholly-owned
subsidiary companies may amalgamate and continue as one
company without complying with sections 221 and 222, if—
(a) the amalgamation is approved by a resolution of

the directors of each amalgamating company; and
(b) the resolutions provide that—
(i) the shares of each amalgamating

subsidiary company will be cancelled
without any repayment of capital in
respect of the cancellation;

(ii) the articles of amalgamation will be the
same as the articles of incorporation of
the amalgamating holding company; and

(iii) no shares or debentures will be issued by
the amalgamated company in connection
with the amalgamation.

224. Two or more wholly-owned subsidiary companies of the
same holding body corporate may amalgamate and continue as
one company without complying with sections 221 and 222 if—
(a) the amalgamation is approved by a resolution of

the directors of each amalgamating company; and
(b) the resolution provide that—
(i) the shares of all but one of the

amalgamating subsidiary companies will

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Articles of
amalgamation.

be cancelled without any repayment of
capital in respect of the cancellation;

(ii) the articles of amalgamation will be the
same as the articles of incorporation of
the amalgamating subsidiary company
whose shares are not cancelled; and

(iii) the stated capital of the companies
whose shares are cancelled will be added
to the stated capital of the amalgamating
subsidiary company whose shares are
not cancelled.

225. (1) Subject to section 222(6), after amalgamation
has been adopted under section 222 or approved under
section 223 or 224, articles of amalgamation in the prescribed
form shall be sent to the Registrar together with the documents
required by sections 71 and 176.
(2) There shall be attached to the articles of
amalgamation a statutory declaration of a director or an officer
of each amalgamating company that establishes to the
satisfaction of the Registrar—
(a) that there are reasonable grounds for

believing that—
(i) each amalgamating company is and the

amalgamated company will be able to pay
its liabilities as they become due; and

(ii) the realisable value of the amalgamated
company’s assets will not be less than the
aggregate of its liabilities and stated
capital of all classes; and

(b) that there are reasonable grounds for
believing that—

(i) no creditor will be prejudiced by the
amalgamation; or

(ii) adequate notice has been given to all known
creditors of the amalgamating companies,

142 Chap. 81:01 Companies

LAWS OF TRINIDAD AND TOBAGO

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Companies Chap. 81:01 143

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

Certificate of
amalgamation.

and no creditor objects to the amalgamation
otherwise than on grounds that are frivolous
or vexatious.

(3) For the purposes of subsection (2), adequate notice is
given to creditors by a company, if—
(a) a notice in writing is sent to each known creditor

having a claim against the company that
exceeds one thousand dollars;

(b) a notice is published once in a daily newspaper
published in Trinidad and Tobago; and

(c) each notice states that the company intends to
amalgamate with one or more specified
companies in accordance with this Act, and that
a creditor of the company can object to the
amalgamation within thirty days from the date
of the notice.

226. (1) Upon receipt of articles of amalgamation, the
Registrar shall issue a certificate of amalgamation in accordance
with section 481.
(2) On the date shown in a certificate of amalgamation,
in respect of an amalgamated company—
(a) the amalgamation of the amalgamating

companies and their continuance as one
company becomes effective;

(b) the property of each amalgamating company
becomes the property of the amalgamated
company;

(c) the amalgamated company becomes liable for
the obligations of each amalgamating company;

(d) any existing cause of action, claim or liability to
prosecution is unaffected;

(e) a civil, criminal or administrative action or
proceeding pending by or against an
amalgamating company may be continued by or
against the amalgamated company;

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Dissent by
shareholder.
[5 of 1997].

(f) a conviction against, or ruling, order or
judgment in favour of, or against, an
amalgamating company may be enforced by or
against the amalgamated company; and

(g) the articles of amalgamation are the articles of
incorporation of the amalgamated company,
and, except for the purposes of section 67(1), the
certificate of amalgamation is the certificate of
incorporation of the amalgamated company.

DISSENTERS’ RIGHTS AND OBLIGATIONS

227. (1) Subject to sections 237 and 242, a shareholder of any
class of shares of a company may dissent if the company resolves—
(a) to amend its articles under section 214 to add,

change or remove any provisions restricting
or constraining the issue or transfer of shares of
that class;

(b) to amend its articles under section 214 to add,
change or remove any restriction upon the
businesses that the company can carry on;

(c) to amalgamate with another company, otherwise
than under section 223 or 224; or

(d) to sell, lease or exchange all or substantially all
its property under section 138.

(2) Subject to sections 237 and 242, a shareholder of any
class of shares of a company may dissent if the company is
subject to an order of the Court under section 238 permitting the
shareholders to dissent.
(3) A shareholder of any class or series of shares who is
entitled to vote under section 216 may dissent if the company
resolves to amend its articles in a manner described in that section.
(4) In addition to any other right he has, but subject to
section 236, a shareholder who complies with this section is entitled,
when the action approved by the resolution from which he dissents or
an order, made under section 238, becomes effective, to be paid by
the company the fair value of the shares held by him in respect

144 Chap. 81:01 Companies

LAWS OF TRINIDAD AND TOBAGO

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Companies Chap. 81:01 145

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

Demand for
payment.
[5 of 1997].

of which he dissents; and the fair value is to be determined as of
the close of business on the day before the resolution was adopted
or the order made, but in determining the fair value of the shares
any change in value reasonably attributable to the anticipated
adoption of the resolution or to the order made under section 238
shall be excluded.
(5) A dissenting shareholder may not claim under this
section except only with respect to all the shares of a class
or series—
(a) held by him on behalf of any one beneficial

owner; and
(b) registered in the name of the dissenting

shareholder.
(6) A dissenting shareholder shall send to the company,
at or before any meeting of shareholders of the company at which
a resolution referred to in subsection (1) or (3) is to be voted on,
a written dissent from the resolution, unless the company did not
give notice to the shareholder of the purpose of the meeting and
of his right to dissent.
(7) When a shareholder of a company has dissented
pursuant to subsection (6) to a resolution referred to in subsection
(1) or (3), the company shall, within ten days after the
shareholders of the company adopt the resolution, send to the
shareholder notice that the resolution has been adopted; but the
notice need not be sent to the shareholder if he has voted for the
resolution or has withdrawn his dissent.
228. (1) A dissenting shareholder shall, within twenty days
after he receives a notice under section 227(7), or, if he does not
receive that notice, within twenty days after he learns that a
resolution under that subsection has been adopted, send to the
company a written notice containing—
(a) his name and address;
(b) the number and class or series of shares in

respect of which he dissents; and
(c) a demand for payment of the fair value of

the shares.

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Suspension of
rights.
[5 of 1997].

(2) A dissenting shareholder shall, within thirty days
after sending a notice under subsection (1), send the certificates
representing the shares in respect of which he dissents to the
company or its transfer agent.
(3) A dissenting shareholder who fails to comply with
subsection (2) has no right to make a claim under this section.
(4) A company or its transfer agent shall endorse on any
share certificate received by it under subsection (2) a notice that
the holder of the share is a dissenting shareholder under this
section, and forthwith return the share certificate to the dissenting
shareholder or, if the certificate was sent by a person holding the
certificate as security, the company may return the certificate to
such person.

229. (1) After sending a notice under section 228, a
dissenting shareholder ceases to have any rights as a shareholder,
other than the right to be paid the fair value of his shares as
determined under this section, unless—
(a) the dissenting shareholder withdraws his notice

before the company makes an offer under
section 230;

(b) the company fails to make an offer in
accordance with section 230 and the dissenting
shareholder withdraws his notice; or

(c) the directors—
(i) under section 222(6), terminate an

amalgamation agreement; or
(ii) under section 138(7), abandon a sale,

lease or exchange of property, in which
case his rights as a shareholder are
reinstated as of the date the notice
mentioned in section 228 was sent.

(2) Where a shareholder’s rights are reinstated under
subsection (1), the company shall cancel the endorsement entered
on his share certificate under section 228(4).

146 Chap. 81:01 Companies

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L.R.O.

Offer to pay for
share.

Application
to Court.

Joined parties.

230. (1) A company shall, not later than seven days after the
day on which the action approved by the resolution is effective,
or the day the company received the notice referred to in
section 228, whichever is the later date, send to each dissenting
shareholder who has sent such a notice—
(a) a written offer to pay for his shares in an amount

considered by the directors of the company to be
the fair value of those shares, which shall be
accompanied with a statement showing how the
fair value was determined; or

(b) if section 236 applies, a notification that it is
unable lawfully to pay dissenting shareholders
for their shares.

(2) Every offer made under subsection (1) for shares of
the same class or series shall be on the same terms.
(3) Subject to section 236, a company shall pay for the
shares of a dissenting shareholder within ten days after an offer
made under subsection (1) had been accepted; but the offer lapses
if the company does not receive an acceptance of the offer within
thirty days after it has been made.

231. (1) If a company fails to make an offer under section 230(1),
or if a dissenting shareholder fails to accept the offer made by the
company, the company may, within fifty days after the action
approved by the resolution is effective, apply to the Court to fix a
fair value for the shares of any dissenting shareholders.
(2) If a company fails to apply to the Court in the
circumstances described in subsection (1), a dissenting shareholder
may, within a further period of twenty days, apply to the Court to
fix a fair value for the shares of any dissenting shareholders.

232. Upon an application to the Court under section 231—
(a) all dissenting shareholders whose shares have

not been purchased by the company are to be
joined as parties and are bound by the decision
of the Court; and

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Court powers.

Interest.

Recourse of
dissenting
shareholder.
[5 of 1997].

(b) the company shall notify each affected dissenting
shareholder of the date, place and consequences
of the application and of his right to appear and
be heard in person or by an Attorney-at-law.

233. (1) Upon an application to the Court under section 231,
the Court may determine whether any other person is a dissenting
shareholder who should be joined as a party; and the Court shall
then fix a fair value for the shares of the dissenting shareholders.
(2) The Court may appoint one or more appraisers to
assist the Court to fix a fair value for the shares of the dissenting
shareholders.
(3) The final order of the Court shall be made against
the company in favour of each dissenting shareholder of the
company and for the amount of the shares of the dissenting
shareholder as fixed by the Court.

234. The Court may allow a reasonable rate of interest on the
amount payable to each dissenting shareholder, from the date the
action approved by the resolution is effective until the date of
payment by the company.

235. (1) If section 236 applies, the company shall, within ten
days after the making of an order under section 233(3), notify
each dissenting shareholder that it is unable lawfully to pay
dissenting shareholders for their shares.
(2) If section 236 applies, a dissenting shareholder, by
written notice delivered to the company within thirty days after
receiving a notice under subsection (1)—
(a) may withdraw his notice of dissent, in which

case the company is deemed to consent to the
withdrawal and the shareholder is reinstated to
his full rights as a shareholder; or

(b) may retain a status as a claimant against the
company entitled to be paid as soon as the
company is lawfully able to do so, or, in a winding

148 Chap. 81:01 Companies

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UNOFFICIAL VERSION


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L.R.O.

Prohibition of
payment.

Re-organisation.

Ch. 9:70.

up, to be ranked subordinate to the rights of
creditors of the company, but in priority to the
company’s shareholders.

236. A company shall not make a payment to a dissenting
shareholder under section 230 if there are reasonable grounds
for believing—
(a) the company is or would, after the payment, be

unable to pay its liabilities as they become
due; or

(b) the realisable value of the company’s assets would
thereby be less than the aggregate of its liabilities.

RE-ORGANISATION
237. (1) In this section, “re-organisation” means—
(a) a Court order made under section 242;
(b) a receiving order under the Bankruptcy Act; or
(c) a Court order that is made under any other

written law and that affects the rights among the
company, its shareholders and creditors.

(2) If a company is subject to an order referred to in
subsection (1), its articles may be amended by the order to effect
any change that might lawfully be made by an amendment under
section 214.
(3) If the Court makes an order referred to in
subsection (1), the Court may also—
(a) authorise the issue of debentures of the

company, whether or not convertible into shares
of any class or series, or having attached any
rights or options to acquire shares of any class or
series, and fix the terms thereof; and

(b) appoint directors in place of, or in addition to,
all or any of the directors then in office.

(4) After an order referred to in subsection (1) has been
made, articles of re-organisation in the prescribed form shall be
sent by the company to the Registrar, together with the
documents required by sections 71 and 176, if applicable.

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Arrangements.
[5 of 1997].

(5) Upon receipt of articles of re-organisation for a
company, the Registrar shall issue a certificate of amendment in
accordance with section 481.
(6) A re-organisation of a company becomes effective
on the date shown in the certificate of amendment, and its articles
of incorporation are amended accordingly.
(7) A shareholder of a company is not entitled to dissent
under section 227 if an amendment to the articles of incorporation
of the company is effected under this section.

ARRANGEMENTS

238. (1) In this section, “arrangements” includes—
(a) an amendment of the articles of a company;
(b) an amalgamation of two or more companies;
(c) a division of the businesses carried on by a

company;
(d) a transfer of all or substantially all the property

of a company to another body corporate in
exchange for property, money or shares or
debentures of the body corporate;

(e) an exchange of shares or debentures held by
shareholders or debenture holders of a company
for property, money or other shares or debentures
of the company, or property, money or shares or
debentures of another body corporate if it is not a
takeover bid within the meaning of Division 10;

(f) a winding up and dissolution of a company; and
(g) any combination of the activities described in

paragraphs (a) to (f).
(2) For the purposes of this section, a company is
insolvent when—
(a) it is unable to pay its liabilities as they become

due; or
(b) the realisable value of the assets of the company

is less than the aggregate of its liabilities and
stated capital of all classes.

150 Chap. 81:01 Companies

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UNOFFICIAL VERSION


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L.R.O.

(3) Where it is not practicable for a company that is
solvent to effect a fundamental change in the nature of an
arrangement under any other provision of this Act, the company
may apply to the Court for an approval of an arrangement
proposed by the company.
(4) In connection with an application under this
section, the Court may make any interim or final order it thinks
fit, including—
(a) an order determining the notice to be given to

any interested person or dispensing with notice
to any person other than the Registrar and, in the
case of a public company, the Commission;

(b) an order requiring a company, in such manner as
the Court directs, to call, hold and conduct a
meeting of shareholders or debenture holders, or
holders of options or rights to acquire shares in
the company;

(c) an order permitting a shareholder to dissent
under section 227; or

(d) an order approving an arrangement as proposed
by the company or as amended in such manner
as the Court may direct.

(5) An applicant under this section shall give the
Registrar and, in the case of a public company the Commission,
notice of the application; and the Registrar and the Commission
may appear and be heard.
(6) After an order referred to in subsection (4)(d) has
been made, articles of arrangement in the prescribed form shall
be sent to the Registrar together with the documents required by
sections 79 and 176, if applicable.
(7) Upon receipt of articles of arrangement, the
Registrar shall issue a certificate of amendment in accordance
with section 481.
(8) An arrangement becomes effective on the date
shown in the certificate of amendment.

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Definitions.

Derivative
actions.

DIVISION 12 — CIVIL REMEDIES

239. In this Part—
“action” means an action under this Act;
“complainant” means—
(a) a shareholder or debenture holder, or a former

holder of a share or debenture of a company or
any of its affiliates;

(b) a director or an officer or former director or
officer of a company or any of its affiliates;

(c) the Registrar; or
(d) any other person who, in the discretion of the

Court, is a proper person to make an application
under this Part.

DERIVATIVE ACTIONS

240. (1) Subject to subsection (2), a complainant may, for the
purpose of prosecuting, defending or discontinuing an action on
behalf of a company, apply to the Court for leave to bring an
action in the name and on behalf of the company or any of its
subsidiaries, or intervene in an action to which any such company
or any of its subsidiaries is a party.
(2) No action may be brought, and no intervention in
an action may be made, under subsection (1), unless the Court
is satisfied—
(a) that the complainant has given reasonable notice

to the directors of the company or its subsidiary
of his intention to apply to the Court under
subsection (1) if the directors of the company or
its subsidiary do not bring, diligently prosecute
or defend, or discontinue, the action;

(b) that the complainant is acting in good faith; and
(c) that it appears to be in the interests of the

company or its subsidiary that the action be
brought, prosecuted, defended or discontinued.

152 Chap. 81:01 Companies

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UNOFFICIAL VERSION


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Companies Chap. 81:01 153

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L.R.O.

Court powers.

Oppression
restrained.
[5 of 1997].

241. In connection with an action brought or intervened in
under section 240, the Court may at any time make any order it
thinks fit, including—
(a) an order authorising the complainant, the

Registrar or any other person to control the
conduct of the action;

(b) an order giving directions for the conduct of the
action;

(c) an order directing that any amount adjudged
payable by a defendant in the action be paid, in
whole or in part, directly to former and present
shareholders or debenture holders of the
company or its subsidiary, instead of to the
company or its subsidiary; or

(d) an order requiring the company or its subsidiary
to pay reasonable legal fees incurred by the
complainant in connection with the action.

RESTRAINING OPPRESSION
242. (1) A complainant may apply to the Court for an order
under this section.
(2) If, upon an application under subsection (1), the Court
is satisfied that in respect of a company or any of its affiliates—
(a) any act or omission of the company or any of its

affiliates effects a result;
(b) the business or affairs of the company or any of

its affiliates are or have been carried on or
conducted in a manner; or

(c) the powers of the directors of the company or
any of its affiliates are or have been exercised in
a manner that is oppressive or unfairly
prejudicial to, or that unfairly disregards the
interests of, any shareholder or debenture
holder, creditor, director or officer of the
company, the Court may make an order to
rectify the matters complained of.

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

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(3) In connection with an application under this
section, the Court may make any interim or final order it thinks
fit, including—
(a) an order restraining the conduct complained of;
(b) an order appointing a receiver or receiver-

manager;
(c) an order to regulate a company’s affairs by

amending its articles or Bye-laws, or creating or
amending a unanimous shareholder agreement;

(d) an order directing an issue or exchange of shares
or debentures;

(e) an order appointing directors in place of, or in
addition to, all or any of the directors then in
office;

(f) an order directing a company, subject to
subsection (6), or any other person, to purchase
shares or debentures of a holder thereof;

(g) an order directing a company, subject to
subsection (6), or any other person, to pay to a
shareholder or debenture holder any part of the
moneys paid by him for his shares or debentures;

(h) an order varying or setting aside a transaction or
contract to which a company is a party, and
compensating the company or any other party to
the transaction or contract;

(i) an order requiring a company, within a time
specified by the Court, to produce to the Court or
an interested person financial statements in the
form required by section 151 or an accounting in
such other form as the Court may determine;

(j) an order compensating an aggrieved person;
(k) an order directing rectification of the registers or

other records of a company under section 245;
(l) an order winding up and dissolving the company;
(m) an order directing an investigation under

Division 2 of Part VII to be made; or
(n) an order requiring the trial of any issue.

154 Chap. 81:01 Companies

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L.R.O.

Staying action.
[5 of 1997].

(4) If an order made under this section directs the
amendment of the articles or Bye-laws of a company—
(a) the directors shall forthwith comply with

section 237(4); and
(b) no other amendment to the articles or Bye-laws

may be made without the consent of the Court,
until the Court otherwise orders.

(5) A shareholder is not entitled under section 227 to
dissent if an amendment to the articles is effected under this section.
(6) A company shall not make a payment to a
shareholder under subsection (3)(f) or (g) if there are reasonable
grounds for believing that—
(a) the company is unable or would, after the

payment, be unable to pay its liabilities as they
become due; or

(b) the realisable value of the company’s assets would
thereby be less than the aggregate of its liabilities.

(7) An applicant under this section may apply in the
alternative for an order under section 355.

243. (1) An application made or an action brought or
intervened in under this Part may not be stayed or dismissed by
reason only that it is shown that an alleged breach of a right or duty
owed to the company or its subsidiary has been or might be approved
by the shareholders of the company or its subsidiary; but evidence
of approval by the shareholders may be taken into account by the
Court in making an order under section 241, 242 or 355.
(2) An application made or an action brought or
intervened in under this Part may not be stayed, discontinued,
settled or dismissed for want of prosecution without the approval
of the Court given upon such terms as the Court thinks fit; and if
the Court determines that the interests of any complainant could
be substantially affected by the stay, discontinuance, settlement
or dismissal, the Court may order any party to the application or
action to give notice to the complainant.

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Interim costs.

Rectification of
records.

244. In an application made or an action brought or intervened
in under this Part, the Court may at any time order the company
or its subsidiary to pay to the complainant interim costs,
including legal fees and disbursements; but the complainant may
be held accountable for those interim costs upon the final
disposition of the application or action.

245. (1) If the name of a person is alleged to be or to have
been wrongly entered or retained in, or wrongly deleted or
omitted from, the registers or other records of a company, the
company, a shareholder or debenture holder of the company, or
any aggrieved person, may apply to the Court for an order that
the registers or records of the company be rectified.
(2) An applicant under this section shall give the
Registrar notice of the application; and the Registrar is entitled to
appear and be heard in person or by an Attorney-at-law.
(3) In connection with an application under this section,
the Court may make any order it thinks fit, including—
(a) an order requiring the registers or other records

of the company to be rectified;
(b) an order restraining the company from calling or

holding a meeting of shareholders, or paying a
dividend before that rectification;

(c) an order determining the right of a party to the
proceedings to have his name entered or
retained in, or deleted or omitted from, the
registers or records of the company, whether the
issue arises between two or more shareholders
or debenture holders or alleged shareholders or
alleged debenture holders, or between the
company and any shareholders or debenture
holders, or alleged shareholders or alleged
debenture holders; and

(d) an order compensating a party who has incurred
a loss.

156 Chap. 81:01 Companies

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UNOFFICIAL VERSION


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L.R.O.

Directions for
Registrar.

Refusal by
Registrar.

Appeal from
Registrar.

OTHER REMEDIAL ACTIONS

246. The Registrar may apply to the Court for directions in
respect of any matter concerning his duties under this Act; and on
the application, the Court may give such directions and may
make such further order as it thinks fit.

247. (1) When the Registrar refuses to file any articles or
other document required by this Act to be filed by him before the
articles or other document become effective, the Registrar shall—
(a) within thirty days after the receipt thereof by

him, or thirty days after he receives any
approval required under any other Act,
whichever is the later date; and

(b) after giving the person who sent the articles or
document an opportunity to be heard, give
written notice of the refusal to that person,
together with the reasons for the refusal.

(2) If the Registrar does not file or give written notice of
his refusal to file any articles or document within the time limited
therefor in subsection (1), then, for the purposes of section 248,
the Registrar has refused to file the articles or document.
248. A person who is aggrieved by the decision of
the Registrar—
(a) to refuse to file in the form submitted to him any

articles or other document required by this Act
to be filed by him;

(b) to give a name, to change or revoke a name, or
to refuse to reserve, accept, change or revoke a
name under sections 15 to 18;

(c) (Repealed by implication by Act No. 5 of 1997);
(d) to refuse under section 344(2) to permit a

continued reference to shares having a nominal
or par value,

may apply to the Court for an order requiring the Registrar to
change his decision; and upon the application, the Court may so
order, and make any further order it thinks fit.

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Restraining
order, etc.

Summary
application.

Registration
with Registrar.
[5 of 1997].

249. If a company or any director, officer, employee, agent,
auditor, trustee, receiver, receiver-manager or liquidator of a
company does not comply with this Act, the regulations, articles,
Bye-laws, or any unanimous shareholder agreement of the
company, a complainant or creditor of the company may, in
addition to any other right he has, apply to the Court for an order
directing any such person to comply with, or restraining any such
person from acting in breach of, any provisions of this Act, the
regulations, articles, Bye-laws or unanimous shareholder
agreement, as the case may be.

APPLICATION TO THE COURT

250. Subject to this Act, where it is provided that a person may
apply to the Court, the application may be made in a summary
manner by originating summons or otherwise as the rules of the
Court provide.

PART IV

PROTECTION OF CREDITORS
DIVISION 1—REGISTRATION OF CHARGES

251. (1) Subject to this Division, where a charge to which
this section applies is created by a company, the company shall,
within thirty days after the creation of the charge, lodge with the
Registrar a statement of the charge and—
(a) any instrument by which the charge is created or

evidenced or a duly executed duplicate original
thereof; or

(b) a copy of the instrument certified by an
Attorney-at-law, acting in the matter, as a true
and complete copy of the instrument
as executed,

and if this provision is not complied with in relation to the charge,
the charge is void as against the liquidator and any creditor of the
company so far as any security interest it thereby purported to
create is concerned.

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L.R.O.

Contents
of charge
statements.
[5 of 1997].

(2) Nothing in subsection (1) affects any contract or
obligation for repayment of the money secured by a charge that
is void under that subsection; and the money received under the
charge becomes immediately payable.
(3) This section applies to the following charges and any
variation or postponement thereof:
(a) a charge for the purpose of securing any issue of

debentures;
(b) a charge on uncalled share capital of the company;
(c) a charge created or evidenced by an instrument

which, if executed by an individual, would
require registration as a bill of sale;

(d) a charge on land, wherever situate, or any
interest therein;

(e) a charge on book debts of the company;
(f) a floating charge on the undertaking or property

of the company;
(g) a charge on a ship or any share in a ship;
(h) a charge on goodwill, on a patent or a licence

under a patent, on a trademark or on a copyright
or a licence under a copyright; and

(i) such other charges as the Minister may, by
Order, specify.

252. (1) Subject to subsections (2) and (3), the statement
referred to in section 251 shall contain the following particulars:
(a) the date of the creation of the charge;
(b) the nature of the charge;
(c) the amount secured by the charge, or the

maximum sum deemed to be secured by the
charge in accordance with section 256;

(d) short particulars of the property charged;
(e) the persons entitled to the charge;

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

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(f) and in the case of a floating charge, the nature of
any restriction on the power of the company to
grant further charges ranking in priority to, or
equally with, the charge thereby created.

(2) Where a company creates a series of debentures
containing or giving by reference to any other instrument any
charge to the benefit of which the debenture holders of that series
are entitled equally, it is sufficient if there is lodged with the
Registrar for registration, within thirty days after the execution of
the instrument containing the charges, or, if there is no such
instrument, after the execution of the first debenture of the series,
a statement containing the following:
(a) the total amount secured by the whole series;
(b) the dates of the resolutions authorising the issue

of the series and the date of any covering
instrument by which the security interest is
created or defined;

(c) the name of any trustee for the debenture
holders; and

(d) the particulars specified in subsection (1)(b), (d)
and (f).

(3) The statement referred to in subsection (2) shall be
accompanied by the instrument containing the charge or the duly
executed duplicate original thereof or a copy of that instrument
certified by the Attorney-at-law preparing the same as a true and
complete copy of the instrument as executed; but if there is no
such other instrument, the statement shall be accompanied by
a copy of one of the debentures of the series and a statutory
declaration by an officer of the company or an Attorney-at-law
acting in the matter verifying the copy to be a true and
complete copy.

253. (Repealed by Act No. 5 of 1997).

160 Chap. 81:01 Companies

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L.R.O.

Later charges.
[5 of 1997].

Effect on
written laws.

Fluctuating
charges.
[5 of 1997].

254. When a charge requiring registration under section 251
or 252—
(a) is created before the lapse of thirty days after the

creation of a prior unregistered charge that
comprises all or any part of the property
comprised in the prior charge; and

(b) is given as security for the same debt that
is secured by the prior charge or any part of
that debt,

then, to the extent to which the subsequent charge is a security for
the same debt or part thereof and so far as respects the property
comprised in the prior charge, the subsequent charge does not
operate nor is it valid unless it was given in good faith for the
purpose of correcting some material error in the prior charge or
under other proper circumstances and not for the purpose of
avoiding or evading the provisions of this Division.

255. Sections 251 to 254 do not affect any other written law
relating to the registration of charges.

256. (1) When a charge the particulars of which require
registration under section 251 is expressed to secure all sums due or
to become due or some other fluctuating amount, the particulars
required under section 252(1)(c) shall state the maximum sum that
is deemed to be secured by the charge, which shall be the maximum
covered by the stamp duty paid thereon; and the charge is, subject
to subsection (2), void, so far as any security interest is created by
the charge, as respects any excess over the stated maximum.
(2) Where, in respect of a charge on the property of a
company of a kind referred to in subsection (1)—
(a) any additional stamp duty is later paid on the

charge; and
(b) at any time after that, but before the

commencement of the winding up of the
company, amended particulars of the charge
stating the increased maximum sum deemed to
be secured by the charge, together with the

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Charge on
acquisition of
property.
[5 of 1997].

Duty to register.

original instrument by which the charge was
created or evidenced, are lodged with the
Registrar for registration,

then, as from the date on which it is lodged, the charge, if otherwise
valid, is effective to the extent of the increased maximum sum,
except as regards any person who, before the date on which the
charge was so lodged, had acquired any proprietary rights in, or a
fixed or floating charge on, the property that is subject to the charge.

257. (1) Where a company acquires any property that is
subject to a charge of any kind that would, if it had been created
by the company after the acquisition of the property, have been
required to be registered under this Division, the company shall
within thirty days after the date on which the acquisition is
completed, lodge with the Registrar for registration—
(a) a statement of the particulars required by

section 252 and of the date of the acquisition of
the property; and

(b) the instrument or duplicate instrument or a copy
of the instrument certified by an Attorney-at-law
as provided for in section 251(1)(b).

(2) Failure to comply with subsection (1) does not affect
the validity of the charge concerned.

258. (1) Documents and particulars required to be lodged for
registration may—
(a) in the case of a requirement under section 251,

be lodged by the company concerned or by any
person interested in the documents; and

(b) in the case of a requirement under section 257,
be lodged by the company concerned.

(2) A person not being the company concerned who
lodges documents or particulars for registration pursuant to
subsection (1)(a) may recover from the company concerned the
amount of any fees properly payable on the registration if he
meets the requirements of sections 251 to 254.

162 Chap. 81:01 Companies

LAWS OF TRINIDAD AND TOBAGO

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Companies Chap. 81:01 163

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

Register of
charges.

Endorsement
on debenture.

Satisfaction and
payment.

259. (1) The Registrar shall keep a register of all the charges
lodged for registration under this Division and enter in the
register with respect to those charges the following particulars:
(a) in any case to which section 252(2) applies,

such particulars as are required to be contained
in a statement lodged under that subsection;

(b) in any case to which section 257 applies, such
particulars as are required to be contained in a
statement lodged under section 257(1)(a); and

(c) in any other case, such particulars as are
required by section 252 to be contained in a
statement lodged under that section.

(2) The Registrar shall issue a certificate of every
registration, stating, if applicable, the amount secured by the charge,
or, in a case referred to in section 256, the maximum amount
secured by the charge, and the certificate is conclusive proof that the
requirements as to registration have been complied with.
260. (1) A company shall endorse on every debenture
issued by it—
(a) a copy of the certificate of registration of any

charge related to the debenture; or
(b) a statement that the registration of a charge

related to the debenture has been effected and
the date of the registration.

(2) Subsection (1) does not apply to a debenture issued
by a company before the charge was created in relation to
the debenture.
261. (1) Where, with respect to any registered charge—
(a) the debt for which the charge was given has

been paid or satisfied in whole or in part; or
(b) the property or undertaking charged, or any part

thereof, has been released from the charge, or
has ceased to form part of the company’s
property or undertaking,

the company may lodge with the Registrar in the prescribed
form a memorandum of satisfaction, in whole or in part, or a

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Rectification
of error.

Retention of
copy.

Inspection of
copies.

memorandum of the fact that the property or undertaking, or any
part thereof, has been released from the charge or has ceased to
form part of the company’s property or undertaking, as the case
may be, and the Registrar shall enter particulars of that
memorandum in the register.
(2) The memorandum shall be supported by evidence
sufficient to satisfy the Registrar of the payment, satisfaction,
release or cessation referred to in subsection (1).
262. On being satisfied that the omission to register a
charge within the time required, or that the omission or
misstatement of any particular with respect to any such charge or
in a memorandum—
(a) was accidental or due to inadvertence or to some

other sufficient cause;
(b) is not of a nature to affect adversely the position

of creditors or shareholders; or
(c) that, on other grounds, it is just and equitable to

grant relief,
the Court may, on the application of the company or any person
interested, and on such terms and conditions as seem to the Court
to be just and expedient, order that the time for registration be
extended or that the omission or misstatement be rectified.
263. (1) A company shall retain, at the registered office of the
company, a copy of every instrument creating any charge that
requires registration under this Division; but, in the case of a
series of debentures, the retention of a copy of one debenture of
the series is sufficient for the purposes of this subsection.
(2) A company shall record all charges specifically
affecting property of the company, and all floating charges on the
undertaking or any property of the company, giving in each case
a short description of the property charged, the amount of the
charge and the names of the persons entitled thereto.
264. The copies of instruments retained by the company
pursuant to section 263 shall be kept open for the inspection of
creditors and shareholders of the company, free of charge.

164 Chap. 81:01 Companies

LAWS OF TRINIDAD AND TOBAGO

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Companies Chap. 81:01 165

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

Registration
of receiver.

External
company.

Definitions.

265. (1) Where any person—
(a) obtains an order for the appointment of a

receiver of any of the property of a company; or
(b) appoints a receiver of any of the property of a

company; or
(c) enters into possession of any property of a

company under any powers contained in
any charge,

he shall give, within ten days from the date of the order,
appointment or entry into possession, notice thereof to the
Registrar, who shall enter the fact in the register of the particulars
of charges relating to the company.
(2) When—
(a) a person who has been appointed a receiver of

the property of a company ceases to act as
receiver; or

(b) a person who had entered possession of any
property of a company goes out of possession of
that property,

he shall, within ten days of his having done so, give notice of his
so doing in the prescribed form to the Registrar, who shall enter
the notice in the register of the particulars of charges relating to
the company.

266. This Division applies to charges created or required after
the commencement of this Division, by an external company, on
property in Trinidad and Tobago in like manner and with like
consequences as if the external company were a company as
defined in section 4 whether or not the external company is
registered under this Act pursuant to Division 2 of Part V.

DIVISION 2—TRUST DEEDS AND DEBENTURES

267. In this Division—
“event of default” means an event specified in a trust deed on the

occurrence of which—
(a) a security interest constituted by the trust deed

becomes enforceable; or

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Application
of Division.

Conflict of
interest.
[5 of 1997].

(b) the principal, interest and other moneys payable
thereunder become, or can be declared to be,
payable before maturity,

but the event is not an event of default until all conditions
prescribed in the trust deed in connection with that event for
the giving of notice or the lapse of time or otherwise have
been satisfied;

“trustee” means any person appointed as trustee under the terms
of a trust deed to which a company is a party, and includes
any successor trustee;

“trust deed” means any deed, indenture or other instrument,
including any supplement or amendment thereto, made by a
company after its incorporation or continuance under this
Act, under which the company issues debentures and in
which a person is appointed as trustee for the holders of the
debentures issued thereunder.

268. This Division applies to a trust deed if the debentures
issued or to be issued under the trust deed are part of a
distribution to the public.

TRUSTEES
269. (1) No person may be appointed as trustee if there is a
conflict of interest between his role as trustee and his role in any
other capacity.
(2) For the purposes of subsection (1), there is a conflict
of interest where a person is an officer or employee, or a
shareholder of the company issuing the debentures.
(3) Within ninety days after a trustee becomes aware that
a material conflict of interest exists in his case, the trustee shall—
(a) eliminate the conflict of interest; or
(b) resign from office.
(4) A trust deed, any debentures issued thereunder and a
security interest effected thereby are valid notwithstanding a
material conflict of interest of the trustee.
(5) If the trustee is appointed contrary to subsection (1)
or continues as a trustee contrary to subsection (3), any interested

166 Chap. 81:01 Companies

LAWS OF TRINIDAD AND TOBAGO

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Companies Chap. 81:01 167

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

List of
debenture
holders.

person may apply to the Court for an order that the trustee be
replaced; and the Court may make an order on such terms as it
thinks fit.

270. (1) A holder of debentures issued under a trust deed
may, upon payment to the trustee of a reasonable fee, require the
trustee to furnish, within fifteen days after delivering to the
trustee the statutory declaration referred to in subsection (4), a list
setting out—
(a) the names and addresses of the registered

holders of the outstanding debentures of the
issuer;

(b) the principal amount of outstanding debentures
owned by each such holder; and

(c) the aggregate principal amount of debentures
outstanding,

as shown in the records maintained by the trustee on the day that
the statutory declaration is delivered to him.
(2) Upon the demand of a trustee, the issuer of
debentures shall furnish the trustee with the information required
to enable the trustee to comply with subsection (1).
(3) If the person requiring the trustee to furnish a list
under subsection (1) is a body corporate, the statutory declaration
required under that subsection shall be made by a director or
officer of the body corporate.
(4) The statutory declaration required under
subsection (1) shall state—
(a) the name and address of the person requiring the

trustee to furnish the list, and, if the person is a
body corporate, its address for service; and

(b) that the list will not be used except as permitted
under subsection (5).

(5) A list obtained under this section shall not be used by
any person except in connection with—
(a) an effort to influence the voting of the

debenture holders;

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Evidence of
compliance.

Contents of
evidence.

(b) an offer to acquire debentures; or
(c) any other matter relating to the debentures or the

affairs of the issuer or guarantor thereof.

271. (1) An issuer or a guarantor of debentures issued or to be
issued under a trust deed shall, before doing any act that is
described in paragraph (a), (b) or (c) of this subsection, furnish
the trustee with evidence of compliance with the conditions in the
trust deed relating to—
(a) the issue, certification and delivery of

debentures under the trust deed;
(b) the release, or release and substitution, of

property that is subject to a security interest
constituted by the trust deed; or

(c) the satisfaction and discharge of the trust deed.
(2) Upon the demand of a trustee, the issuer or guarantor
of debentures issued or to be issued under a trust deed shall
furnish the trustee with evidence of compliance with the trust
deed by the issuer or guarantor in respect of any act to be done
by the trustee at the request of the issuer or guarantor.

272. Evidence of compliance as required by section 271 shall
consist of—
(a) a statutory declaration or certificate made by a

director or an officer of the issuer or guarantor
stating that the conditions referred to in that
section have been complied with;

(b) if the trust deed requires compliance with
conditions that are subject to review by an
Attorney-at-law, his opinion that those
conditions have been complied with; and

(c) if the trust deed requires compliance with
conditions that are subject to review by an
auditor or accountant, an opinion or report of the
auditor of the issuer or guarantor, or such other
accountant as the trustee may select, that those
conditions have been complied with.

168 Chap. 81:01 Companies

LAWS OF TRINIDAD AND TOBAGO

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Companies Chap. 81:01 169

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

Further
evidence.

Evidence
relating to
conditions.

Certificate of
compliance.

Notice of
default.

273. The evidence of compliance referred to in section 272
shall include a statement by the person giving the evidence—
(a) declaring that he has read and understands the

conditions of the trust deed described in
section 271;

(b) describing the nature and scope of the
examination or investigation upon which he
based the certificate, statement or opinion; and

(c) declaring that he has made such examination or
investigation as he believes necessary to enable
him to make the statements or give the opinion
contained or expressed therein.

274. Upon the demand of a trustee, the issuer or guarantor of
debentures issued under a trust deed shall furnish the trustee with
evidence in such form as the trustee may require as to compliance
with any condition of the trust deed relating to any action
required or permitted to be taken by the issuer or guarantor under
the trust deed.

275. At least once in every twelve-month period beginning on
the date of the trust deed and at any other time upon the demand
of a trustee, the issuer or guarantor of debentures issued under the
trust deed shall furnish the trustee with a certificate that the issuer
or guarantor has complied with all requirements contained in the
trust deed that, if not complied with, would, with the giving of
notice, lapse of time or otherwise, constitute an event of default,
or, if there has been failure to so comply, giving particulars of
that failure.

276. Within thirty days after a trustee under a trust deed becomes
aware of an event of default thereunder, the trustee shall give to the
holder of any debentures issued under the trust deed notice of the
event of default arising under the trust deed and continuing at the
time the notice is given, unless the trustee reasonably believes that it
is in the best interests of the debenture holders to withhold that notice
and in writing so informs the issuer and guarantor.

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Redemption of
debenture.

Duty of care.

Reliance on
statements.

No exculpation.

Rights of
trustees.

277. (1) Debentures issued, pledged or deposited by a company
are not redeemed by reason only that the amount in respect of which
the debentures are issued, pledged or deposited is repaid.
(2) Debentures issued by a company and purchased,
redeemed or otherwise acquired by it may be cancelled, or, subject
to any applicable trust deed or other agreement, may be reissued,
pledged or deposited to secure any obligation of the company then
existing or thereafter incurred; and any such acquisition and
reissue, pledge or deposit is not a cancellation of the debenture.
278. A trustee under a trust deed in exercising his powers and
discharging his duties shall—
(a) act honestly and in good faith with a view to the

best interests of the holders of the debentures
issued under the trust deed; and

(b) exercise the care, diligence and skill of a
reasonably prudent trustee.

279. Notwithstanding section 278, a trustee is not liable if he
relies in good faith upon statements contained in a statutory
declaration, certificate, opinion or report that complies with this
Act or the trust deed.
280. No term of a trust deed or of any agreement between a
trustee and the holders of debentures issued thereunder, or between
the trustee and the issuer or guarantor, operates to relieve a trustee
from the duties imposed upon him by section 278.

281. (1) The trustee under a trust deed holds all contracts,
stipulations and undertakings given to him and all mortgages,
charges and securities vested in him, in connection with the
debentures covered by the trust deed, or some of those
debentures, exclusively for the benefit of the debenture holders
concerned, except in so far as the trust deed otherwise provides.
(2) A debenture holder may—
(a) sue the company that issued the debentures he

holds for payment of any amount payable to him
in respect of the debentures; or

170 Chap. 81:01 Companies

LAWS OF TRINIDAD AND TOBAGO

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Companies Chap. 81:01 171

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

Need for
trust deed.
[5 of 1997].

(b) sue the trustee of the trust deed covering the
debentures he holds for compensation for any breach
of the duties that the trustee owes him,

and in any such action it is not necessary for any debenture holders
of the same class, or, if the action is brought against the company,
the trustee under the covering trust deed, to be joined as a party.
(3) A provision in a debenture or trust deed is valid and
binding on all the debenture holders of the class concerned to the
extent that, by a resolution supported by the votes of the holders
of at least three-quarters in value of the debentures of that class
in respect of which votes are cast on the resolution, the provision
enables a meeting of the debenture holders—
(a) to release any trustee from liability for any breach

of his duties to the debenture holders that he has
already committed or generally from liability for
all such breaches, without necessarily specifying
them, upon his ceasing to be a trustee;

(b) to consent to the alteration or abrogation of any
of the rights, powers or remedies of the
debenture holders and the trustee under the trust
deed covering their debentures, except the
powers and remedies under section 288; or

(c) to consent to the substitution of debentures of a
different class issued by the company or any
other company or body corporate for the
debentures of the debenture holders; or

(d) to consent to the cancellation of the debentures
in consideration of the issue to the debenture
holders of shares credited as fully paid in the
company or any other body corporate.

(4) This section applies notwithstanding anything contained
in a debenture trust deed or other instrument.

TRUST DEEDS

282. (1) A public company shall, before issuing any of its
debentures to the public, execute a trust deed in respect of the
debentures and procure the execution thereof by a trustee.

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

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Kinds of
debentures.

(2) No trust deed may cover more than one class of
debentures whether or not the trust deed is required by this
section to be executed.
(3) Where a trust deed is required by this section to be
executed in respect of any debentures issued by a public company
but a trust deed has not been executed, the Court may, on the
application of a holder of any debenture issued by the company—
(a) order the company to execute a trust deed in

respect of those debentures;
(b) direct that a person nominated by the Court be

appointed a trustee of the trust deed; and
(c) give such consequential directions as the Court

thinks fit regarding the contents of the trust deed
and its execution by the trustee.

283. (1) Debentures belong to different classes if different
rights attach to them in respect of—
(a) the rate of interest or the dates for payment of

interest;
(b) the dates when, or the instalments by which, the

principal of the debentures will be repaid, unless
the difference is solely that the class of
debentures will be repaid during a stated period
of time and particular debentures will be repaid
at different dates during that period according to
selections made by the company or by drawings,
ballot or otherwise;

(c) any right to subscribe for or convert the
debentures into other shares or other debentures
of the company or any other body corporate; or

(d) the powers of the debenture holders to realise
any security interest.

(2) Debentures belong to different classes if they do not
rank equally for payment when—
(a) any security interest is realised; or
(b) the company is wound up,

172 Chap. 81:01 Companies

LAWS OF TRINIDAD AND TOBAGO

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Companies Chap. 81:01 173

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

Cover of
trust deed.

Exception.
[5 of 1997].

Contents of
trust deed.

and if, in those circumstances, the security interest or the
proceeds thereof, or any assets available to satisfy the debentures,
is or are not to be applied in satisfying the debentures strictly in
proportion to the amount of principal, premiums and arrears of
interest to which the holders of them are respectively entitled.

284. A debenture is covered by a trust deed if the debenture
holder is entitled to participate in any money payable by the
company under the trust deed; or is entitled by the trust deed to
the benefit of any security interest, whether alone or together
with other persons.

285. Sections 281(3) and 282 to 284 do not apply to
debentures issued before the commencement date, or to
debentures forming part of a class of debentures some of which
were issued before that date.

286. (1) Every trust deed, whether required by section 282 or
not, shall state—
(a) the maximum sum that the company can raise

by issuing debentures of each specific issue;
(b) the maximum discount that can be allowed on

the issue or reissue of the debentures, and the
maximum premium at which the debentures can
be made redeemable;

(c) the nature of any assets over which a security
interest is created by the trust deed in favour of
the trustee for the benefit of the debenture
holders equally, and, except where such an
interest is a floating charge or a general floating
charge, the identity of the assets subject to it;

(d) the nature of any assets over which a security
interest has been, or will be, created in favour of
any person other than the trustee for the benefit
of the debenture holders equally, and, except
where such an interest is a floating charge or a
general floating charge, the identity of the assets
subject to it;

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

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(e) whether the company has created or will have to
create any security interest for the benefit of
some, but not all, of the holders of debentures
issued under the trust deed;

(f) any prohibition or restriction on the power of the
company to issue debentures or to create any
security interest on any of its assets ranking in
priority to, or equally with, the debentures
issued under the trust deed;

(g) whether the company will have power to
acquire debentures issued under the trust deed
before the date for their redemption and to
re-issue the debentures;

(h) the dates on which interest on the debentures
issued under the trust deed will be paid, and the
manner in which payment will be made;

(i) the dates on which the principal of the
debentures issued under the trust deed will be
repaid, and, unless the whole principal is to be
repaid to all the debenture holders at the same
time, the manner in which redemption will be
effected, whether by the payment of equal
instalments of principal in respect of each
debenture or by the selection of debentures for
redemption by the company, or by drawing,
ballot or otherwise;

(j) in the case of convertible debentures, the dates
and terms on which the debentures can be
converted into shares and the amounts that will
be credited as paid upon those shares, and the
dates and terms on which the debenture holders
can exercise any right to subscribe for shares in
right of the debentures held by them;

(k) the circumstances in which the debenture
holders will be entitled to realise any security
interest vested in the trustee or any other person
for their benefit, other than the circumstances in
which they are entitled to do so by this Act;

174 Chap. 81:01 Companies

LAWS OF TRINIDAD AND TOBAGO

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Companies Chap. 81:01 175

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

Contents of
debentures.

(l) the power of the company and the trustee to call
meetings of the debenture holders, and the rights
of debenture holders to require the company or
the trustee to call meetings of the debenture
holders;

(m) whether the rights of debenture holders can be
altered or abrogated, and, if so, the conditions
that are to be fulfilled, and the procedures that
are to be followed, to effect an alteration or an
abrogation; and

(n) the amount or rate of remuneration to be paid to
the trustee and the period for which it will be
paid, and whether it will be paid in priority to
the principal, interest and costs in respect of
debentures issued under the trust deed.

(2) If debentures are issued without a covering trust
deed being executed, the statements required by subsection (1)
shall be included in each debenture or in a note forming part of
the same document, or endorsed thereon; and in applying that
subsection, references therein to the trust deed are to be construed
as references to all or any of the debentures of the same class.
(3) Subsection (2) does not apply if—
(a) the debenture is the only debenture of the class

to which it belongs that has been or that can be
issued; and

(b) the rights of the debenture holder cannot be
altered or abrogated without his consent.

(4) This section does not apply to a trust deed executed
or to debentures issued before the commencement date.
287. (1) Every debenture that is covered by a trust deed shall
state either in the body of the debenture or in a note forming part
of the same document or endorsed thereon—
(a) the matters required to be stated in a trust deed

by section 286(1)(a), (b), (f), (h), (i), (j) (l) and
(m);

(b) whether the trustee of the covering trust deed
holds the security interest vested in him by the

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Equity
realisation.

trust deed in trust for the debenture holders
equally, or in trust for some only of the debenture
holders, and, if so, which debenture holders; and

(c) whether the debenture is secured by general
floating charge vested in the trustee of the
covering trust deed or in the debenture holders.

(2) A debenture issued by a company shall state on its face
in clearly legible print that it is unsecured if no security interest is
vested in the holder of the debenture or in any other person for his
benefit as security for payment of principal and interest.
(3) This section does not apply to debentures issued
before the commencement date.

REALISATION OF SECURITY
288. (1) Debenture holders are entitled to realise any security
interest vested in them or in any other person for their benefit, if—
(a) the company fails, within one month after it

becomes due, to pay—
(i) any instalment of interest;
(ii) the whole or part of the principal; or
(iii) any premium,
owing under the debentures or the trust deed

covering the debentures;
(b) the company fails to fulfil any of the obligations

imposed on it by the debentures or the trust deed;
(c) any circumstances occur that by the terms of the

debentures or trust deed entitle the holders of the
debentures to realise their security interest; or

(d) the company goes into liquidation.
(2) Debenture holders whose debentures are secured by
a general floating charge vested in themselves or the trustee of
the covering trust deed or any other person are additionally
entitled to realise their security interest, if—
(a) any creditor of the company issues a process of

execution against any of its assets or commences
proceedings for winding up of the company by
order of any Court of competent jurisdiction;

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(b) the company ceases to pay its debts as they
fall due;

(c) the company ceases to carry on business;
(d) the company incurs, after the issue of

debentures of the class concerned, losses or
diminution in the value of its assets that in the
aggregate amount to more than one-half of the
total amount owing in respect of—

(i) debentures of the class held by the
debenture holders who seek to enforce
their security interest; and

(ii) debentures whose holders rank before them
for payment of principal or interest; or

(e) any circumstances occur that entitle debenture
holders who rank for payment of principal or interest
in priority to the debentures secured by the general
floating charge to realise their security interest.

(3) At any time after a class of debenture holders
becomes entitled to realise their security interest, a receiver of
any assets subject to such security interest or in favour of the
class of debenture holders or the trustee of the covering trust deed
or any other person may be appointed—
(a) by the trustee;
(b) by the holders of debentures in respect of which

there is owing more than half of the total amount
owing in respect of all the debentures of the
same class; or

(c) by the Court on the application of any trustee or
debenture holder of the class concerned.

(4) A receiver appointed pursuant to subsection (3) has,
subject to any order made by the Court, power—
(a) to take possession of the assets that are subject to

the security interest and to sell those assets; and
(b) if the security interest extends to that property—
(i) to collect debts owed to the company;
(ii) to enforce claims vested in the company;

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Disqualified
receivers.

(iii) to compromise, settle and enter into
arrangements in respect of claims by or
against the company;

(iv) to carry on the company’s business with
a view to selling it on the most favourable
terms;

(v) to grant or accept leases of land and licences
in respect of patents, designs, copyright, or
trade, service or collective marks; and

(vi) to recover capital unpaid on the
company’s issued shares.

(5) The remedies given by this section are in addition to,
and not in substitution for, any other powers and remedies
conferred on the trustee under the trust deed or on the debenture
holders by the debentures or the trust deed.
(6) Any power or remedy that is expressed in any
instrument to be exercisable if the debenture holders become
entitled to realise their security interest is exercisable on the
occurrence of any of the events specified in subsection (1), or, in
the case of a general floating charge, in subsections (1) and (2).
(7) A manager of the business or of any of the assets of
a company shall not be appointed for the benefit of debenture
holders unless a receiver has also been appointed and has not
ceased to act.
(8) This section applies to debentures issued before as
well as after the commencement date.
(9) No provision in any instrument is valid that purports
to exclude or restrict the remedies given by this section.

DIVISION 3 — RECEIVERS AND RECEIVER-MANAGERS

289. (1) A person shall not be appointed a receiver or
receiver-manager of any assets of a company, and shall not act as
such a receiver or receiver-manager, if the person—
(a) is a body corporate;
(b) is an undischarged bankrupt; or

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Functions of
receivers.

Functions of
receiver-
manager.

Directors’
powers
stopped.

Duty under
Court’s
directions.

Duty under
instrument.

(c) is disqualified from being a trustee under a trust
deed executed by the company, or would be so
disqualified if a trust deed had been executed by
the company.

(2) If a person who was appointed to be a receiver or
receiver-manager becomes disqualified under subsection (1) or
under any provision contained in a debenture or trust deed, another
person may be appointed in his place by the persons who are entitled
to make the appointment, or by the Court; but a receivership is not
terminated or interrupted by the occurrence of the disqualification.
(3) This section applies to a person appointed to be a
receiver or receiver-manager whether so appointed before or after
the commencement date.

290. A receiver of any property of a company may, subject to
the rights of secured creditors, receive the income from the
property, pay the liabilities connected with the property, and
realise the security interest of those on behalf of whom he is
appointed; but, except to the extent permitted by the Court, he
may not carry on the business of the company.

291. A receiver of a company may, if he is also appointed
manager of the company, carry on any business of the company
to protect the security interest of those on behalf of whom he
is appointed.

292. When a receiver-manager of a company is appointed by
the Court or under an instrument, the powers of the directors of
the company that the receiver-manager is authorised to exercise
may not be exercised by the directors until the receiver-manager
is discharged.

293. A receiver or receiver-manager of a company appointed by
the Court shall act in accordance with the directions of the Court.

294. A receiver or receiver-manager of a company appointed
under an instrument shall act in accordance with that instrument
and any directions of the Court given under section 296.

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Duty of care.

Directions by
Court.

295. A receiver or receiver-manager of a company appointed
under an instrument shall—
(a) act honestly and in good faith; and
(b) deal with any property of the company in his

possession or control in a commercially
reasonable manner.

296. Upon an application by a receiver or receiver-manager of
a company, whether appointed by the Court or under an
instrument, or upon an application by any interested person, the
Court may make any order it thinks fit, including—
(a) an order appointing, replacing or discharging a

receiver or receiver-manager and approving his
accounts;

(b) an order determining the notice to be given by
any person, or dispensing with notice to any
person;

(c) an order declaring the rights of persons before
the Court or otherwise, or directing any person
to do, or abstain from doing, anything;

(d) an order fixing the remuneration of the receiver
or receiver-manager;

(e) an order requiring the receiver or receiver-
manager, or a person by or on behalf of whom
he is appointed—

(i) to make good any default in connection
with the receiver’s or receiver-manager’s
custody or management of the property or
business of the company;

(ii) to relieve any such person from any default
on such terms as the Court thinks fit; and

(iii) to confirm any act of the receiver or
receiver-manager; and

(f) an order giving directions on any matter relating
to the duties of the receiver or receiver-manager.

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Duties of
receivers, etc.

Liability of
receivers, etc.

297. A receiver or receiver-manager of a company shall—
(a) immediately give notice of his appointment to

the Registrar, and of his discharge;
(b) take into his custody and control the property of

the company in accordance with the Court order
or instrument under which he is appointed;

(c) open and maintain a bank account in his name
as receiver or receiver-manager of the company
for the moneys of the company coming under
his control;

(d) keep detailed accounts of all transactions carried
out by him as receiver or receiver-manager;

(e) keep accounts of his administration, which shall
be available during usual business hours for
inspection by the directors of the company;

(f) prepare financial statements of his
administration at such intervals and in such
form as are prescribed;

(g) upon completion of his duties, render a final
account of his administration, in the form adopted
for interim accounts under paragraph (f); and

(h) file with the Registrar a copy of any financial
statement mentioned in paragraph (f) and any
final account mentioned in paragraph (g) within
fifteen days of the preparation of the financial
statement or rendering of the final account, as
the circumstances require.

298. (1) A receiver of assets of a company appointed under
section 288(3) or under the powers contained in any instrument—
(a) is personally liable on any contract entered into

by him in the performance of his functions,
except to the extent that the contract otherwise
provides; and

(b) is entitled in respect of that liability to an
indemnity out of the assets of which he was
appointed to be receiver,

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UPDATED TO DECEMBER 31ST 2014

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Notice of
receivership.

Floating charges
priorities.

but nothing in this subsection limits any right to an indemnity
that he would have, apart from this subsection, or limits his
liability on contracts entered into without authority, or confers
any right to indemnity in respect of that liability.
(2) When the purported appointment of a receiver out of
Court is invalid because the charge under which the appointment
purported to be made is invalid, or because, in the circumstances
of the case, the power of appointment under the charge was not
exercisable or not wholly exercisable, the Court may, on
application being made to it—
(a) wholly or to such extent as it thinks fit, exempt

the receiver from personal liability in respect of
anything done or omitted to be done by him that,
if the appointment had been valid, would have
been properly done or omitted to be done; and

(b) order that the person by whom the purported
appointment was made, be personally liable to
the extent to which that relief has been granted.

(3) Subsection (1) applies to a receiver appointed before or
after the commencement date, but does not apply to contracts
entered into before that date.

299. Where a receiver or a receiver-manager of any assets of
a company has been appointed for the benefit of debenture
holders, every invoice, order of goods or business letter issued by
or on behalf of the company or the receiver, being a document on
or in which the name of the company appears, shall contain a
notice that a receiver or a receiver-manager has been appointed.

300. (1) Where a receiver is appointed on behalf of the
holders of any debentures of a company that are secured by a
floating charge or where possession is taken, by or on behalf of
any debenture holders of a company, of any property of the
company that is subject to a floating charge, then, if the company
is not at the time in the course of being wound up, the debts that
in every winding up are under Part VI and the regulations relating
to preferential payments to be paid in order of priority to all other
debts shall be paid in order of priority forthwith out of any assets

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L.R.O.

Statement of
affairs.

coming into the hands of the receiver or person taking possession
of that property, as the circumstances require, in priority to any
claim for principal or interest in respect of the debentures of the
company secured by the floating charge.
(2) Any period of time mentioned in the provisions
referred to in subsection (1) is to be reckoned, as the
circumstances require, from the date of the appointment of the
receiver in respect of the debenture holders secured by the
floating charge or from the date possession is taken of any
property that is subject to the floating charge.
(3) Payments made pursuant to this section may be
recouped as far as can be out of the assets of the company that are
available for the payment of general creditors.

301. (1) Where a receiver of the whole, or substantially the
whole, of the assets of a company (in this section and section 302
referred to as the “receiver”) is appointed under section 288(3), or
under the powers contained in any trust deed, for the benefit of the
holders of any debentures of the company secured by a general
floating charge, then, subject to this section and section 302—
(a) the receiver shall forthwith send notice to the

company of his appointment;
(b) within fourteen days after receipt of the notice

by the company, or such longer period as may
be allowed by the receiver, there shall be made
out by the company and submitted to the
receiver a statement in accordance with section
302 as to the affairs of the company;

(c) the receiver shall, within two months after
receipt of the statement—

(i) deliver to the Registrar, and, if the
receiver was appointed by the Court, to
the Court, a copy of the statement and of
any comments he sees fit to make thereon,
and, in the case of the Registrar, also a
summary of the statement and of his
comments, if any, thereon;

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(ii) send to the company, a copy of those
comments, or, if the receiver does not see
fit to make any comments, a notice to that
effect;

(iii) send to the trustee of the trust deed, a copy
of the statement and those comments, if
any; and

(iv) send to the holders of all debentures
belonging to the same class as the
debentures in respect of which he was
appointed, a copy of that summary.

(2) The receiver shall—
(a) within two months or such longer period as the

Court may allow, after the expiration of the
period of twelve months from the date of his
appointment, and after every subsequent period
of twelve months; and

(b) within two months or such longer period as the
Court may allow after he ceases to act as
receiver of the assets of the company,

deliver to the Registrar and send to the trustee of the trust deed,
and to the holders of all debentures belonging to the same class
as the debentures in respect of which the receiver was appointed,
an abstract in a form approved by the Registrar.
(3) The abstract shall show—
(a) the receiver’s receipts and payments during the

period of twelve months, or, if the receiver ceases
so to act, during the period from the end of the
period to which the last preceding abstract related
up to the date of his so ceasing to act; and

(b) the aggregate amounts of his receipts and of his
payments during all preceding periods since
his appointment.

(4) Subsection (1) does not apply in relation to the
appointment of a receiver to act with an existing receiver, or in
place of a receiver who dies or ceases to act, except that, where

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L.R.O.

Contents of
statement.

that subsection applies to a receiver who dies or ceases to act
before the subsection has been fully complied with, the
references in paragraphs (b) and (c) of that subsection to the
receiver include, subject to subsection (5), references to his
successor and to any continuing receiver.
(5) If the company is being wound up, this section and
section 302 apply notwithstanding that the receiver and the
liquidator are the same person, but with any necessary
modifications arising from that fact.
(6) Nothing in subsection (2) affects the duty of the
receiver to render proper accounts of his receipts and payments
to the persons to whom, and at the times that, he is required to do
so apart from that subsection.
302. (1) The statement as to the affairs of a company
required by section 301 to be submitted to the receiver or his
successor shall show, as at the date of the receiver’s appointment—
(a) the particulars of the company’s assets, debts

and liabilities;
(b) the names, addresses and occupations of the

company’s creditors;
(c) the security interests held by the company’s

creditors respectively;
(d) the dates when the security interests were

respectively created; and
(e) such further or other information as is prescribed.
(2) The statement of affairs of the company shall be
submitted by, and be verified by the signed declaration of—
(a) at least one person who is, at the date of the

receiver’s appointment, a director; and
(b) the secretary of the company at the date of the

receiver’s appointment.
(3) Notwithstanding subsection (2), the receiver or his
successor may, subject to the direction of the Registrar, require
persons who—
(a) are, or have been officers of the company;

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“Insider”
defined.

(b) have taken part in the formation of the company
at any time within one year before the date of
the receiver’s appointment;

(c) are in the employment of the company, or have
been in the employment of the company within
that year, and, in the opinion of the receiver, are
capable of giving the information required; or

(d) are, or have been within that year, officers of, or
in the employment of, an affiliated company,

submit and verify the statement of affairs of a company.
(4) Any person making or verifying the statement of
affairs of a company, or any part of it, shall be allowed and paid
by the receiver or his successor out of the receiver’s receipts,
such costs and expenses incurred in and about the making or
verifying of the statement as the receiver or his successor
considers reasonable, subject to an appeal to the Court.

DIVISION 4—INSIDER TRADING

303. In this Division, “insider” means, in respect of
a company—
(a) a director or officer of the company;
(b) a company that purchases or otherwise acquired

shares issued by it or any of its affiliates;
(c) a person who beneficially owns more than ten

per cent of the shares of the company, or who
exercises control or direction over more than ten
per cent of the votes attached to shares of the
company;

(d) an associate or affiliate of a person mentioned in
paragraphs (a) to (c); and

(e) a person, whether or not he is employed by the
company, who—

(i) receives specific unpublished information
from a person described in this section,
including a person described in this
paragraph; and

186 Chap. 81:01 Companies

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Companies Chap. 81:01 187

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L.R.O.

Presumed
insider
defined.

Liability of
insider.

(ii) has knowledge that the person giving the
information is a person described in this
section, including a person described in
this paragraph; or

(iii) has or had access to specific unpublished
information.

304. (1) For the purposes of this Division—
(a) a director or officer of a body corporate that is

an insider of a company is an insider of the
company; and

(b) a director or officer of a body corporate that is a
subsidiary is an insider of its holding company.

(2) For the purposes of this Division—
(a) if a body corporate becomes an insider of a

company, or enters into a business combination
with a company, a director or officer of the body
corporate is presumed to have been an insider of
the company for the previous twelve months or
for such shorter period as he was a director or an
officer of the body corporate; and

(b) if a company becomes an insider of a body
corporate, or enters into a business combination
with a body corporate, a director or officer of the
body corporate is presumed to have been an
insider of the company for the previous twelve
months or for such shorter period as he was a
director or officer of the body corporate.

(3) In subsection (2), “business combination” means an
acquisition of all or substantially all the property of one body
corporate by another, or an amalgamation of two or more
bodies corporate.

305. (1) An insider who, in connection with a transaction in
a share or debenture of the company or any of its affiliates, makes
use of any specific unpublished information for his own benefit or

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Time limit
on action.

Application of
Division.
[5 of 1997].

advantage that, if generally known, might reasonably be expected
to affect materially its value is—
(a) guilty of an offence and is, on summary

conviction, liable to a fine of ten thousand dollars
and to imprisonment for a term of six months;

(b) in civil proceedings, liable to compensate any
person for any direct loss incurred by that
person as a result of the transaction, unless the
information was known or in the exercise of
reasonable diligence should have been known,
to that person at the time of the transaction; and

(c) in civil proceedings, accountable to the
company for any direct benefit or advantage
received or receivable by the insider as a result
of the transaction.

(2) Notwithstanding any other written law, an officer of
the Commission may, in relation to an alleged offence under
subsection (1), institute and conduct criminal proceedings in a
summary Court.

306. An action to enforce a right created by section 305(1)(b)
or (c) may not be commenced except within two years after the
discovery of the facts that gave rise to the cause of action.

PART V

OTHER REGISTERED COMPANIES
DIVISION 1—COMPANIES WITHOUT SHARE CAPITAL

307. (1) This Division applies to a non-profit company.
(2) When a provision of this Division is inconsistent
with, or repugnant to, any other provision of this Act, the
provision of this Division in so far as it affects a non-profit
company to which this Division applies, supersedes and prevails
over the other provisions of this Act.
(3) For the avoidance of uncertainty, but subject to
subsection (2), the following provisions of this Act apply, with

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Incorporation.

Form of articles.
[5 of 1997].

such modifications as the circumstances of a non-profit
company require, to such a company, namely:
(a) the provisions of Divisions 1, 2, 4, 5, 6, 7, 8, 9,

11 and 12 of Part III;
(b) the provisions of Divisions 1, 2 and 3 of Part IV;
(c) the provisions of Divisions 2 and 3 of this

Part; and
(d) the provisions of Part VI and VII.
(4) A non-profit company may be a company limited
by guarantee.

308. (1) Without the prior approval of the Registrar, no articles
shall be accepted for filing in respect of any non-profit company.
(2) In order to qualify for approval, a non-profit company
shall restrict its business to one that is of a patriotic, religious,
philanthropic, charitable, educational, scientific, literary, historical,
artistic, social, professional, fraternal, sporting or athletic nature, or
the like, or to the promotion of some other useful object.
(3) Notwithstanding subsection (1), the approval of the
Registrar is not required for the continuation under this Act of a
former-Act company that was registered by licence of the
President pursuant to section 20 of the former Act.

309. The articles of a non-profit company shall be in the
prescribed form, and in addition, shall state—
(a) the restrictions on the business that the company

is to carry on;
(b) that the company has no authorised share capital

and is to be carried on without pecuniary gain to
its members, and that any profits or other
accretions to the company are to be used in
furthering its business;

(c) if the business of the company is of a social
nature, the address in full of the clubhouse or
similar building that the company is maintaining;

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Directors
ex officio.

Members
unlimited.

Admission to
membership.

Voting by
members.

Transfer of
members.

(d) that each first director becomes a member of the
company upon its incorporation; and

(e) whether the liability of the members of the
company is limited by guarantee.

310. (1) A non-profit company shall have no fewer than
three directors.
(2) The articles or Bye-laws of a non-profit company
may provide for individuals becoming directors by virtue of
holding some office outside the company.

311. (1) Unless the articles or Bye-laws of a non-profit
company otherwise provide, there is no limit on the number of
members of the company.
(2) The articles or Bye-laws of a non-profit company
may provide for more than one class of membership; but, if they
do so, they shall set forth the designation of, and the terms and
conditions attached to, each class of members.

312. Subject to the articles or Bye-laws of a non-profit
company, persons may be admitted to membership in the
company by resolution of the directors; but the articles or
Bye-laws may provide—
(a) that the resolution is not effective until confirmed

by the members in a general meeting; and
(b) that members can be admitted by virtue of

holding some office outside the company.

313. (1) Subject to subsection (2), each member of each class
of members of a non-profit company has one vote.
(2) The articles of a non-profit company may provide
that each member of a specified class has more than one vote,
or has no vote.

314. (1) Unless the articles of the company otherwise provide,
the interest of a member in a non-profit company is not transferable,
and lapses and ceases to exist upon his death or when he ceases to

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Bye-laws.

be a member by resignation, or otherwise in accordance with the
Bye-laws of the company.
(2) Where the articles of a non-profit company provide
that the interest of a member in the company is transferable, the
Bye-law may not restrict the transfer of that interest.

315. (1) The directors of a non-profit company may make
Bye-laws, not being contrary to this Act or to the articles of the
company, respecting—
(a) the admission of persons and unincorporated

associations as members and as ex officio
members, and the qualifications of, and the
conditions of, membership;

(b) the fees and dues of members;
(c) the issue of membership cards and certificates;
(d) the suspension and termination of membership

by the company and by a member;
(e) where the articles provide that the interest of a

member is transferable, the method of
transferring membership;

(f) the qualifications of, and the remuneration of,
the directors and the ex officio directors, if any;

(g) the time for, and manner of, election of directors;
(h) the appointment, remuneration, functions,

duties and removal of agents, officers and
employees of the company, and the security, if
any, to be given by them to the company;

(i) the time and place, and the notice to be given, for
the holding of meetings of the members and of the
board of directors, the quorum at meetings of
members, the requirements as to proxies, and the
procedure in all things at meetings of the members
and at meetings of the board of directors; and

(j) the conduct in all other particulars of the affairs
of the company.

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(2) The directors of a non-profit company may make
Bye-laws not being contrary to this Act or to the articles of the
company respecting—
(a) the division of its members into groups, either

territorial or on the basis of common interest;
(b) the election of some or all of the directors—
(i) by the groups on the basis of the number

of members in each group;
(ii) for the groups in a defined geographical

area, by the delegates of the groups
meeting together; or

(iii) by the groups on the basis of common
interest;

(c) the election of delegates and alternate delegates
to represent each group on the basis of the
number of members in each group;

(d) the number and qualifications of delegates and
the method of their election;

(e) the holding of meetings of members or delegates;
(f) the powers and authority of delegates at

meetings; and
(g) the holding of meetings of members or delegates

territorially or on the basis of common interest.
(3) A Bye-law passed under subsection (2)(f) may
provide that a meeting of delegates for all purposes is a meeting
of the members with all the powers of such a meeting.
(4) A Bye-law under subsection (2) is not effective until
it is confirmed by at least two-thirds of the votes cast at a general
meeting of the members duly called for that purpose.
(5) A delegate has only one vote and may not vote
by proxy.
(6) A Bye-law passed under subsection (2) may not
prohibit members from attending meetings of delegates and
participating in the discussions at the meetings.

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UPDATED TO DECEMBER 31ST 2014

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Companies Chap. 81:01 193

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

Disposal of
property on
dissolution.
[5 of 1997].

Ch. 75:02.

Application
of Division.

Registration
required.
[5 of 1997].

316. (1) Subject to subsection (2), upon dissolution, a
non-profit company shall, after satisfaction of all its debts and
liabilities, give or transfer any remaining property to such other
non-profit company as the members may, with the approval of
the President, determine.
(2) Upon the dissolution of a non-profit company whose
profits are exempt from corporation tax under section 6(1) of the
Corporation Tax Act, the company shall, after satisfaction of all
its debts and liabilities, give or transfer any remaining property to
such other non-profit company enjoying a similar exemption, as
the members may, with the approval of the Board of Inland
Revenue, determine.

DIVISION 2 — EXTERNAL COMPANIES

317. This Division shall apply to all external companies which—
(a) establish a place of business within Trinidad

and Tobago;
(b) before the commencement of this Act

established a place of business within Trinidad
and Tobago and continue to have an established
place of business within Trinidad and Tobago at
the commencement of this Act; or

(c) establish or use a share transfer or share
registration office in Trinidad and Tobago.

318. (1) External companies which after the commencement
of this Act establish a place of business within Trinidad and
Tobago shall within fourteen days from the establishment of the
place of business file with the Registrar a statement in the
prescribed form setting out—
(a) the name of the company;
(b) the jurisdiction within which the company was

incorporated;
(c) the date of its incorporation;
(d) the manner in which it was incorporated;
(e) a list of its corporate instruments;

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(f) the period, if any, fixed by its corporate
instruments for the duration of the company;

(g) the extent, if any, to which the liability of the
shareholders or members of the company is
limited;

(h) any restrictions on the business that the
company may carry on;

(i) the date on which the company commenced or
intends to commence any of its business in
Trinidad and Tobago;

(j) the authorised, subscribed and paid-up or stated
capital of the company, and the shares that the
company is authorised to issue and their
nominal or par value, if any;

(k) the full address of the registered or head office
of the company outside Trinidad and Tobago;

(l) the full address of the principal office of the
company in Trinidad and Tobago; and

(m) the full names, addresses and occupations of the
directors of the company.

(2) The statement under subsection (1) shall be
accompanied by—
(a) an affidavit or solemn declaration sworn or

made before a notary public by an officer of the
company that verifies on behalf of the company
the particulars set out in the statement and in the
case of an application for registration under
section 319 that verifies that the corporate
instruments filed under the former Act together
with any amendments thereto or variations
thereof constitute the corporate instruments of
the company at the date of the application;

(b) a copy of the corporate instruments of the
company and in the case of an application under
section 319 to the extent only that they have not
been filed under the former Act;

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Companies Chap. 81:01 195

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L.R.O.

Registration of
external
companies
registered under
former Act.
[5 of 1997].

Entitlement to
registration.
[5 of 1997].

External
amalgamated
company.
[5 of 1997].

(c) a statutory declaration by an Attorney-at-law
that to the best of his knowledge and belief this
section has been complied with;

(d) the prescribed fees; and
(e) a power of attorney in accordance with

section 323.
(3) The Registrar may accept the declaration referred to
in subsection (2)(c) as sufficient evidence of compliance with the
requirements of this section.

319. (1) Every external company that was carrying on
business in Trinidad and Tobago immediately before the
commencement date and was registered under the former Act
shall within eighteen months after that date apply to the Registrar
for a certificate of registration under this Division.
(2) Upon receipt of an application in the prescribed form
and on filing with the Registrar the documents required by
section 318, the Registrar shall issue a certificate of registration
to the company.
(3) Upon registration under this Act, the provisions of
sections 343 and 344 shall apply to an external company
registered under the former Act in respect of its business in
Trinidad and Tobago, with any necessary modifications.
(4) An external company whose name appears on the
Register maintained by the Registrar pursuant to section 472 is
presumed to be registered under this Act and an external
company whose name does not appear on that Register is
presumed not to be registered under this Act.

320. Subject to section 493(b) to (f), an external company,
upon payment of the prescribed fee, is entitled to be registered
under this Act for any lawful business.

321. An external company that has been constituted by the
amalgamation of two or more external companies shall comply
with section 323 as though it were a new registration of an external

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Language.

Attorney of
company.
[5 of 1997].

Ch. 19:06.

Failure of
power.

company, irrespective of the fact that one or more of the external
companies that constitute the amalgamated company had
been registered under this Act at the date of the amalgamation
or thereafter.
322. When a document that is required to be filed under
section 318 is not in the English language, a notarially certified
translation of that document shall be provided unless the
Registrar otherwise directs.
323. (1) An external company shall file with the Registrar a
fully executed power of attorney in the prescribed form in favour
of a company incorporated in Trinidad and Tobago, or two or
more persons resident in Trinidad and Tobago, that will empower
such company, or persons severally, to act as the attorney of the
company for the purpose of receiving service of process in all
suits and proceedings by or against the company in Trinidad and
Tobago and of receiving all lawful notices.
(2) A power of attorney under subsection (1) shall
declare that service of process in respect of suits and proceedings
by or against the company and of lawful notices on the attorney
shall be binding on the company for all purposes.
(3) An external company may, by another power of
attorney executed and deposited in accordance with this section—
(a) appoint another attorney in Trinidad and Tobago

for the purposes set forth in the power; or
(b) replace the attorney previously appointed

pursuant to this section.
(4) A power of attorney filed or deposited under this
section shall be valid although not registered under the
Registration of Deeds Act.

324. If an attorney named in a power of attorney executed by
an external company under section 323 ceases to reside in
Trinidad and Tobago or if the power of attorney becomes invalid
or ineffectual for any other reason, the company shall file another
power of attorney pursuant to section 323.

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Companies Chap. 81:01 197

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

Capacity of
attorney.
[5 of 1997].

Ch. 19:06.

325. (1) Service of process and notices on an attorney for an
external company appointed under a power of attorney registered
under section 323 is legal and binding service on the company,
provided that—
(a) where any such company makes default in filing

with the Registrar a power of attorney under
section 323; or

(b) if at any time all the persons named as attorneys
under such power of attorney are dead or have
ceased to reside in Trinidad and Tobago or cease
to exist or refuse to accept service on behalf of
the company or for any reason cannot be served,

a document may be served on the company by leaving it at or
sending it by post to any place of business established by the
company in Trinidad and Tobago.
(2) Subject to the provisions of the Registration of
Deeds Act where that Act applies, any deed of any external
company registered under this Division which may be executed
out of Trinidad and Tobago may be registered in Trinidad and
Tobago if executed under the seal of such company or, if no
provision is made in the corporate instruments of such company
for a seal, if executed on behalf of the company by not less than
two officers in accordance with the corporate instruments of such
company in the presence of one witness at least; and the
execution of such deed and that the seal thereto affixed is the seal
of the company or that the signatures of the directors, officers or
other persons affixed thereto are the proper signatures of such
officers or other persons and that the same was executed in
conformity with the corporate instruments of such company may
be proved by the affidavit or solemn declaration of one of such
witnesses or of the secretary or other officer of the company
executing such deed to be sworn or made before a notary public.
(3) Every Deed made in Trinidad and Tobago on behalf
of any such company and executed under the hand of any person
empowered, by instrument in writing under the seal of such
company either generally or in respect of any specified matters, as

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

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Certificate of
registration.
[5 of 1997].

Effect of
registration.
[5 of 1997].

Cancelling
registration.
[5 of 1997].

Revival of
registration.

its attorney to execute deeds on its behalf in Trinidad and Tobago,
shall be binding on such company and have the same effect as if
it were under the seal of the company.
326. (1) When the Registrar has, in respect of an external
company, received the statements and other documents required
under this Act together with the prescribed fees, the Registrar
shall issue a certificate showing that the company has been
registered as an external company under this Act.
(2) A certificate of registration issued under this section
to an external company is conclusive proof of the registration of
the company on the date shown in the certificate and of any other
facts that the certificate purports to certify.
327. Subject to this Division and any other laws of Trinidad
and Tobago, an external company that is registered under this Act
may carry on its business in Trinidad and Tobago and may
exercise its corporate powers within Trinidad and Tobago.
328. (Repealed by Act No. 5 of 1997).

329. (1) When an external company ceases to carry on its
business in Trinidad and Tobago, the company shall file a notice
to that effect with the Registrar, who shall thereupon cancel the
registration of the company under this Act.
(2) If an external company ceases to exist or ceases to
carry on business in Trinidad and Tobago and the Registrar is
made aware of that circumstance by evidence satisfactory to
him, the Registrar may cancel the registration of the company
under this Act.
330. (1) Where the registration of an external company has
been cancelled under section 329, the Registrar may revive the
registration of the external company under this Act if the
company files with him such documents as he may require and
pays the prescribed fee.
(2) A registration of an external company is revived when
the Registrar issues a new certificate of registration to the company.

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Companies Chap. 81:01 199

LAWS OF TRINIDAD AND TOBAGO

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Previous
activities.
[5 of 1997].

Fundamental
changes.
[5 of 1997].

Returns.
[5 of 1997].

331. Registration or revival of registration under this Act of an
external company retroactively makes lawful all previous acts of
the company otherwise unlawful by reason only of non-
registration as though the company had been registered at the
time of those acts but this section does not affect the
unlawfulness of any such acts for any other reason or for the
purpose of a prosecution for any offence under this Division.

332. (1) Where, in the case of an external company registered
under this Act—
(a) the name of the company has been changed;
(b) the corporate instruments of the company have

been altered; or
(c) the objects of the company have been altered or

its business has been restricted,
the company shall, within thirty days after the change has been
made, file with the Registrar duly certified copies of the
instruments by which the change has been made certified in
accordance with section 318(2)(a).
(2) Upon receipt of the duly certified copies referred to
in subsection (1) and the prescribed fee, the Registrar shall enter
the change in the register.
(3) Within thirty days after a change is made among its
directors, an external company shall deliver to the Registrar a
notice in the prescribed form setting out the change and the
prescribed fee, and the Registrar shall file the notice.
(4) Upon the registration under this section of a change
in respect of an external company, the Registrar shall issue to the
company a certificate of the change under his hand in a form
adapted to the circumstances.
(5) A certificate issued under subsection (4) is admissible
in evidence as conclusive proof of the change therein set out.

333. (1) An external company shall, not later than thirty days
after the anniversary date of its registration under this Act, deliver
to the Registrar an annual return in the prescribed form containing

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

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Incapacity of
company.
[5 of 1997].

Exhibition of
company’s
name.
[5 of 1997].

the prescribed information made up to such anniversary date and
accompanied by the prescribed fees.
(2) A director or officer of the external company shall
certify the contents of any return made under this section.

334. (1) An external company required to be registered
under this Act and which is not registered under this Act may not
maintain, without leave of the Court, any action, suit,
counterclaim or other proceeding in any Court in Trinidad and
Tobago but may be made a defendant to a suit.
(2) Notwithstanding subsection (1), when an external
company described in that subsection becomes registered under
this Act or had its registration restored, as the case may be, the
company may then, upon such terms as to costs as the Court may
order, maintain an action, suit, counterclaim or other proceeding
as though the company had never been disabled under that
subsection.
(3) In the case of an external company whose
registration has been restored, subsection (2) is subject to the
terms of any conditions imposed upon the company, or to the
terms of any order of the Court in respect of the restoration of the
company’s registration.

335. Every company to which this Division applies shall—
(a) where it exhibits its name at its principal office

in Trinidad and Tobago, cause the jurisdiction in
which it is incorporated to be exhibited also, and
if the liability of its members is limited, a notice
of that fact; and

(b) cause the name of the company and the
jurisdiction in which the company is
incorporated to be stated in legible characters in
all name plates, if any, bill heads and letter
paper, and in all notices, advertisements, and
other official publications of the company
originating in Trinidad and Tobago; and

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Companies Chap. 81:01 201

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Other
provisions.
[5 of 1997].

Application
of Division.
[5 of 1997].

Continuation
of company.
[5 of 1997
6 of 1999].

*See Note on page 2 on Act No. 12 of 2003 for validation of certain Acts of former-Act
companies.
† See Note on page 2 for application to the Registrar for certificate of continuance.

(c) if the liability of the members of the company is
limited, cause notice of that fact to be stated in
legible characters in all bill heads, letter paper,
notices, advertisements and other official
publications of the company in Trinidad and
Tobago and to be affixed on every place where
it carries on its business.

336. (Repealed by Act No. 5 of 1997).

337. The provisions of sections 22 to 27 and 493(b) to (f) and
the provisions of Divisions 2 to 4 of Part IV and Divisions 2 and
4 of Part VII apply mutatis mutandis to external companies.

*DIVISION 3 — FORMER-ACT COMPANIES

338. This Division does not apply to an external company.

339. (Repealed by Act No. 5 of 1997).
†340. (1) Subject to subsection (1A), every former-Act
company shall, within two years after the commencement date,
apply to the Registrar for a certificate of continuance under this Act.
(1A) Every former-Act company which is a public
company shall, within twelve months after the commencement
date, apply to the Registrar for a certificate of continuance under
this Act.
(2) (Repealed by Act No. 5 of 1997).
(3) No fee in excess of fifty dollars to defray
administration costs may be prescribed in respect of an
application and certificate of continuance under this Division.
(4) The Minister may by Order extend the deadline date
for application to the Registrar for a certificate of continuance
under subsection (1).

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Articles of
continuance.

Certificate of
continuance.

Preservation
of company.

341. (Repealed by Act No. 5 of 1997).
342. (1) Articles of continuance may, without so stating in
the articles, effect any amendment to the corporate instruments of
a former-Act company if the amendment is an amendment that a
company incorporated under this Act can make in its articles.
(2) Articles of continuance in the prescribed form shall
be sent to the Registrar together with the documents required by
sections 71 and 176.
(3) A shareholder or member may not dissent under
section 227 in respect of an amendment made under
subsection (1).
343. (1) Upon receipt of an application under this Part, the
Registrar may, and, if the applicant complies with all reasonable
requirements of the Registrar to have the continued company
accord with the requirements of this Act, the Registrar shall issue
a certificate of continuance to the former-Act company, in
accordance with section 481.
(2) On the date shown in the certificate of continuance—
(a) the former-Act company becomes a company

to which this Act applies as if it had been
incorporated under this Act;

(b) the articles of continuance are the articles of
incorporation of the continued company; and

(c) except for the purposes of section 67(1), the
certificate of continuance is the certificate of
incorporation of the continued company.

344. (1) When a former-Act company is continued as a
company under this Act—
(a) the property of the former-Act company

continues to be the property of the company;
(b) the company continues to be liable for the

obligations of the former-Act company;
(c) an existing cause of action, claim or liability to

prosecute is unaffected;

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Previous
shares.
[5 of 1997].

(d) a civil, criminal or administrative action or
proceeding pending by or against the former-
Act company may be continued by or against
the company; and

(e) a conviction against, or ruling, order or judgment
in favour of or against, the former-Act company
may be enforced by or against the company.

(2) When the Registrar determines, on the application of
a former-Act company, that it is not practicable to change a
reference to the nominal or par value of shares of a class or series
that the former-Act company was authorised to issue before it
was continued as a company under this Act, the Registrar may,
notwithstanding section 30, permit the company to continue to
refer in its articles to those shares, whether issued or non-issued,
as shares having a nominal or par value.
(3) A company shall set out in its articles the maximum
number of shares of a class or series referred to in subsection (2);
and it may not amend its articles to increase that maximum number
of shares or to change the nominal or par value of the shares.

345. (1) A share of a former-Act company issued before the
company was continued under this Act is presumed to have been
issued in compliance with this Act and with the provisions of the
articles of continuance, irrespective of whether the share is fully
paid, and irrespective of any designation, rights, privileges,
restrictions or conditions attached to the share, or set out on, or
referred to in, the certificate representing the share; and
continuance under this Act does not deprive a shareholder of any
right or privilege that he claims under an issued share of the
company, nor does it relieve him of any liability in respect of an
issued share of the company.
(2) For the purposes of this section, “share” includes an
instrument recording conversion privileges, options, or rights to
acquire shares.

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Non-
continuance
disability.
[5 of 1997].

Modes of
winding up.

Liability of
members.
[5 of 1997].

346. (1) When a former-Act company fails to apply to the
Registrar for a certificate of continuance within the time limited
therefor under section 340, then, after the expiration of that period—
(a) the former-Act company may not, without

leave, sue or counterclaim in any Court but may
be made a defendant to a suit;

(b) no dividend may be paid to any shareholder of
the former-Act company without leave of the
Court; and

(c) every director of the former-Act company is
liable to a penalty of one hundred dollars a day
for each day during which the former-Act
company carries on its business thereafter.

(2) Notwithstanding subsection (1), when a company
described in that subsection is issued a certificate of continuance,
the company may then, upon such terms as to costs as the Court
may order, maintain an action, suit or other proceeding as though
the company had never been disabled under that subsection.

347. (Repealed by Act No. 5 of 1997).
PART VI

WINDING UP
DIVISION 1—PRELIMINARY

348. (1) The winding up of a company may be either—
(a) by the Court; or
(b) voluntary.
(2) The provisions of this Act with respect to winding up
apply, unless the contrary intention appears, to the winding up of
a company in either of those modes.

349. (1) Subject to this section, in the event of a company being
wound up every present or past member is liable to contribute to the
assets of the company to an amount sufficient for payment of its
debts and liabilities, and the costs, charges and expenses of the

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winding up, and the adjustment of the rights of the contributories
among themselves.
(2) Subsection (1) is subject to the following
limitations, namely:
(a) a past member is not liable to contribute if he

has ceased to be a member for a period of one
year or upwards before the commencement of
the winding up;

(aa) a past member shall not be liable to contribute in
respect of any debt or liability of the company
contracted after he ceased to be a member;

(b) a past member is not liable to contribute unless
it appears to the Court that the existing members
are unable to satisfy the contributions required
to be made by them in pursuance of this section;

(c) in the case of a limited liability company, no
contribution is required from any member or
past member exceeding the amount, if any,
unpaid on the shares in respect of which he is
liable as a present or past member, or, as the
case may be, the amount undertaken to be
contributed by him to the assets of the company
in the event of its being wound up;

(d) any sum due from the company to a member or
past member, in his character of member, by way
of dividend or otherwise, shall not be set-off
against the amounts for which he is liable to
contribute in accordance with this section, but
any such sum shall be taken into account for the
purposes of final adjustment of the rights of the
members and past members amongst themselves.

(3) “Member”, in relation to a company, means an
incorporator of the company and any other person who agrees to
become a member of the company and whose name is entered in
the company’s register of members; and for the purposes of
subsections (1) and (2), “past member” includes the estate of a

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Saving.

Definitions.
[5 of 1997].

Nature of
liability of
contributory.

Contributories
in case of death
of member.

deceased member and, where any person dies after becoming
liable as a member or past member, the liability is enforceable
against his estate.
(4) In the event of a company being wound up, any part
of the issue price of a share remaining to be paid shall, with effect
from the commencement of the winding up, be treated as an
amount unpaid on the share whether or not the due date for the
payment has occurred.
350. Nothing in this Act shall invalidate any provision
contained in any policy of insurance or other contract whereby
the liability of individual members on the policy or contract is
restricted, or whereby the funds of the company are alone made
liable in respect of the policy or contract.
351. In this Part—
“affairs”, in relation to a company, includes a business carried on

by the company;
“call” means a demand for the payment of any amount unpaid on

the issue price of a share and includes a demand made on a
contributory of an unlimited company to contribute to the
payment of the liabilities of the company in excess of its
assets;

“contributory” means every person liable to contribute to the
assets of a company in the event of its being wound up, and
for the purposes of all proceedings for determining, and all
proceedings prior to the final determination of, the persons
who are to be deemed contributories, includes any person
alleged to be a contributory and any person who is a member
of the company at the commencement of the winding up.

352. The liability of a contributory creates a debt in the nature
of a specialty accruing due from the contributory at the time
when his liability commenced, but payable at the times when
calls are made for enforcing the liability.
353. (1) If a contributory dies either before or after he has been
placed on the list of contributories, his personal representatives

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Contributories
in case of
bankruptcy of
members.

Circumstances
in which
company may
be wound up
by Court.

are liable in due course of administration to contribute to the assets
of the company in discharge of his liability and shall be
contributories accordingly.
(2) If the personal representatives make default in
paying any money ordered to be paid by them, proceedings may
be taken for administering the estate of the deceased contributory,
and for compelling payment thereout of the money due.
354. If a contributory becomes bankrupt, either before or after
he has been placed on the list of contributories—
(a) his trustee in bankruptcy shall represent him for

all the purposes of the winding up, and shall be
a contributory accordingly, and may be called
on to admit proof against the estate of the
bankrupt, or otherwise to allow to be paid out of
his assets in due course of law, any money due
from the bankrupt in respect of his liability to
contribute to the assets of the company; and

(b) there may be proved against the estate of the
bankrupt the estimated value of his liability to
future calls as well as calls already made.

DIVISION 2 — WINDING UP BY THE COURT

355. A company may be wound up by the Court if—
(a) the company has by special resolution resolved

that the company be wound up by the Court;
(b) the company does not commence its business

within a year from its incorporation, or suspends
its business for a whole year;

(c) the company is unable to pay its debts;
(d) an inspector appointed under Division 2 of

Part VII has reported that he is of the opinion—
(i) that the company cannot pay its debts and

should be wound up; or
(ii) that it is in the interests of the public or of

the shareholders or of the creditors that
the company should be wound up; or

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Definition of
inability to
pay debts.
[5 of 1997].

Petition for
winding up.
[5 of 1997].

(e) the Court is of the opinion that it is just and
equitable that the company should be wound up.

356. (1) A company is deemed to be unable to pay its
debts if—
(a) a creditor, by assignment or otherwise, to whom

the company is indebted in a sum exceeding five
thousand dollars then due, has served on the
company, by leaving it at the registered office of
the company, a demand under his hand or under
the hand of his agent lawfully authorised requiring
the company to pay the sum so due, and the
company has for three weeks thereafter neglected
to pay the sum, or to secure or compound for it to
the reasonable satisfaction of the creditor;

(b) execution or other process issued on a judgment
decree or order of any Court in favour of a
creditor of the company is returned unsatisfied
in whole or in part; or

(c) it is proved to the satisfaction of the Court that
the company is unable to pay its debts, and, in
determining whether a company is unable to
pay its debts, the Court shall take into account
the contingent and prospective liabilities of
the company.

(2) (Repealed by Act No. 5 of 1997).
(3) The money sum for the time being specified in
subsection (1)(a) is subject to increase or reduction by regulation
under section 507.

357. (1) Subject to this section, an application to the Court
for the winding up of a company shall be by petition presented
either by—
(a) the company;
(b) a creditor, including a contingent or prospective

creditor, of the company;

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Powers of Court
on hearing
petition.

(c) a contributory; or
(d) the trustee in bankruptcy to, or personal

representative of, a creditor or contributory; or
(e) any two or more of the parties referred to in

paragraphs (a) to (d).
(2) Notwithstanding anything in subsection (1)—
(a) a contributory is not entitled to present a

winding up petition unless the shares in respect
of which he is a contributory, or some of them,
either were originally allotted to him or have
been held by him, and registered in his name, for
at least six months during the eighteen months
before the commencement of the winding up, or
have devolved on him through the death of a
former holder; and

(b) the Court shall not hear a winding up petition
presented by a contingent or prospective
creditor until such security for costs has been
given as the Court thinks reasonable and until a
prima facie case for winding up has been
established to the satisfaction of the Court.

(3) Where a company is being wound up voluntarily, a
winding up petition may be presented by the Official Receiver as
well as by any other person authorised in that behalf under the
other provisions of this section, but the Court shall not make a
winding up order on the petition unless it is satisfied that the
voluntary winding up cannot be continued with due regard to the
interests of the creditors or contributories.
(4) A contributory is entitled to present a winding up
petition notwithstanding that there may not be assets available on
the winding up for distribution to contributories.

358. (1) On hearing a winding up petition, the Court may
dismiss it, or adjourn the hearing conditionally or unconditionally,
or make any interim order, or any other order that it thinks fit, but

UNOFFICIAL VERSION


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Power to stay
or restrain
proceedings
against
company.

Avoidance of
dispositions of
property, etc.,
after
commencement
of winding up.

Avoidance of
attachments, etc.

the Court shall not refuse to make a winding up order on the
ground only that the assets of the company have been mortgaged
to an amount equal to or in excess of those assets, or that the
company has no assets.
(2) Where the petition is presented by members of the
company as contributories on the ground that it is just and
equitable that the company should be wound up, the Court, if it
is of the opinion—
(a) that the petitioners are entitled to relief either by

winding up the company or by some other
means; and

(b) that in the absence of any other remedy it would
be just and equitable that the company should be
wound up,

shall make a winding up order, unless it is also of the opinion that
some other remedy is available to the petitioners and that they are
acting unreasonably in seeking to have the company wound up
instead of pursuing that other remedy.

359. At any time after the presentation of a winding up
petition, and before a winding up order has been made, the
company, or any creditor or contributory, may, where any action
or proceeding is pending against the company, apply to the Court
to stay or restrain further proceedings, and the Court may stay or
restrain the proceedings accordingly on such terms as it thinks fit.

360. In a winding up by the Court, any disposition of the
property of the company, including things in action, of and any
transfer of shares, or alteration in the status of the members of the
company, made after the commencement of the winding up, is,
unless the Court otherwise orders, void.

361. Where any company is being wound up by the Court, any
attachment, sequestration, distress, or execution put in force
against the estate or effects of the company after the
commencement of the winding up is void.

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Companies Chap. 81:01 211

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L.R.O.

Commencement
of winding up
by the Court.

Copy of order
to be forwarded
to Registrar.

Actions
stayed on
winding up
order.

Effect of
winding up
order.

Meaning of
“Official
Receiver”.

Statement of
company’s
affairs.

362. (1) Where before the presentation of a petition for the
winding up of a company by the Court a resolution has been
passed by the company for voluntary winding up, the winding up
of the company is deemed to have commenced at the time of the
passing of the resolution, and unless the Court, on proof of fraud
or mistake, thinks fit otherwise to direct, all proceedings taken in
the voluntary winding up are deemed to have been validly taken.
(2) In any other case, the winding up of a company by
the Court is deemed to commence at the time of the presentation
of the petition for winding up.

363. (1) On the making of a winding up order, a copy of the
order shall forthwith be lodged by the company, or otherwise as
may be prescribed, with the Registrar, who shall make an entry
thereof in his records relating to the company.
(2) If default is made in lodging a copy of a winding up
order with the Registrar as required by subsection (1), every
officer of the company or other person who knowingly authorises
or permits the default is guilty of an offence.

364. When a winding up order has been made, or a provisional
liquidator has been appointed, no action or proceeding shall be
proceeded with or commenced against the company except by leave
of the Court, and subject to such terms as the Court may impose.

365. An order for winding up a company shall operate in favour
of all the creditors and of all the contributories of the company, as
if made on the joint petition of a creditor and of a contributory.

OFFICIAL RECEIVER

366. For the purpose of this Act, “Official Receiver” means
the Official Receiver attached to the Court for bankruptcy
purposes, and includes any Assistant Official Receiver.
367. (1) Where the Court has made a winding up order or
appointed a provisional liquidator, there shall, unless the Court
otherwise orders, be made out and submitted to the Official

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Receiver a statement as to the affairs of the company in the
prescribed form, verified by affidavit, and showing the
particulars of its assets, debts and liabilities, the names,
residences, and occupations of its creditors, the securities held by
them respectively, the dates when the securities were respectively
given, and such further or other information as may be prescribed
or as the Official Receiver may require.
(2) The statement shall be submitted and verified by one
or more of the persons who are at the relevant date the directors
and by the person who is at that date the secretary of the company,
or by such of the persons hereinafter in this subsection mentioned
as the Official Receiver, subject to the direction of the Court, may
require to submit and verify the statement, that is to say, persons—
(a) who are or have been officers, other than

employees, of the company;
(b) who have taken part in the formation of the

company at any time within one year before the
relevant date;

(c) who are in the employment of the company, or
have been in the employment of the company
within that year, and are in the opinion of the
Official Receiver capable of giving the
information required; and

(d) who are or have been within that year officers of
or in the employment of a company, which is, or
within that year was, an officer of the company
to which the statement relates.

(3) The statement shall be submitted within fourteen
days from the relevant date, or within such extended time as the
Official Receiver or the Court may for special reasons allow.
(4) Any person making or concurring in making the
statement and affidavit required by this section shall be allowed,
and shall be paid by the Official Receiver or provisional
liquidator, as the case may be, out of the assets of the company,
such costs and expenses incurred in and about the preparation
and making of the statement and affidavit as the Official Receiver
considers reasonable, subject to an appeal to the Court.

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L.R.O.

Report by
Official
Receiver.

(5) Any person who, without reasonable excuse, makes
default in complying with the requirements of this section is
guilty of an offence.
(6) Any person stating himself in writing to be a creditor
or contributory of the company is entitled by himself or by his
agent at all reasonable times, on payment of the prescribed fee, to
inspect the statement submitted in pursuance of this section, and
to a copy thereof or extract therefrom.
(7) Any person untruthfully so stating himself to be a
creditor or contributory is guilty of a contempt of Court and shall,
on the application or the liquidator or of the Official Receiver, be
punishable accordingly.
(8) In this section, “the relevant date” means, in a case
where a provisional liquidator is appointed, the date of his
appointment and, in a case where no such appointment is made,
the date of the winding up order.
368. (1) In a case where a winding up order is made, the Official
Receiver shall, as soon as practicable after receipt of the statement to
be submitted under section 367, or, in a case where the Court orders
that no statement shall be submitted, as soon as practicable after the
date of the order, submit a preliminary report to the Court—
(a) as to the amount of capital issued and subscribed,

and the estimated amount of assets and liabilities;
(b) if the company has failed, as to the causes of the

failure; and
(c) whether in his opinion further inquiry is

desirable as to any matter relating to the
promotion, formation or failure of the company,
or the conduct of the business thereof.

(2) The Official Receiver may also, if he thinks fit, make
a further report, or further reports, stating the manner in which
the company was formed and whether in his opinion any fraud
has been committed by any person in its promotion or formation,
or by any officer of the company in relation to the company since
the formation thereof, and any other matters which in his opinion
it is desirable to bring to the notice of the Court.

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Power of
Court to
appoint
liquidators.

Appointment
and powers of
provisional
liquidator.
[5 of 1997].

Appointment,
style, etc, of
liquidator.
[5 of 1997].

LIQUIDATORS

369. For the purposes of conducting the proceedings in
winding up a company and performing such duties in reference
thereto as the Court may impose, the Court may appoint a
liquidator or liquidators.

370. (1) Subject to the provisions of this section, the Court
may appoint a liquidator provisionally at any time after the
presentation of a winding up petition, and either the Official
Receiver or any other fit person may be appointed.
(2) Where a liquidator is provisionally appointed by the
Court, the Court may limit and restrict his powers by the order
appointing him.

371. The following provisions with respect to liquidators have
effect on a winding up order being made, namely:
(a) the Official Receiver shall by virtue of his office

become the provisional liquidator and shall
continue to act as such until he or another person
becomes liquidator and is capable of acting
as such;

(b) the Official Receiver shall summon separate
meetings of the creditors and contributories of
the company for the purpose of determining
whether or not an application is to be made to
the Court for appointing a liquidator in the place
of the Official Receiver;

(c) the Court may make any appointment and order
required to give effect to any such determination,
and, if there is a difference between the
determinations of the meetings of the creditors
and contributories in respect of any such matter,
the Court shall decide the difference and make
such order thereon as the Court may think fit;

(d) in a case where a liquidator is not appointed by
the Court, the Official Receiver shall be the
liquidator of the company;

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L.R.O.

Provisions
where person
other than
Official
Receiver is
appointed
liquidator.

General
provisions as to
liquidators.
[5 of 1997].

(e) the Official Receiver shall by virtue of his office
be the liquidator during any vacancy; and

(f) a liquidator shall be described, where a person
other than the Official Receiver is liquidator, by
the style of “the liquidator” and, where the
Official Receiver is liquidator, by the style of
“the Official Receiver and liquidator”, of the
particular company in respect of which he is
appointed, and not by his individual name.

372. (1) Where in the winding up of a company by the Court
a person other than the Official Receiver is appointed liquidator,
that person—
(a) shall not be capable of acting as liquidator until

he has notified his appointment to the Registrar
and given security in such manner as the Court
may direct; and

(b) shall give the Official Receiver such
information and such access to and facilities for
inspecting the books and documents of the
company and generally such aid as may be
requisite for enabling the Official Receiver to
perform his duties under this Act.

(2) If a liquidator contravenes subsection (1)(b), he is
guilty of an offence.

373. (1) A liquidator appointed by the Court may resign or,
on cause shown, be removed by the Court.
(2) Where a person other than the Official Receiver is
appointed liquidator, he shall receive such salary or remuneration
by way of percentage or otherwise as the Court may direct and,
if more persons than one are appointed liquidators, their
remuneration shall be distributed among them in such
proportions as the Court directs.
(3) A vacancy in the office of a liquidator appointed by
the Court shall be filled by the Court.

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Custody of
company’s
property.

Vesting of
property in
company as
liquidator.

Powers of
liquidator.

(4) If more than one liquidator is appointed by the
Court, the Court shall declare whether any act by this Act
required or authorised to be done by the liquidator is to be done
by all or any one or more of the persons appointed.
(5) Subject to section 450, the acts of a liquidator are
valid notwithstanding any defects that may afterwards be
discovered in his appointment or qualification.
374. Where a winding up order has been made or a
provisional liquidator has been appointed, the liquidator, or the
provisional liquidator, as the case may be, shall take into his
custody, or under his control, all the property and things in action
to which the company is or appears to be entitled.

375. Where a company is being wound up by the Court, the
Court may, on the application of the liquidator, by order direct
that all or any part of the property of whatsoever description
belonging to the company or held by trustees on its behalf shall
vest in the liquidator by his official name, and thereupon the
property to which the order relates shall vest accordingly, and the
liquidator may, after giving such indemnity, if any, as the Court
may direct, bring or defend in his official name any action or
other legal proceeding which relates to that property or which it
is necessary to bring or defend for the purpose of effectually
winding up the company and recovering its assets.
376. (1) The liquidator in a winding up by the Court may with
the sanction either of the Court or of the committee of inspection—
(a) bring or defend any action or other legal

proceeding in the name and on behalf of the
company;

(b) carry on the business of the company, so far as
may be necessary, for the beneficial winding up
thereof;

(c) appoint an Attorney-at-law or other agent to
assist him in the performance of his duties;

(d) pay any classes of creditors in full if the assets of
the company remaining in his hands will suffice

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Companies Chap. 81:01 217

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L.R.O.

to pay in full the debts and liabilities of the
company which rank for payment before, or
equally with, the debts or claims of the first-
mentioned creditors;

(e) make any compromise or arrangement with
creditors or persons claiming to be creditors, or
having or alleging themselves to have any
claim, present or future, certain or contingent,
ascertained or sounding only in damages against
the company, or whereby the company may be
rendered liable;

(f) compromise any calls and liabilities to calls, debts
and liabilities capable of resulting in debts, and all
claims, present or future, certain or contingent,
ascertained or sounding only in damages,
subsisting or supposed to subsist between the
company and a contributory, or alleged
contributory, or other debtor or person
apprehending liability to the company, and all
questions in any way relating to or affecting the
assets or the winding up of the company, on such
terms as are agreed, and take any security for the
discharge of any such call, debt, liability or claim,
and give a complete discharge in respect thereof.

(2) The liquidator in a winding up by the Court may—
(a) sell the real and personal property and things in

action of the company by public auction or private
contract, with power to transfer the whole thereof
to any person or to sell the same in parcels;

(b) do all acts and execute, in the name and on
behalf of the company, all deeds, receipts, and
other documents, and for that purpose to use,
when necessary, the company’s seal;

(c) prove, rank and claim in the bankruptcy,
insolvency or sequestration of any contributory,
for any balance against his estate, and receive
dividends in the bankruptcy, insolvency or

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Exercise
and control
of liquidator’s
powers.

sequestration in respect of that balance as a
separate debt due from the bankrupt or insolvent,
and rateably with the other separate creditors;

(d) draw, accept, make and endorse any bill of
exchange or promissory note in the name and on
behalf of the company, with the same effect with
respect to the liability of the company as if the
bill or note had been drawn, accepted, made or
endorsed by or on behalf of the company in the
course of its business;

(e) raise on the security of the assets of the
company any money requisite;

(f) take out in his official name letters of
administration to any deceased contributory, and
do in his official name any other act necessary
for obtaining payment of any money due from a
contributory or his estate which cannot be
conveniently done in the name of the company,
and in all such cases the money due is, for the
purpose of enabling the liquidator to take out the
letters of administration or recover the money,
deemed to be due to the liquidator himself;

(g) appoint an agent to do any business which the
liquidator is unable to do himself; and

(h) do all such other things as may be necessary for
winding up the affairs of the company and
distributing its assets.

(3) The exercise by the liquidator in a winding up by the
Court of the powers conferred by this section shall be subject to
the control of the Court, and any creditor or contributory may
apply to the Court with respect to any exercise or proposed
exercise of any of those powers.
377. (1) Subject to this Part, the liquidator of a company
which is being wound up by the Court shall, in the administration
of the assets of the company and in the distribution thereof among
its creditors, have regard to any directions that may be given by
resolution of the creditors or contributories at any general meeting,

218 Chap. 81:01 Companies

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Books to
be kept by
liquidator.

Payments
of liquidator
into Bank.

or by the committee of inspection, and any directions so given by
the creditors or contributories shall in case of conflict be deemed
to override any directions given by the committee of inspection.
(2) The liquidator may summon general meetings of the
creditors or contributories for the purpose of ascertaining their
wishes, and he shall summon meetings at such times as the
creditors or contributories, by resolution, either at the meeting
appointing the liquidator or otherwise, direct, or whenever
requested in writing to do so by not less than one-tenth in value
of the creditors or contributories.
(3) The liquidator may apply to the Court in the
prescribed manner for directions in relation to any particular
matter arising under the winding up.
(4) Subject to this Part, the liquidator shall use his own
discretion in the management of the estate and its distribution
among the creditors.
(5) If any person is aggrieved by any act or decision of
the liquidator, that person may apply to the Court, and the Court
may confirm, reverse, or modify the act or decision complained
of, and make such order as it thinks fit.
378. (1) Every liquidator of a company which is being
wound up by the Court shall keep, in the prescribed manner,
proper books in which he shall cause to be made entries or
minutes of proceedings at meetings, and of such other matters as
may be prescribed, and any creditor or contributory may, subject
to the control of the Court, personally or by his agent inspect any
such books and make copies thereof or extracts therefrom.
(2) If a liquidator fails to keep proper books as required
by subsection (1) or refuses to allow any inspection permitted
thereby, he is guilty of an offence.
379. (1) Every liquidator of a company which is being wound
up by the Court shall pay the money received by him into such
bank as the Court may direct.
(2) If any such liquidator at any time retains for more
than ten days a sum exceeding two hundred dollars, or such other

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Audit of
liquidator’s
accounts.

Control of
Registrar over
liquidators.

amount as the Court in any particular case authorises him to retain,
then, unless he explains the retention to the satisfaction of the Court,
he shall pay interest on the amount so retained in excess at the rate
of twenty per cent per annum and shall be liable to disallowance of
all or such part of his remuneration as the Court may think just, and
to be removed from his office by the Court, and shall be liable to
pay any expenses occasioned by reason of his default.
(3) A liquidator of a company which is being wound up
by the Court shall not pay any sums received by him as liquidator
into his private banking account.
(4) A liquidator who contravenes the provisions of
subsection (3) is guilty of an offence.
380. (1) Every liquidator of a company which is being
wound up by the Court shall, at such times as may be prescribed
but not less than twice in each year during his tenure of office,
send to the Registrar an account of his receipts and payments
as liquidator.
(2) The account shall be in a prescribed form, shall be
made in duplicate, and shall be verified by an affidavit or a
statutory declaration in the prescribed form.
(3) The Registrar shall cause the account to be audited
by an auditor eligible for appointment as auditor of a company
under section 158, and for the purpose of the audit the liquidator
shall furnish the auditor with such vouchers and information
as the auditor may require, and the auditor may at any time
require the production of and inspect any books or accounts kept
by the liquidator.
(4) When the account has been audited, one copy
thereof shall be filed and kept by the Registrar and the other copy
shall be delivered to the Court for filing, and each copy shall be
open to the inspection of any creditor or any person interested.
(5) If a liquidator fails to comply with any of the duties
imposed on him by this section, he is guilty of an offence.

381. (1) The Registrar shall take cognisance of the conduct of
liquidators of companies which are being wound up by the Court,

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Companies Chap. 81:01 221

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L.R.O.

Release of
liquidator.

and, if a liquidator does not faithfully perform his duties and duly
observe all the requirements imposed on him by statute, rules, or
otherwise with respect to the performance of his duties, or if any
complaint is made to the Registrar by any creditor or contributory
in regard thereto, the Registrar shall inquire into the matter, and
take such action thereon as he may think expedient.
(2) The Registrar may at any time require any liquidator
of a company which is being wound up by the Court to answer
any inquiry in relation to any winding up in which he is engaged
and may, if the Registrar thinks fit, apply to the Court to examine
him or any other person on oath concerning the winding up.
(3) The Registrar may also direct an investigation to be
made of the books and vouchers of the liquidator.

382. (1) When the liquidator of a company which is being wound
up by the Court has realised all the assets of the company, or so much
thereof as can, in his opinion be realised without needlessly protracting
the liquidation, and has distributed a final dividend, if any, to the
creditors, and adjusted the rights of the contributories among
themselves, and made a final return, if any, to the contributories, or has
resigned, or has been removed from his office, the Registrar shall, on
his application, cause a report on his accounts to be prepared, and, on
his complying with all the requirements of the Registrar, shall take into
consideration the report, and any objection which may be urged by any
creditor or contributory or person interested against the release of the
liquidator, and shall either grant or withhold the release accordingly,
subject nevertheless to an appeal to the Court.
(2) Where the release of a liquidator is withheld, the
Court may, on application of any creditor or contributory, or
person interested, make such order as it thinks just, charging the
liquidator with the consequences of any act or default which he
may have done or made contrary to- his duty.
(3) An order of the Registrar releasing the liquidator shall
discharge him from all liability in respect of any act done or default
made by him in the administration of the affairs of the company,

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Meetings of
creditors and
contributories to
determine
whether
committee of
inspection shall
be appointed.

Constitution
and proceedings
of committee of
inspection.

or otherwise in relation to his conduct as liquidator, but any such
order may be revoked on proof that it was obtained by fraud or
by suppression or concealment of any material fact.

COMMITTEE OF INSPECTION

383. (1) When a winding up order has been made by the Court,
it shall be the business of the separate meetings of creditors and
contributories summoned for the purpose of determining whether
or not an application should be made to the Court for appointing a
liquidator other than the Official Receiver, to determine further
whether or not an application is to be made to the Court for the
appointment of a committee of inspection to act with the liquidator
and who are to be members of the committee if appointed.
(2) The Court may make any appointment and order
required to give effect to any such determination, and if there is
a difference between the determination of the meetings of the
creditors and contributories the Court shall decide the difference
and make such order as the Court thinks fit.
384. (1) A committee of inspection appointed in pursuance of
this Act shall consist of creditors and contributories of the
company or persons holding general powers of attorney from
creditors or contributories in such proportions as is agreed on by
the meetings of the creditors and contributories, or as, in the case
of a difference, may be determined by the Court.
(2) The committee shall meet at such time as they
from time to time appoint, and, failing such appointment, at least
once a month and the liquidator or any member of the committee
may also call a meeting of the committee as and when he
thinks necessary.
(3) The committee may act by a majority of their
members present at a meeting, but shall not act unless a majority
of the committee is present.
(4) A member of the committee may resign by notice in
writing signed by him and delivered to the liquidator.
(5) If a member of the committee becomes bankrupt, or
compounds or arranges with his creditors, or is absent from five

222 Chap. 81:01 Companies

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UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Companies Chap. 81:01 223

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

Powers of
Court where
no committee
of inspection.

Power to stay
winding up, etc.
[5 of 1997].

consecutive meetings of the committees without the leave of
those members who together with himself represent the creditors
or contributories, as the case may be, his office shall thereupon
become vacant.
(6) A member of the committee may be removed by an
ordinary resolution at a meeting of creditors, if he represents
creditors, or of contributories, if he represents contributories, of
which seven days’ notice has been given, stating the object of
the meeting.
(7) On a vacancy occurring in the committee, the
liquidator shall forthwith summon a meeting of creditors or of
contributories, as the case may require, to fill the vacancy, and
the meeting may, by resolution, reappoint the same or appoint
another creditor or contributory to fill the vacancy; but if the
liquidator, having regard to the position in the winding up, is of
the opinion that it is unnecessary for the vacancy to be filled, he
may apply to the Court and the Court may make an order that the
vacancy shall not be filled, or shall not be filled except in such
circumstances as may be specified in the order.
(8) The continuing members of the committee, if not less
than two, may act notwithstanding any vacancy in the committee.
385. Where in the case of a winding up there is no committee of
inspection, the Court may, on the application of the liquidator, do
any act or thing or give any direction or permission which is by this
Act authorised or required to be done or given by the committee.

GENERAL POWERS OF COURT

386. (1) The Court may at any time after an order for winding
up, on the application either of the liquidator, or the Official
Receiver, or any creditor or contributory, and on proof to the
satisfaction of the Court that all proceedings in relation to the
winding up ought to be stayed, make an order staying the
proceedings, either altogether or for a limited time, on such terms
and conditions as the Court thinks fit.
(2) The Court may, at any time after an order for winding
up, on the application either of the liquidator or a creditor, and

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Settlement of
list of
contributories
and application
of assets.

Delivery of
property to
liquidator.

after having regard to the wishes of the creditors and contributories,
make an order directing that the winding up, ordered by the Court,
shall be conducted as a creditors’ voluntary winding up; and, if the
Court does so, the winding up shall be so conducted.
(3) On any application under subsection (1), the Court
may, before making an order, require the Official Receiver to
furnish to the Court a report with respect to any facts or matters
which are in his opinion relevant to the application.
(4) A copy of every order made under this section shall
forthwith be lodged by the company, or otherwise as may be
prescribed, with the Registrar, who shall make an entry of the
order in his records relating to the company.
(5) If default is made in lodging a copy of an order made
under this section with the Registrar as required by subsection
(4), every officer of the company or other person who knowingly
authorises or permits the default is guilty of an offence.

387. (1) As soon as may be after making a winding up order,
the Court shall settle a list of contributories, and may rectify the
register of members in all cases where rectification is required in
pursuance of this Act, and shall cause the assets of the company
to be collected and applied in discharge of its liabilities.
(2) Notwithstanding subsection (1), where it appears to
the Court that it will not be necessary to make calls on or adjust
the rights of contributories, the Court may dispense with the
settlement of a list of contributories.
(3) In settling the list of contributories, the Court shall
distinguish between persons who are contributories in their own
right and persons who are contributories as being representatives
of or liable for the debts of others.
(4) The list of contributories when settled shall be
prima facie evidence of the liabilities of the persons named
therein as contributories.

388. The Court may, at any time after making a winding up
order, require any contributory for the time being on the list of

224 Chap. 81:01 Companies

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UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Companies Chap. 81:01 225

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

Payment of
debts due by
contributory to
company and
extent to which
set-off allowed.
[5 of 1997].

Power of Court
to make calls.

contributories, and any trustee, receiver, banker, agent or officer
of the company to pay, deliver, convey, surrender or transfer
forthwith, or within such time as the Court directs, to the
liquidator any assets or books and papers in his hands to which
the company is prima facie entitled.

389. (1) The Court may, at any time after making a winding
up order, make an order directing any contributory for the time
being on the list of contributories to pay, in the manner directed
by the order, any money due from him or from the estate of the
person whom he represents to the company, exclusive of any
money payable by him or the estate by virtue of any call in
pursuance of this Act.
(1A) The Court in making such an order may, in the case
of an unlimited liability company, allow to the contributory by
way of set-off any money due to him or to the estate which he
represents from the company in any independent dealing or
contract with the company, but not any money due to him as a
member of the company in respect of any dividend or profit.
(2) In the case of any company, when all the creditors
are paid in full, any money due on account whatever to a
contributory from the company may be allowed to him by way of
set-off against any subsequent call.

390. (1) The Court may, at any time after making a winding
up order, and either before or after it has ascertained the
sufficiency of the assets of the company, make calls on all or any
of the contributories for the time being settled on the list of the
contributories to the extent of their liability, for payment of any
money which the Court considers necessary to satisfy the debts
and liabilities of the company, and the costs, charges, and
expenses of winding up, and for the adjustment of the rights of
the contributories, among themselves, and make an order for
payment of any calls so made.
(2) In making a call, the Court may take into
consideration the probability that some of the contributories may
partly or wholly fail to pay the call.

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Payment into
bank of moneys
due to company.

Order on
contributory
is conclusive
evidence.

Appointment
of special
manager.

Power to
exclude
creditors not
proving in time.

Adjustment of
rights of
contributories.

391. (1) The Court may order any contributory, purchaser or
other person from whom money is due to the company to pay the
amount due into a bank to the account of the liquidator instead of
to the liquidator, and any such order may be enforced in the same
manner as if it had directed payment to the liquidator.
(2) All moneys and securities paid or delivered into such
bank in the event of a winding up by the Court shall be subject in
all respects to the orders of the Court.
392. An order made by the Court on a contributory is, subject
to any right of appeal, conclusive evidence that the money, if any,
thereby appearing to be due or ordered to be paid is due, and all
other pertinent matters stated in the order shall be taken to be
truly stated as against all persons and in all proceedings.
393. (1) Where in any proceedings the Official Receiver
becomes the liquidator of a company, whether provisionally or
otherwise, he may, if satisfied that the nature of the estate or business
of the company, or the interests of the creditors or contributories
generally, require the appointment of a special manager of the estate
or business of the company other than himself, apply to the Court,
and the Court may on the application appoint a special manager of
the estate or business to act during such time as the Court directs,
with such powers, including any of the powers of a receiver or
manager, as are entrusted to him by the Court.
(2) The special manager shall give such security and
account in such manner as the Court directs.
(3) The special manager shall receive such remuneration
as may be fixed by the Court.
394. The Court may fix a time or times within which creditors
are to prove their debts or claims or after which they will be
excluded from the benefit of any distribution made before those
debts are proved.

395. The Court shall adjust the rights of the contributories
among themselves, and distribute any surplus among the persons
entitled thereto.

226 Chap. 81:01 Companies

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UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Companies Chap. 81:01 227

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

Inspection of
books by
creditors or
contributories.

Power to order
costs of winding
up to be paid
out of assets.

Power to
summon
person
suspected
of having
property of
company.

396. (1) The Court may, at any time after making a winding
up order, make such order for inspection of the books and papers
of the company by creditors and contributories as the Court
thinks just, and any books and papers in the possession of the
company may be inspected by creditors and contributories
accordingly, but not further or otherwise.
(2) Nothing in this section shall be taken as excluding
or restricting any statutory rights of a Government Department
or a person under the authority of a Government Department or
the Minister.
397. The Court may, in the event of the assets being insufficient
to satisfy the liabilities, make an order as to the payment out of the
assets of the costs, charges and expenses incurred in the winding
up in such order of priority as the Court thinks fit.

398. (1) The Court may, at any time after the appointment of a
provisional liquidator or the making of a winding up order, summon
before it any officer of the company or person known or suspected
to have in his possession any property of the company, or supposed
to be indebted to the company, or any person whom the Court
deems capable of giving information concerning the promotion,
formation, trade, dealings, affairs, or property of the company.
(2) The Court may examine him on oath concerning the
matters mentioned in subsection (1), either by word of mouth or
on written interrogatories, and may reduce his answers to writing
and require him to sign them, and any writing so signed may be
used in evidence in any legal proceedings against him.
(3) The Court may require him to produce any books
and papers in his custody or power relating to the company, but
where he claims any lien on books or papers produced by him,
the production shall be without prejudice to that lien, and the
Court shall have jurisdiction in the winding up to determine all
questions relating to that lien.
(4) If any person so summoned, after being tendered a
reasonable sum for his expenses, refuses to come before the Court at
the time appointed, not having a lawful impediment (made known

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Power to
order public
examination of
promoters,
directors, etc.

to the Court at the time of its sitting, and allowed by it), the Court
may cause him to be apprehended and brought before the Court
for examination.

399. (1) Where an order has been made for winding up a
company by the Court, and the Official Receiver has made a
further report under this Act stating that in his opinion a fraud or
improper conduct has been committed, or engaged in, by any
person in the promotion or formation of the company, or by any
officer of the company in relation to the company since its
formation, the Court may, after consideration of the report, direct
that the person or officer or any other person who was previously
an officer of the company, including any banker, Attorney-at-law
or auditor, or who is known or suspected to have in his possession
any property of the company or is supposed to be indebted to the
company or any person who the Court deems capable of giving
information concerning the promotion, formation, trade dealings,
affairs or property of the company, shall attend before the Court
on a day appointed by the Court for that purpose, and be publicly
examined as to the promotion or formation or the conduct of the
business of the company, or in the case of an officer or former
officer as to his conduct and dealings as officer thereof.
(2) The Official Receiver shall take part in the
examination, and for that purpose may, if specially authorised by
the Court in that behalf, employ an Attorney-at-law.
(3) The liquidator, where the Official Receiver is not the
liquidator, and any creditor or contributory, may also take part in
the examination either personally or by Attorney-at-law.
(4) The Court may put such questions to the person
examined as the Court thinks fit.
(5) The person examined shall be examined on oath and
is not excused from answering any questions put to him on the
ground that the answer might tend to incriminate him but, where
he claims before answering the question, that the answer might
tend to incriminate him, neither the question nor the answer is
admissible in evidence against him in criminal proceedings other

228 Chap. 81:01 Companies

LAWS OF TRINIDAD AND TOBAGO

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Companies Chap. 81:01 229

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

Power to
restrain
fraudulent
persons from
managing
companies.
[5 of 1997].

than proceedings under subsection (10) or in relation to a charge
of perjury in respect of the answer.
(6) A person ordered to be examined shall at his own
cost, before his examination, be furnished a copy of the Official
Receiver’s report, and may at his own cost employ an Attorney-
at-law who shall be at liberty to put to him such questions as the
Court may deem just for the purpose of enabling him to explain
or qualify any answers given by him.
(7) When a person directed to attend before the Court
under subsection (1) applies to the Court to be exculpated from
any charges made or suggested against him, the Official Receiver
shall appear on the hearing of the application and call the
attention of the Court to any matters which appear to the Official
Receiver to be relevant, and if the Court, after hearing any
evidence given or witnesses called by the Official Receiver,
grants the application, the Court may allow the applicant such
costs as in its discretion it may think fit.
(8) Notes of the examination shall be taken down in
writing and shall be read over to or by, and signed by, the person
examined, and may thereafter be used in evidence against him,
and shall be open to the inspection of any creditor or contributory
at all reasonable times.
(9) The Court may, if it thinks fit, adjourn the
examination from time to time.
(10) Any person being examined under this section who
makes a statement that is false or misleading in a material
particular is guilty of an offence.
(11) For the purposes of this section, conduct is
improper if it is of such a nature as to render a person unfit to be
concerned in the management of a company.
399A. (1) Where an order has been made for winding up a
company by the Court, and the Official Receiver has made a
further report under this Act stating that, in his opinion, a fraud
has been committed by a person in the promotion or formation of the

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Power to arrest
absconding
contributory.

Powers of
Court
cumulative.

company, or by any director or other officer of the company in
relation to the company since its formation, the Court may, on the
application of the Official Receiver, order that that person, director
or officer shall not, without the leave of the Court, be a director of
or in any way, whether directly or indirectly, be concerned in or take
part in the management of a company for such period, not
exceeding five years, from the date of the report as may be specified
in the order.
(2) The Official Receiver shall, where he intends to
make an application under subsection (1), give not less than ten
days’ notice of his intention to the person charged with the fraud,
and, on the hearing of the application that person may appear and
himself give evidence or call witnesses.
(3) It shall be the duty of the Official Receiver to appear
on the hearing of an application by him for an order under this
section and on an application for leave under this section and to
call the attention of the Court to any matters which appear to him
to be relevant, and on any such application the Official Receiver
may himself give evidence or call witnesses.
(4) If any person acts in contravention of an order made
under this section, he shall be guilty of an offence.
(5) The provisions of this section shall have effect
notwithstanding that the person concerned may be criminally
liable in respect of the matters on the ground of which the order
is to be made.
400. The Court, at any time either before or after making a
winding up order, on proof of probable cause for believing that a
contributory is about to quit Trinidad and Tobago or otherwise to
abscond or to remove or conceal any of his property for the
purpose of evading payment of calls, or of avoiding examination
respecting the affairs of the company, may cause the contributory
to be arrested, and his books and papers and movable personal
property to be seized, and him and them to be safely kept until
such time as the Court may order.

401. Any powers by this Act conferred on the Court shall be in
addition to and not in restriction of any existing powers of instituting

230 Chap. 81:01 Companies

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UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Companies Chap. 81:01 231

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

Delegation to
liquidator of
certain powers
of the Court.
[5 of 1997].

Dissolution of
company.
[5 of 1997].

proceedings against any contributory or debtor of the company, or the
estate of any contributory or debtor, for the recovery of any call or
other sums.

402. Provision may be made by rules made under section 464
for enabling or requiring all or any of the powers and duties
conferred and imposed on the Court by this Act in respect of the
following matters:
(a) the holding and conducting of meetings

to ascertain the wishes of creditors
and contributories;

(b) the settling of lists of contributories and the
rectifying of the register of members where
required, and the collecting and applying of
the assets;

(c) the paying, delivering, conveyance, surrender or
transfer of any money, property, books or papers
to the liquidator;

(d) the making of calls and the adjusting of the
rights of contributories; and

(e) the fixing of the time within which debts and
claims shall be proved, to be exercised or
performed by the liquidator as an officer of the
Court and subject to the control of the Court
provided that the liquidator shall not, without
the special leave of the Court, rectify the register
of members, and shall not make any call without
either the special leave of the Court or the
sanction of the committee of inspection.

403. (1) When the affairs of a company have been
completely wound up, the Court shall make an order that the
company be dissolved from the date of the order, and the
company shall be dissolved accordingly.
(2) A copy of the order shall within fourteen days from the
date thereof be lodged by the liquidator with the Registrar who shall
enter in his records a minute of the dissolution of the company.

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Power to
enforce
orders and
appeals from
orders.

Winding up
resolution.
[5 of 1997].

Notice of
resolution to
wind up
voluntarily.
[5 of 1997].

(3) If the liquidator makes default in complying with the
requirements of this section, he is guilty of an offence.

404. (1) Orders made by the Court under this Act may be
enforced in the same manner as orders made in any action
pending therein.
(2) Subject to Rules of Court, an appeal from any order
or decision made or given in the winding up of a company by the
Court under this Act shall lie in the same manner and be subject
to the same conditions as an appeal from any order or decision of
the Court.

DIVISION 3—VOLUNTARY WINDING UP

405. (1) A company shall be wound up voluntarily—
(a) when the period, if any, fixed for the duration of

the company by its 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 has passed an
ordinary resolution requiring the company to be
wound up voluntarily;

(b) if a general meeting so resolves by special
resolution; or

(c) if the company resolves by ordinary 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, “a resolution for voluntary winding up”
means a resolution passed under subsection (1).

406. (1) When a company has passed a resolution for
voluntary winding up, it shall, within fourteen days after the
passing of the resolution, give notice of the resolution by
advertisement in the Gazette and in writing to the Registrar.
(2) If default is made in complying with this section, the
company and every officer of the company in default is guilty of

232 Chap. 81:01 Companies

LAWS OF TRINIDAD AND TOBAGO

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Companies Chap. 81:01 233

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

Commencement
of voluntary
winding up.

Effect of
voluntary
winding up on
business and
status of
company.

Avoidance of
transfers, etc.,
after
commencement
of voluntary
winding up.

Statutory
declaration of
solvency in case
of proposal of
winding up
voluntarily.
[5 of 1997].

an offence, and for the purposes of this subsection the liquidator
of the company shall be deemed to be an officer of the company.
407. A voluntary winding up is deemed to commence at the
time of passing of the resolution for voluntary winding up.
408. In case of a voluntary winding up, the company shall, from
the commencement of the winding up, cease to carry on its business
except so far as is in the opinion of the liquidator required for the
beneficial winding up thereof but the corporate state and corporate
powers of the company shall, notwithstanding anything to the
contrary in its articles of incorporation, continue until it is dissolved.
409. Any transfer of shares not being a transfer made to or
with the sanction of the liquidator, and any alteration in the status
of the members of the company, made after the commencement
of a voluntary winding up, is void.
410. (1) Where it is proposed to wind up a company
voluntarily, a director or, in the case of a company having more
than two directors, the majority of the directors, may, at a
meeting of the directors, make a statutory declaration to the effect
that they have made a full enquiry into the affairs of the company,
and that, having so done, they have formed the opinion that the
company will be able to pay its debts in full within such period
not exceeding twelve months from the commencement of the
winding up as may be specified in the declaration.
(2) A declaration made under subsection (1) shall have
no effect for the purposes of this Act unless—
(a) it is made within the five weeks immediately

preceding the date of the passing of the resolution
for winding up the company and is lodged with
the Registrar for registration before that date; and

(b) it embodies a statement of the company’s assets
and liabilities as at the latest practicable date
before the making of the declaration.

(3) Any director of a company who makes a declaration
under this section without having reasonable grounds for the

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Application
of sections
411 to 417.
[5 of 1997].
Power of
company to
appoint
and fix
remuneration
of liquidators.

opinion that the company will be able to pay its debts in full within
the period specified in the declaration is guilty of an offence.
(4) (Repealed by Act No. 5 of 1997).
(5) A winding up in the case of which a declaration has
been made and delivered in accordance with this section is in this
Act referred to as “a members’ voluntary winding up”, and a
winding up in the case of which a declaration has not been so
made and delivered is in this Act referred to as “a creditors’
voluntary winding up”.

PROVISIONS APPLICABLE ONLY TO
MEMBERS’ VOLUNTARY WINDING UP

410A. Sections 411 to 417 shall apply only in relation to a
members’ voluntary winding up.

411. (1) The company in general meeting shall appoint one,
or more than one, liquidator for the purpose of winding up the
affairs and distributing the assets of the company, and may fix the
remuneration to be paid to him or them.
(2) Subject to subsections (3) and (4), the company may
by special resolution remove a liquidator and appoint another
liquidator, but the removal or appointment does not have effect—
(a) until after the expiration of the period of

fourteen days after the date on which the
resolution is passed; or

(b) if, within that period an application is made to
the Court under subsection (4), unless the Court
dismisses the application or the application is
withdrawn.

(3) In addition to the other requirements of this Act with
respect to the giving of notice of meetings, the company shall
give to all creditors and contributories of the company notice of
any meeting at which a resolution under subsection (2) will be
proposed, giving in the notice particulars of the proposals.
(4) A creditor or contributory of the company may, within
the period of fourteen days after the date on which a resolution

234 Chap. 81:01 Companies

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UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Companies Chap. 81:01 235

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

Power to fill
vacancy in
office of
liquidator.
[5 of 1997].

Power of
liquidator to
accept shares,
etc., as
consideration
for sale of
property of
company.
[5 of 1997].

under subsection (2) is passed, apply to the Court for an order
cancelling the resolution and the Court may, if it is satisfied that
it is fair and reasonable to do so, allow the application, but if not
so satisfied shall dismiss the application.
(5) On the appointment of a liquidator, all the powers of
the directors shall cease, except so far as the company in general
meeting, or the liquidator, sanctions the continuance thereof.

412. (1) If a vacancy occurs by death, resignation or
otherwise in the office of liquidator appointed by the company,
the company in general meeting may, subject to any arrangement
with its creditors, fill the vacancy.
(2) For that purpose, a general meeting may be
convened by any contributory or, if there were more liquidators
than one, by the continuing liquidators.
(3) The meeting shall be held in the manner provided by
this Act or by the articles or the Bye-laws or in such manner as
may, on application by any contributory or by the continuing
liquidators, be determined by the Court.

413. (1) Where a company is proposed to be, or is in the
course of being, wound up altogether voluntarily, and the whole
or part of its business or property is proposed to be transferred or
sold to a body corporate (in this section called “the transferee
company”), the liquidator of the first-mentioned company (in this
section called “the transferor company”) may, with the sanction
of a special resolution of that company, conferring either a
general authority on the liquidator or an authority in respect of
any particular arrangement, receive in compensation or part
compensation for the transfer or sale, shares, policies, or other
like interests in the transferee company, for distribution among
the members of the transferor company, or may enter into any
other arrangement whereby the members of the transferor
company may, in lieu of receiving cash, shares, policies, or other
like interests, or in addition thereto, participate in the profits of or
receive any other benefit from the transferee company.

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Ch. 5:01.

Duty of
liquidator to
call creditors’
meeting in case
of insolvency.

(2) Any sale or arrangement in pursuance of this section
shall be binding on the members of the transferor company, and,
subject to subsection (3), where the whole or part of the
compensation or benefit accruing to the members of the
transferor company in respect of any such sale or arrangement
consists of fully paid shares in the transferee company, each such
member is deemed to have agreed with the transferee company,
for the acceptance of the fully paid shares to which he is entitled
under the distribution referred to in subsection (1).
(3) If any member of the transferor company who did
not vote in favour of the special resolution expresses his dissent
therefrom in writing addressed to the liquidator and left at the
registered office of the company within seven days after the
passing of the resolution, he may require the liquidator either to
abstain from carrying the resolution into effect or to purchase his
interest at a price to be determined by agreement or by arbitration
in manner provided by the Arbitration Act.
(4) If the liquidator elects to purchase the member’s
interest, the purchase money shall be paid before the company is
dissolved, and be raised by the liquidator in such manner as may
be determined by special resolution.
(5) A special resolution shall not be invalid for the
purposes of this section by reason that it is passed before or
concurrently with a resolution for voluntary winding up or for
appointing liquidators, but, if an order is made within a year for
winding up the company by the Court, the special resolution is
not valid unless sanctioned by the Court.

414. (1) If, in the case of a winding up commenced after the
commencement of this Act, the liquidator is at any time of the
opinion that the company will not be able to pay its debts in full
within the period stated in the declaration under section 410, he
shall forthwith summon a meeting of the creditors, and shall lay
before the meeting a statement of the assets and liabilities of
the company.
(2) Unless the meeting of creditors resolve that the
winding up shall continue as a members’ voluntary winding up,

236 Chap. 81:01 Companies

LAWS OF TRINIDAD AND TOBAGO

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Companies Chap. 81:01 237

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

Duty of
liquidator to
call general
meeting at end
of each year.

Final meeting
and dissolution.

the winding up shall as from the date when the liquidator calls the
meeting of creditors become a creditors’ voluntary winding up,
and the meeting of creditors shall have the same powers as a
meeting of creditors held under section 420.
(3) If the liquidator fails to comply with subsection (1),
he is guilty of an offence.
415. (1) Subject to section 417, in the event of the winding up
continuing for more than one year, the liquidator shall summon a
general meeting of the company at the end of the first year from the
commencement of the winding up and of each succeeding year, or
at the first convenient date within three months (or such longer
period as the Court may allow) from the end of the year, and shall
lay before the meeting an account of his acts and dealings and of
the conduct of the winding up during the preceding year.
(2) If the liquidator fails to comply with subsection (1),
he is guilty of an offence.
416. (1) Subject to section 417, as soon as the affairs of the
company are fully wound up, the liquidator shall make up an
account of the winding up, showing how the winding up has been
conducted and the property of the company has been disposed of,
and shall cause the account to be audited and, when that has been
done, shall call a general meeting of the company for the purpose
of laying before it the audited account and giving any necessary
explanation thereof.
(2) The meeting shall be called by advertisement in the
Gazette and in one daily newspaper printed and circulating in
Trinidad and Tobago, specifying the time, place and object
thereof, and published one month at least before the meeting.
(3) Within one week after the meeting, the liquidator shall
lodge with the Registrar a copy of the audited account, and shall
make a return to him of the holding of the meeting and of its date,
and if the copy is not sent or the return is not made in accordance
with this subsection, the liquidator is guilty of an offence.
(4) Notwithstanding anything in subsection (3), if a
quorum is not present at the meeting, the liquidator shall, in lieu of

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Alternative
provisions as to
annual and
final meetings
in case of
insolvency.

Application of
sections 418 to
425.
[5 of 1997].
Meeting of
creditors.
[5 of 1997].

the return referred to in subsection (3), make a return that the
meeting was duly summoned and that no quorum was present at
the meeting, and upon such a return being made the provisions of
this subsection as to the making of the return are deemed to have
been complied with.
(5) The Registrar, on receiving the account and either of
the returns mentioned in subsection (3) or (4), shall forthwith
register them, and on the expiration of three months from the
registration of the return the company shall be deemed to be
dissolved, but the Court may, on application of the liquidator or
of any other person who appears to the Court to be interested,
make an order deferring the date at which the dissolution of the
company is to take effect for such time as the Court thinks fit.
(6) The person on whose application an order of the
Court under this section is made shall, within seven days after the
making of the order, lodge with the Registrar a copy of the order
for registration, and if that person fails to do so he is guilty of
an offence.
(7) If the liquidator fails to call a general meeting of the
company as required by this section, he is guilty of an offence.

417. Where section 414 has effect, sections 424 and 425 shall
apply to the winding up to the exclusion of sections 415 and 416
as if the winding up were a creditors’ voluntary winding up and
not a members’ voluntary winding up, but the liquidator shall not
be required to summon a meeting of creditors under section 424
at the end of the first year from the commencement of the
winding up, unless the meeting held under section 414 is held
more than three months before the end of that year.

PROVISIONS APPLICABLE TO A CREDITORS’
VOLUNTARY WINDING UP

417A. Sections 418 to 425 shall apply only in relation to a
creditors’ voluntary winding up.

418. (1) The company shall cause a meeting of the creditors
of the company to be summoned for the day, or the day next

238 Chap. 81:01 Companies

LAWS OF TRINIDAD AND TOBAGO

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Companies Chap. 81:01 239

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

following the day, on which there is to be held the meeting at
which the resolution for voluntary winding up is to be proposed,
and shall cause the notices of the meeting of creditors to be sent
by post to the creditors simultaneously with the sending of the
notices of the meeting of the company.
(2) The company shall cause notice of the meeting of the
creditors to be advertised once in the Gazette and once at least in one
daily newspaper printed and circulating in Trinidad and Tobago.
(3) The directors of the company shall—
(a) cause a full statement of the position of the

company’s affairs together with a list of the
creditors of the company and the estimated
amount of their claims to be laid before the
meeting of creditors; and

(b) appoint one of their number to preside at
the meeting.

(4) The director appointed to preside at the meeting of
creditors shall attend and preside at the meeting.
(5) If the meeting of the company at which the resolution
for voluntary winding up is to be proposed is adjourned and the
resolution is passed at an adjourned meeting, any resolution
passed at the meeting of the creditors held in pursuance of
subsection (1) has effect as if it had been passed immediately after
the passing of the resolution for winding up the company.
(6) If default is made—
(a) by the company in complying with subsection

(1) or (2);
(b) by the directors of the company in complying

with subsection (3); or
(c) by any director of the company in complying

with subsection (4),
the company, the directors or director, as the case may be, shall
be guilty of an offence, and, in the case of default by the
company, every officer of the company who is in default is guilty
of an offence.

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Appointment of
liquidator.

Appointment
of committee of
inspection.

419. (1) The creditors and the company at their respective
meetings mentioned in section 418 may nominate a person to be
liquidator for the purpose of winding up the affairs and distributing
the assets of the company, and if the creditors and the company
nominate different persons, the person nominated by the creditors
shall be liquidator, and if no person is nominated by the creditors,
the person, if any, nominated by the company shall be liquidator.
(2) Notwithstanding the provisions of subsection (1),
when different persons are nominated, any director, member, or
creditor of the company may, within seven days after the date on
which the nomination was made by the creditors, apply to the Court
for an order either directing that the person nominated, as liquidator
by the company, shall be liquidator instead of or jointly with the
person nominated by the creditors, or appointing some other person
to be liquidator instead of the person appointed by the creditors.
420. (1) The creditors at the meeting to be held in pursuance
of section 418 or at any subsequent meeting, may, if they think
fit, appoint a committee of inspection consisting of not more than
five persons, and if such a committee is appointed the company
may, either at the meeting at which the resolution for voluntary
winding up is passed or at any time subsequently in general
meeting, appoint such number of persons as they think fit to act
as members of the committee not exceeding five in number.
(2) Notwithstanding the provisions of subsection (1), the
creditors may, if they think fit, resolve that all or any of the persons
so appointed by the company ought not to be members of the
committee of inspection, and, if the creditors so resolve, the
persons mentioned in the resolution shall not, unless the Court
otherwise directs, be qualified to act as members of the committee,
and on any application to the Court under this provision the Court
may, if it thinks fit, appoint other persons to act as such members
in place of the persons mentioned in the resolution.
(3) Subject to the provisions of this section and to rules
made under section 464, the provisions of section 384 [except
subsection (1)] apply with respect to a committee of inspection
appointed under this section as they apply with respect to a
committee of inspection appointed in a winding up by the Court.

240 Chap. 81:01 Companies

LAWS OF TRINIDAD AND TOBAGO

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Companies Chap. 81:01 241

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

Fixing of
liquidator’s
remuneration
and cesser
of directors’
powers.

Power to fill
vacancy in
office of
liquidator.

Application
of section 413
to a creditors’
winding up.

Duty of
liquidator to
call meetings
of company
and of creditors
at end of
each year.

Final meeting
and dissolution.

421. (1) The committee of inspection, or if there is no such
committee, the creditors, may fix the remuneration to be paid to
the liquidator or liquidators.
(2) On the appointment of a liquidator, all the powers of
the directors shall cease except so far as the committee of
inspection, or if there is no such committee, the creditors,
sanction the continuance thereof.

422. If a vacancy occurs, by death, resignation or otherwise, in
the office of a liquidator, other than a liquidator appointed by, or
by the direction of, the Court, the creditors may fill the vacancy.

423. The provisions of section 413 apply in the case of a
creditors’ voluntary winding up as in the case of the members’
voluntary winding up, with the modification that the powers of the
liquidator under that section shall not be exercised except with the
sanction either of the Court or of the committee of inspection.

424. (1) In the event of the winding up continuing for more
than one year, the liquidator shall summon a general meeting of the
company and a meeting of creditors at the end of the first year from
the commencement of the winding up, and of each succeeding year
or at the first convenient date within three months (or such longer
period as the Court may allow) from the end of the year, and shall
lay before the meeting an account of his acts and dealings and of
the conduct of the winding up during the preceding year.
(2) If the liquidator fails to comply with subsection (1),
he is guilty of an offence.

425. (1) As soon as the affairs of the company are fully
wound up, the liquidator shall make up an account of the winding
up, showing how the winding up has been conducted and the
property of the company has been disposed of, and thereupon
shall call a general meeting of the company and a meeting of the
creditors, for the purpose of laying the account before the
meetings, and giving any explanation thereof.

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

(2) Each such meeting shall be called by advertisement
in the Gazette and in one daily newspaper printed and circulating
in Trinidad and Tobago specifying the time, place and object
thereof, and published one month at least before the meeting.
(3) Within one week after the date of the meetings, or, if
the meetings are not held on the same date, after the date of the
later meeting, the liquidator shall send to the Registrar a copy of
the account, and shall make a return to him of the holding of the
meetings and of their dates, and if the copy is not sent or the
return is not made in accordance with this subsection, the
liquidator is guilty of an offence.
(4) Notwithstanding anything in subsection (3), if a
quorum is not present at either such meeting, the liquidator shall,
in lieu of the return referred to in subsection (3), make a return
that the meeting was duly summoned and that no quorum was
present at the meeting, and upon such a return being made the
provisions of this subsection as to the making of the return are, in
respect of that meeting, deemed to have been complied with.
(5) The Registrar, on receiving the account and in
respect of each such meeting either of the returns mentioned in
subsection (3) or (4), shall forthwith register them, and on the
expiration of three months from the registration thereof the
company is deemed to be dissolved, but the Court may, on the
application of the liquidator or of any other person who appears
to the Court to be interested, make an order deferring the date at
which the dissolution of the company is to take effect for such
time as the Court thinks fit.
(6) The person on whose application an order of the
Court under this section is made, shall, within seven days after
the making of the order, lodge with the Registrar a copy of the
order for registration, and if that person fails to do so he is guilty
of an offence.
(7) If the liquidator fails to call a general meeting of the
company or a meeting of the creditors as required by this section,
he is guilty of an offence.

242 Chap. 81:01 Companies

LAWS OF TRINIDAD AND TOBAGO

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Companies Chap. 81:01 243

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

Application
of sections 426
to 433.
[5 of 1997].

Distribution
of property of
company.
[5 of 1997].

Powers and
duties of
liquidator in
voluntary
winding up.
[5 of 1997].

PROVISIONS APPLICABLE TO EVERY VOLUNTARY
WINDING UP

425A. Sections 426 to 433 shall apply to every voluntary
winding up, whether a members’ or creditors’ winding up.

426. Subject to the provisions of this Act as to preferential
payments, the property of a company shall, on its winding up, be
applied in satisfaction of its liabilities pari passu, and, subject to
that application, shall, unless the articles of the company
otherwise provide, be distributed among the members according
to their rights and interests in the company.

427. (1) The liquidator may—
(a) in the case of a members’ voluntary winding up,

with the sanction of a special resolution of the
company and, in the case of a creditors’ voluntary
winding up, with the sanction of either the Court
or the committee of inspection, exercise any of
the powers given by section 376(1)(d), (e) and (f)
to a liquidator in a winding up by the Court;

(b) exercise any of the other powers by this Act given
to the liquidator in a winding up by the Court;

(c) exercise the power of the Court under this Act
of settling a list of contributories, and the list
of contributories shall be prima facie evidence
of the liability of the persons named therein to
be contributories;

(d) exercise the power of the Court of making
calls; and

(e) summon general meetings of the company for
the purpose of obtaining the sanction of the
company by special resolution or for any other
purpose he may think fit.

(2) The liquidator shall pay the debts of the company and
shall adjust the rights of the contributories among themselves.

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Power of Court
to appoint and
remove
liquidator in
voluntary
winding up.

Notice by
liquidator
of his
appointment.

Arrangement
when binding
on creditors.

(3) When several liquidators are appointed, any power
given by this Act may be exercised by such one or more of them
as may be determined at the time of their appointment, or, in
default of such determination, by any number not less than two.
(4) Unless the committee of inspection determines, or, as
the case may be, the members otherwise determine, section 380
applies in the case of a liquidator in a voluntary winding up as it
applies in the case of a liquidator of a company being wound up by
the Court.
(5) Notwithstanding the definition of “special
resolution” in section 4, a special resolution under this section
may be called on the same notice as an ordinary resolution.

428. (1) If from any cause whatever there is no liquidator
acting, the Court may appoint a liquidator.
(2) The Court may, on cause shown, remove a liquidator
and appoint another liquidator.

429. (1) The liquidator shall, within twenty-one days after his
appointment, publish in the Gazette and in one daily newspaper
printed and circulating in Trinidad and Tobago, and deliver to the
Registrar for registration, a notice of his appointment in the
prescribed form.
(2) If the liquidator fails to comply with the
requirements of subsection (1), he is guilty of an offence.

430. (1) Any arrangement entered into between a company
about to be, or in the course of being, wound up and its creditors
shall, subject to the right of appeal under this section, be binding
on the company if sanctioned by a special resolution, and on the
creditors if acceded to by three-fourths in number and value of
the creditors.
(2) Any creditor or contributory may, within three
weeks from the completion of the arrangement, appeal to the
Court against it and the Court may thereupon, as it thinks just,
amend, vary, or confirm the arrangement.

244 Chap. 81:01 Companies

LAWS OF TRINIDAD AND TOBAGO

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Companies Chap. 81:01 245

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

Power to
apply to Court
to have
questions
determined or
powers
exercised.

Costs of
voluntary
winding up.

Saving for
rights of
creditors and
contributories.

Debts of all
descriptions to
be proved.

431. (1) The liquidator or any contributory or creditor may
apply to the Court to determine any question arising in the winding
up of a company, or to exercise, as respects the enforcing of calls,
or any other matter, all or any of the powers which the Court might
exercise if the company were being wound up by the Court.
(2) The Court, if satisfied that the determination of the
question or the required exercise of the power will be just and
beneficial, may accede wholly or partially to the application on
such terms and conditions as it thinks fit, or may make such other
order on the application as it thinks fit.
(3) A copy of an order made by virtue of this section
staying the proceedings in the winding up shall forthwith be
lodged by the company, or otherwise as may be prescribed, with
the Registrar, who shall enter a minute of the order in his records
relating to the company.

432. All costs, charges and expenses properly incurred in the
winding up, including the remuneration of the liquidator, shall be
payable out of the assets of the company in priority to all
other claims.

433. The winding up of a company shall not bar the right of
any creditor or contributory to have it wound up by the Court, but
in the case of any application by a contributory the Court must be
satisfied that the rights of the contributories will be prejudiced by
a voluntary winding up.

DIVISION 4 — PROVISIONS APPLICABLE TO
EVERY MODE OF WINDING UP

PROOF AND RANKING OF CLAIMS

434. (1) In every winding up, subject in the case of insolvent
companies to the application in accordance with the provisions of
this Act of the law of bankruptcy, all debts payable on a
contingency, and all claims against the company, present or future,
certain or contingent, ascertained or sounding only in damages,
shall be admissible to proof against the company, a just estimate
being made, so far as possible, of the value of such debts or claims as are

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Preferential
payments.
[5 of 1997].

Ch. 32:01.

Ch. 88:13.

subject to any contingency or sound only in damages or for some
other reason do not bear a certain value.
(2) Subject to section 435, in the winding up of an
insolvent company the same rules shall prevail and be observed
with regard to the respective rights of secured and unsecured
creditors and to debts provable and to the valuation of annuities
and future and contingent liabilities as are in force for the time
being under the law of bankruptcy with respect to the estates of
persons adjudged bankrupt, and all persons who in any such case
would be entitled to prove for and receive dividends out of the
assets of the company may come in under the winding up, and
make such claims against the company as they respectively are
entitled to by virtue of this section.
435. (1) In the winding up of a company, there shall be paid
in priority to all other debts—
(a) all rates, charges, taxes, assessments or

impositions, whether imposed or made by the
Government or by any public authority under
the provisions of any Act, and all contributions
due and payable to the National Insurance
Board under the National Insurance Act, if such
rates, charges, taxes, assessments, impositions
or contributions became due and payable within
twelve months next before the relevant date;

(b) all wages or salary (whether or not earned wholly
or in part by way of commission or for time or
piece work) of any employee, not being a director,
in respect of services rendered to the company
during four months next before the relevant date;

(c) subject to subsection (2), all severance benefits,
including terminal benefits referred to in
section 18(6) of the Retrenchment and
Severance Benefits Act, not exceeding the
equivalent of two months’ basic wages or salary,
due or accruing to an employee, not being a
director, whether retrenched by an employer, a
receiver, a liquidator or some other person;

246 Chap. 81:01 Companies

LAWS OF TRINIDAD AND TOBAGO

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Companies Chap. 81:01 247

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

Ch. 88:05.

(d) unless the company is being wound up voluntarily
merely for the purposes of reconstruction or of
amalgamation with another company, or unless
the company has at the commencement of the
winding up under such a contract with insurers as
is mentioned in section 16 of the Workmen’s
Compensation Act, rights capable of being
transferred to and vested in the workman, all
amounts that in respect of any compensation or
liability for compensation under the said Act
accrued before the relevant date.

(2) Subsection (1)(c) comes into effect on the expiration
of two years after the commencement of this Act.
(3) Where any compensation under the Workmen’s
Compensation Act is a weekly payment, the amount due in
respect thereof shall, for the purposes of subsection (1)(d), be
taken to be the amount of the lump sum for which the weekly
payment could, if redeemable, be redeemed if the employer made
an application for that purpose under the said Act.
(4) Where any payment on account of wages, salary or
severance benefits has been made to any employee of a company
out of money advanced by some person for that purpose, that
person shall in a winding up have a right of priority in respect of
the money so advanced and paid up to the amount by which the
sum in respect of which that employee would have been entitled
to priority in the winding up has been diminished by reason of the
payment having been made.
(5) The debts and claims to which priority is given by
subsection (1) shall—
(a) rank equally among themselves and be paid in

full, unless the assets are insufficient to meet
them, in which case they shall abate in equal
proportions; and

(b) so far as the assets of the company available for
payment of general creditors are insufficient to
meet them, have priority over the claims of

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

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Fraudulent
preference.

holders of debentures under any floating charge
created by the company, and be paid
accordingly out of any property comprised in or
subject to that charge.

(6) Subject to the retention of such sums as are necessary
for the costs and expenses of the winding up, the debts and claims
to which priority is given by subsection (1) shall be discharged
forthwith so far as the assets are sufficient to meet them.
(7) In the event of a landlord or other person distraining
or having distrained on any goods or effects of the company within
three months next before the date of a winding up order, the debts
to which priority is given by subsection (1) shall be a first charge
on the goods or effects so distrained on, or the proceeds of the sale
thereof, but in respect of any money paid under any such charge,
the landlord or other person shall have the same rights of priority
as the person to whom the payment is made.
(8) In this section, “the relevant date” means—
(a) in the case of a company ordered to be wound

up compulsorily which had not previously
commenced to be wound up voluntarily, the date
of the winding up order; and

(b) in any other case, the date of the commencement
of the winding up.

EFFECT OF WINDING UP ON ANTECEDENT
AND OTHER TRANSACTIONS

436. (1) Any conveyance, mortgage, delivery of goods,
payment, execution, or other act relating to property which
would, if made or done by or against an individual, be deemed in
his bankruptcy a fraudulent preference, or a fraudulent
conveyance, assignment, transfer, sale or disposition, shall, if
made or done by or against a company, be deemed, in the event
of its being wound up, a fraudulent preference of its creditors, or
a fraudulent conveyance, assignment, transfer, sale or
disposition, as the case may be, and be invalid accordingly.
(2) For the purposes of this section, the commencement
of the winding up is deemed to correspond with the presentation
of the bankruptcy petition in the case of an individual.

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L.R.O.

Liabilities and
rights of certain
fraudulently
preferred
persons.

Effect of
floating
charge.

(3) Any conveyance or assignment by a company of all
its property to trustees for the benefit of all its creditors is void.

437. (1) Where, in the case of a company wound up in
Trinidad and Tobago, anything made or done after the
commencement of this Act is void under section 436 as a
fraudulent preference of a person interested in property
mortgaged or charged to secure the company’s debt, then
(without prejudice to any rights or liabilities arising apart from
this provision) the person preferred is subject to the same
liabilities, and has the same rights, as if he had undertaken to be
personally liable as surety for the debt to the extent of the charge
on the property or the value of his interest, whichever is the less.
(2) The value of the interest of a person referred to in
subsection (1) shall be determined as at the date of the transaction
constituting the fraudulent preference, and shall be determined as
if the interest were free of all encumbrances other than those to
which the charge for the company’s debt was then subject.
(3) On any application made to the Court with respect to
any payment on the ground that the payment was a fraudulent
preference of a surety or guarantor, the Court shall have
jurisdiction to determine any questions with respect to whom the
payment was made and the surety or guarantor and to grant relief
in respect thereof, notwithstanding that it is not necessary so to
do for the purposes of the winding up, and for that purpose may
give leave to bring in the surety or guarantor as a third party as in
the case of an action for the recovery of the sum paid.
(4) Subsection (3) applies, with the necessary
modifications, in relation to transactions other than the payment
of money as it applies in relation to payments.

438. Where a company is being wound up, a floating charge on
the undertaking or property of the company created within twelve
months of the commencement of the winding up is, unless it is
proved that the company immediately after the creation of the
charge was solvent, invalid, except to the amount of any cash paid
to the company at the time of, or subsequently to the creation of,

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Disclaimer
of onerous
property.
[5 of 1997].

and in consideration for, the charge, together with interest on that
amount at the rate of six per cent per annum or other rate as may
for the time being be prescribed by regulation under section 507.

439. (1) Where any part of the property of a company which
is being wound up consists of land of any tenure burdened with
onerous covenants, of shares or stock in bodies corporate, or
unprofitable contracts, or of any other property that is unsaleable,
or not readily saleable, by reason of its binding the possessor
thereof to the performance of any onerous act, or to the payment
of any sum of money, the liquidator of the company,
notwithstanding that he has endeavoured to sell or has taken
possession of the property, or exercised any act of ownership in
relation thereto, may, with the leave of the Court and subject to
the provisions of this section, by writing signed by him, at any
time within twelve months after the commencement of the
winding up or, such extended period as may be allowed by the
Court, disclaim the property; but where any such property has not
come to the knowledge of the liquidator within one month after
the commencement of the winding up, the power under this
section of disclaiming the property may be exercised at any time
within twelve months after he has become aware thereof or such
extended period as may be allowed by the Court.
(2) The disclaimer shall operate to determine, as from the
date of disclaimer, the rights, interest, and liabilities of the company,
and the property of the company, in or in respect of the property
disclaimed, but shall not, except so far as is necessary for the
purpose of releasing the company and the property of the company
from liability, affect the rights or liabilities of any other person.
(3) The Court, before or on granting leave to disclaim,
may require such notices to be given to persons interested, and
impose such terms as a condition of granting leave, and make
such other order in the matter as the Court thinks just.
(4) The liquidator shall not be entitled to disclaim any
property under this section in any case where an application in
writing has been made to him by any person interested in the
property requiring him to decide whether he will or will not

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L.R.O.

disclaim, and the liquidator has not, within a period of twenty-eight
days after the receipt of the application or such further period as
may be allowed by the Court, given notice to the applicant that he
intends to apply to the Court for leave to disclaim, and, in the case
of a contract, if the liquidator, after such an application, does not
within the said period or further period disclaim the contract, the
company shall be deemed to have adopted it.
(5) The Court, may, on the application of any person
who is, as against the liquidator, entitled to the benefit or subject
to the burden of a contract made with a company, make an order
rescinding the contract on such terms as to payment by or to
either party of damages for the non-performance of the contract,
or otherwise as the Court thinks just, and any damages payable
under the order to any such person may be proved by him as a
debt in the winding up.
(6) The Court may, on an application by any person who
either claims any interest in any disclaimed property or is under
any liability not discharged by this Act in respect of any
disclaimed property and on hearing any such person as it thinks
fit, make an order for the vesting of the property in or the delivery
of the property to any persons entitled thereto, or to whom it may
seem just that the property should be delivered by way of
compensation for such liability, or a trustee for him, and on such
terms as the Court thinks just, and on any such vesting order
being made, the property comprised therein shall vest
accordingly in the person therein named in that behalf without
any conveyance or assignment for the purpose.
(7) Notwithstanding anything in subsection (6), where
the property disclaimed is of a leasehold nature, the Court shall
not make a vesting order in favour of any person claiming under
the company, whether as underlessee or as mortgagee by demise,
except upon terms of making that person—
(a) subject to the same liabilities and obligations as

those to which the company was subject under
the lease in respect of the property at the
commencement of the winding up; or

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Definitions of
“bailiff” and
“goods”.

Restriction of
rights of
creditor as to
execution or
attachment.
[5 of 1997].

(b) if the Court thinks fit, subject only to the same
liabilities and obligations as if the lease had
been assigned to that person at that date,

and in either event, if the case so requires, as if the lease had
comprised only the property comprised in the vesting order, and any
mortgagee or under-lessee declining to accept a vesting order upon
such terms shall be excluded from all interest in and security upon
the property, and, if there is no person claiming under the company
who is willing to accept an order upon such terms, the Court may
vest the estate and interest of the company in the property in any
person liable personally or in a representative character, and either
alone or jointly with the company to perform the lessee’s covenants
in the lease, freed and discharged from all estates, encumbrances and
interests created therein by the company.
(8) Any person injured by the operation of a disclaimer
under this section is deemed to be a creditor of the company to
the amount of the injury, and may accordingly prove the amount
as a debt in the winding up.
440. In sections 441 and 442—
“bailiff” includes any officer charged with the execution of a writ

or other process;
“goods” includes all chattels personal.
441. (1) Where a creditor has issued execution against the
goods or lands of a company or has attached any debt due to the
company, and the company is subsequently wound up, he shall
not be entitled to retain the benefit of the execution or attachment
against the liquidator in the winding up of the company unless
he has completed the execution or attachment before the
commencement of the winding up but—
(a) where any creditor has had notice of a meeting

having been called at which a resolution for
voluntary winding up is to be proposed, the date
on which the creditor so had notice shall for the
purposes of the foregoing provision be
substituted for the date of the commencement of
the winding up; and

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UNOFFICIAL VERSION


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Companies Chap. 81:01 253

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L.R.O.

Duties of bailiff
as to goods
taken in
execution.
[5 of 1997].

(b) a person who purchases in good faith under a sale
by a bailiff any goods of a company on which an
execution has been levied shall in all cases
acquire a good title to them against the liquidator.

(2) For the purposes of this section—
(a) an execution against goods shall be taken to be

completed by seizure and sale;
(b) an attachment of a debt is deemed to be

completed by receipt of the debt; and
(c) an execution against land is deemed to be

completed from the date of the order for sale or
by seizure as the case may be, and, in the case of
an equitable interest, by the appointment of a
receiver.

442. (1) Where any goods of a company are taken in execution
and, before the sale thereof or the completion of the execution by
the receipt or recovery of the full amount of the levy, notice is
served on the bailiff that a provisional liquidator has been appointed
or that a winding up order has been made or that a resolution for
voluntary winding up has been passed, the bailiff shall, on being so
required, deliver the goods and any money seized or received in part
satisfaction of the execution to the liquidator, but the costs of the
execution shall be a first charge on the goods or money so delivered
and the liquidator may sell the goods, or a sufficient part thereof, for
the purpose of satisfying that charge.
(2) Where under an execution in respect of a judgment for
a sum exceeding one hundred dollars the goods of a company are
sold or money is paid in order to avoid sale, the bailiff shall deduct
the costs of the execution from the proceeds of the sale or the
money paid and retain the balance for fourteen days, and if within
that time notice is served on him of a petition for the winding up of
the company having been presented or of a meeting having been
called at which there is to be proposed a resolution for the
voluntary winding up of the company and an order is made or a
resolution is passed, as the case may be, for the winding up of the
company, the bailiff shall pay the balance to the liquidator, who
shall be entitled to retain it as against the execution creditor.

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Offences by
officers of
companies in
liquidation.
[5 of 1997].

OFFENCES

443. (1) Any person who, being a past or present director or
officer of a company which at the time of their commission of the
alleged offence is being wound up, whether by the Court or
voluntarily, or is subsequently ordered to be wound up by the Court
or subsequently passes a resolution for voluntary winding up—
(a) does not to the best of his knowledge and belief

fully and truly discover to the liquidator all the
property, real and personal, of the company, and
how and to whom and for what consideration and
when the company disposed of any part thereof,
except such part as has been disposed of in the
ordinary way of the business of the company;

(b) does not deliver up to the liquidator, or as he
directs, all such part of the real and personal
property of the company as is in his custody or
under his control, and which he is required by
law to deliver up;

(c) does not deliver up to the liquidator, or as he
directs, all books and papers in his custody or
under his control belonging to the company and
which he is required by law to deliver up;

(d) within twelve months next before the
commencement of the winding up or at any time
thereafter conceals any part of the property of
the company to the value of five hundred dollars
or upwards, or conceals any debt due to or from
the company;

(e) within twelve months next before the
commencement of the winding up or at any time
thereafter fraudulently removes any part of the
property of the company to the value of five
hundred dollars or upwards;

(f) makes any material omission in any statement
relating to the affairs of the company;

(g) knowing or believing that a false debt has been
proved by any person under the winding up, fails

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for the period of one month to inform the
liquidator thereof;

(h) after the commencement of the winding up
prevents the production of any book or paper
affecting or relating to the property or affairs of
the company;

(i) within twelve months next before the
commencement of the winding up or at any time
thereafter, conceals, destroys, mutilates or
falsifies, or is privy to the concealment,
destruction, mutilation, or falsification of, any
book or paper affecting or relating to the
property or affairs of the company;

(j) within twelve months next before the
commencement of the winding up or at any time
thereafter makes or is privy to the making of any
false entry in any book or paper affecting or
relating to the property or affairs of the company;

(k) within twelve months next before the
commencement of the winding up or at any time
thereafter fraudulently parts with, alters or
makes any omission in, or is privy to the
fraudulent parting with, altering or making any
omission in, any document affecting or relating
to the property or affairs of the company;

(l) after the commencement of the winding up or at
any meeting of the creditors of the company
within twelve months next before the
commencement of the winding up attempts to
account for any part of the property of the
company by fictitious losses or expenses;

(m) has within twelve months next before the
commencement of the winding up or at any time
thereafter, by any false representation or other
fraud, obtained any property for or on behalf of
the company on credit which the company does
not subsequently pay for;

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

(n) within twelve months next before the
commencement of the winding up or at any time
thereafter, under the false pretence that the
company is carrying on its business, obtains on
credit, for or on behalf of the company, any
property which the company does not
subsequently pay for;

(o) within twelve months next before the
commencement of the winding up or at any time
thereafter pawns, pledges or disposes of any
property of the company which has been obtained
on credit and has not been paid for, unless such
pawning, pledging or disposing is in the ordinary
way of the business of the company; or

(p) is guilty of any false representation or other
fraud for the purpose of obtaining the consent of
the creditors of the company or any of them to
an agreement with reference to the affairs of the
company or to the winding up,

is guilty of an offence.
(2) It is a sufficient defence in proceedings for an
offence under subsection (1)(a), (b), (c), (d), (f), (n) or (o) if the
accused proves that he had no intent to defraud, and in
proceedings for an offence under subsection (1)(h), (i) or (j) if he
proves that he had no intent to conceal the state of affairs of the
company or to defeat the law.
(3) Where any person pawns, pledges or disposes of any
property in circumstances which amount to an offence under
subsection (1)(o), every person who takes in pawn or pledge or
otherwise receives the property knowing it to be pawned, pledged
or disposed of in those circumstances is guilty of an offence.
(4) For the purposes of this section and sections 444 to
449, “officer” includes any director and any person in accordance
with whose directions or instructions the directors of a company
have been accustomed to act.

256 Chap. 81:01 Companies

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UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Companies Chap. 81:01 257

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L.R.O.

Penalty for
falsification
of books.

Frauds by
officers of
companies
which have
gone into
liquidation.

Liability where
proper accounts
not kept.

444. Any officer or contributory of a company being wound
up who destroys, mutilates, alters or falsifies any books, papers,
or securities, or makes or is privy to the making of any false or
fraudulent entry in any register, book of account or document
belonging to the company with intent to defraud or deceive any
person, is guilty of an offence.

445. Any person who, being at the time of the commission of
the alleged offence an officer of a company which is
subsequently ordered to be wound up by the Court or
subsequently passes a resolution for voluntary winding up—
(a) has by false pretences or by means of any other

fraud induced any person to give credit to
the company;

(b) with intent to defraud creditors of the company,
has made or caused to be made any gift or
transfer of or charge on, or has caused or
connived at the levying of any execution
against, the property of the company; or

(c) with intent to defraud creditors of the company,
has concealed or removed any part of the
property of the company since, or within two
months before, the date of any unsatisfied
judgment or order for payment of money
obtained against the company,

is guilty of an offence.

446. (1) If where a company is wound up it is shown that
proper books of account were not kept by the company throughout
the period of two years immediately preceding the
commencement of the winding up, or the period between the
incorporation of the company and the commencement of the
winding up, whichever is the shorter, every officer of the company
who was knowingly a party to the default of the company, unless
he shows that he acted honestly and that in the circumstances in
which the business of the company was carried on the fault was
excusable, is guilty of an offence.

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Fraudulent
trading.
[5 of 1997].

(2) For the purposes of this section, proper books of
account are deemed not to have been kept in the case of a
company if there have not been kept such books or accounts as
are necessary to exhibit and explain the transactions and financial
position of the trade or business of the company, including books
containing entries from day to day in sufficient detail of all cash
received and cash paid, and, where the trade or business has
involved dealing in goods, statements of the annual stocktaking
and (except in the case of goods sold by way of ordinary retail
trade) of all goods sold and purchased, showing the goods and the
buyers and sellers thereof in sufficient detail to enable those
goods and those buyers and sellers to be identified.

447. (1) If in the course of the winding up of a company
it appears that any business of the company has been carried on—
(a) with intent to defraud creditors of the company

or the creditors of any other person or for any
fraudulent purpose;

(b) with reckless disregard of the company’s
obligation to pay its debts and liabilities; or

(c) with reckless disregard of the insufficiency of
the company’s assets, to satisfy its debts and
liabilities, the Court, on the application of the
Official Receiver or the liquidator or any
creditor or contributory of the company, may, if
it thinks proper to do so, declare that any of the
officers, whether past or present, of the company
or any other persons who were knowingly
parties to the carrying on of the business in that
manner are personally responsible, without any
limitation of liability, for all or any of the debts
or other liabilities of the company, as far as the
Court may direct.

(2) Where the Court makes any declaration referred to in
subsection (1), it may give such further directions as it thinks proper
for the purpose of giving effect to that declaration, and in particular
may make any provision for making the liability of a person under

258 Chap. 81:01 Companies

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UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

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Companies Chap. 81:01 259

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L.R.O.

the declaration a charge on any debt or obligation due from the
company to him, or on any mortgage or charge or any interest in any
mortgage or charge, on any assets of the company held by or vested
in him, or any company or persons on his behalf or any person
claiming as assignee from or through the person liable to any person
acting on his behalf, and may from time to time make such further
order as may be necessary for the purpose of enforcing any charge
imposed under this subsection.
(3) For the purposes of subsection (2), “assignee” includes
any person to whom or in whose favour, by the directions of the
person liable, the debt, obligation, mortgage or charge was created,
issued or transferred or the interest created, but does not include an
assignee for valuable consideration (not including consideration by
way of marriage) given in good faith and without notice of any of
the matters on the ground of which the declaration is made.
(4) Where any business of a company is carried on with
such intent or for such purpose as is mentioned in subsection (1),
every person who was knowingly a party to the carrying on of the
business in that manner is guilty of an offence.
(4A) The Court may, in the case of any person in respect
of whom a declaration has been made under subsection (1), or
who has been convicted of an offence under subsection (4), order
that that person shall not, without the leave of the Court, be a
director of or in any way, whether directly or indirectly, be
concerned in, or take part in, the management of a company for
such period, not exceeding five years, from the date of the
declaration or of the conviction, as the case may be, as may be
specified in the order, and if any person acts in contravention of
an order made under this subsection he shall, in respect of each
offence, be liable on conviction on indictment to imprisonment
for two years, or on summary conviction to imprisonment for six
months, and to a fine of ten thousand dollars.
(4B) In subsection (4A), the expression “the Court”, in
relation to the making of an order, means the Court by which the
declaration was made or the Court before which the person was
convicted, as the case may be.

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Ch. 9:70.

Power of
Court
to assess
damages
against
delinquent
directors, etc.

Ch. 9:70.

(4C) It shall be the duty of the Official Receiver or of
the liquidator to appear on the hearing of an application for leave
under subsection (4A), and on the hearing of an application under
that subsection or under subsection (1), the Official Receiver or
the liquidator, as the case may be, may himself give evidence or
call witnesses.
(5) The provisions of this section have effect
notwithstanding that the person concerned may be criminally
liable in respect of the matters on the ground of which the
declaration is to be made, and where the declaration under
subsection (1) is made in the case of a winding up, the declaration
is deemed to be a final judgment within the meaning of
section 3(1)(g) of the Bankruptcy Act.

448. (1) If in the course of winding up a company it appears
that any person who has taken part in the formation or promotion
of the company, or any past or present officer or liquidator of the
company, has misapplied or retained or become liable or
accountable for any money or property of the company or been
guilty of any misfeasance or breach of trust in relation to the
company, the Court may, on the application of the Official
Receiver or of the liquidator, or of any creditor or contributory,
examine into the conduct of the promoter, liquidator or officer,
and compel him to repay or restore the money or property or any
part thereof respectively with interest at such rate as the Court
thinks just, or to contribute such sum to the assets of the company
by way of compensation in respect of the misapplication,
retainer, misfeasance or breach of trust as the Court thinks just.
(2) The provisions of this section have effect
notwithstanding that the offence is one for which the offender
may be criminally liable.
(3) Where in the case of a winding up an order for
payment of money is made under this section, the order is
deemed to be a final judgment within the meaning of section
3(1)(g) of the Bankruptcy Act.

260 Chap. 81:01 Companies

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UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Companies Chap. 81:01 261

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L.R.O.

Prosecution
of delinquent
officers and
members of
a company.

449. (1) If it appears to the Court, in the course of a winding
up by the Court, that any past or present officer, or any member,
of the company has been guilty of an offence in relation to the
company for which he is criminally liable, the Court may, either
on the application of any person interested in the winding up or
on its own motion, direct the liquidator to refer the matter to the
Director of Public Prosecutions.
(2) If it appears to the liquidator in the course of a
voluntary winding up that any past or present officer, or any
member, of a company has been guilty of any offence in relation
to the company for which he is criminally liable, he shall
forthwith report the matter to the Director of Public Prosecutions
and shall furnish to the Director such information and give to him
such access to and facilities for inspecting and taking copies of
any documents, being information or documents in the
possession or under the control of the liquidator and relating to
the matter in question, as the Director may require.
(3) If it appears to the Court in the course of voluntary
winding up that any past or present officer, or any member, of the
company has been guilty of any offence in relation to the company
for which he is criminally liable, and that no report with respect to
the matter has been made by the liquidator to the Director of Public
Prosecutions under subsection (2), the Court may, on the
application of any person interested in the winding up or of its own
motion, direct the liquidator to make such a report, and on a report
being made accordingly the provisions of this section have effect
as though the report had been made in pursuance of subsection (2).
(4) If, where any matter is reported or referred to the
Director of Public Prosecutions under this section, he considers
that the case is one in which a prosecution ought to be instituted,
the liquidator and every officer and agent of the company past
and present (other than the defendant in the proceedings) shall
give him all assistance in connection with the prosecution which
he is reasonably able to give.
(5) For the purpose of subsection (4), “agent”, in relation
to a company, is deemed to include any banker or Attorney-at-law

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Disqualification
for appointment
as liquidator.
[5 of 1997].

Enforcement of
duty of
liquidator to
make returns,
etc.
[5 of 1997].

of the company and any person employed by the company as
auditor, whether that person is or is not an officer of the company.
(6) If any person fails or neglects to give assistance in
manner required by subsection (4), the Court may, on the
application of the Director of Public Prosecutions, direct that
person to comply with the requirements of that subsection, and
where any such application is made with respect to a liquidator, the
Court may, unless it appears that the failure or neglect to comply
was due to the liquidator not having in his hands sufficient assets
of the company to enable him so to do, direct that the costs of the
application shall be borne by the liquidator personally.

SUPPLEMENTARY PROVISIONS AS TO WINDING UP

450. A body corporate or an undischarged bankrupt is not
qualified for appointment as liquidator of a company, whether in
a winding up by the Court or in a voluntary winding up, and—
(a) any appointment made in contravention of this

provision is void; and
(b) any body corporate which, or an undischarged

bankrupt who, acts as liquidator of a company is
guilty of an offence.

450A. (1) If any liquidator, who has made any default in filing,
delivering or making any return, account or other document, or in
giving any notice which he is by law required to file, deliver,
make or give, fails to make good the default within fourteen days
after the service on him of a notice requiring him to do so, the
Court may, on an application made to the Court by any
contributory or creditor of the company or by the Registrar, make
an order directing the liquidator to make good the default within
such time as may be specified in the order.
(2) Any such order may provide that all costs of and
incidental to the application shall be borne by the liquidator.
(3) Nothing in this section shall be taken to prejudice the
operation of any written law imposing penalties on a liquidator in
respect of any default referred to in subsection (1).

262 Chap. 81:01 Companies

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UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Companies Chap. 81:01 263

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

Notification that
a company is in
liquidation.

Failure to
comply with
section 451.

Exemption of
certain
documents from
stamp duty on
winding up of
company.

Ch. 76:01.

Books of
company to
be evidence.

451. Where a company is being wound up, whether by the
Court or voluntarily, every invoice, order for goods or business
letter issued by or on behalf of the company or a liquidator of the
company, or a receiver or manager of the property of the company,
being a document on or in which the name of the company appears,
shall contain a statement that the company is being wound up.

452. If default is made in complying with section 451, the
company and every officer of the company and every liquidator
of the company and every receiver or manager, who knowingly
authorises or permits the default, is guilty of an offence.

453. (1) In the case of a winding up by the Court, or of a
creditors’ voluntary winding up, of a company—
(a) every assurance relating solely to freehold or

leasehold property, or to any mortgage, charge
or other encumbrance on, or any estate, right or
interest in, any real or personal property, which
forms part of the assets of the company and
which, after the execution of the assurance,
either at law or in equity, is or remains part of
the assets of the company; and

(b) every power of attorney, proxy, writ, order,
certificate, affidavit, bond or other instrument
or writing relating solely to the property of
any company which is being so wound up or to
any proceeding under any such winding up, is
exempt from duties chargeable under the Stamp
Duty Act.

(2) In subsection (1), “assurance” includes deed,
conveyance, assignment, transfer and surrender.

454. Where a company is being wound up, all books and
papers of the company and of the liquidators shall, as between the
contributories of the company, be prima facie evidence of the
truth of all matters purporting to be recorded therein.

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Disposal of
books and
papers of
companies.

Information as
to pending
liquidations.
[5 of 1997].

455. (1) When a company has been wound up and is about to
be dissolved, the books and papers of the company and of the
liquidators may be disposed of as follows, namely:
(a) in the case of a winding up by the Court, in such

manner as the Court directs;
(b) in the case of a members’ voluntary winding up,

in such way as a general meeting of the company
by ordinary resolution directs, and in the case of
a creditors’ voluntary winding up, in such manner
as the committee of inspection or, if there is no
such committee, as a meeting of the creditors of
the company, by resolution directs.

(2) After five years from the dissolution of the company,
no responsibility rests on the company, the liquidators or any
person to whom the custody of the books and papers has been
committed, by reason of any book or paper not being
forthcoming to any person claiming to be interested therein.
(3) Provision may be made by rules made under
section 464 for enabling the Court to prevent, for such period
(not exceeding five years from the dissolution of the company)
as the Court thinks proper, the destruction of the books and
papers of a company which has been wound up, and for enabling
any creditor or contributory of the company to make
representations to the Court.
(4) If any person acts in contravention of any rules made
under section 464 for the purposes of this section or of any
direction of the Court thereunder, he is guilty of an offence.
456. (1) If where a company is being wound up the winding
up is not concluded within one year after its commencement, the
liquidator shall, at such intervals as may be prescribed, until the
winding up is concluded, send to the Registrar a statement in the
prescribed form and containing the prescribed particulars with
respect to the proceedings in the winding up and the position of
the liquidation.
(2) Any person stating himself in writing to be a creditor
or contributory of the company shall be entitled, by himself or by

264 Chap. 81:01 Companies

LAWS OF TRINIDAD AND TOBAGO

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Companies Chap. 81:01 265

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

Unclaimed
assets.
[5 of 1997].

Ch. 9:70.

Resolutions
passed at
adjourned
meetings of
creditors and
contributories.
[5 of 1997].

his agent, at all reasonable times, on payment of the prescribed
fee, to inspect the statements and to receive a copy thereof or
extract therefrom.
(3) If a liquidator fails to comply with this section, he is
guilty of an offence and any person untruthfully stating himself
as provided in subsection (2) to be a creditor or contributory is
guilty of a contempt of Court, and is, on the application of the
liquidator or of the Official Receiver, punishable accordingly.

457. (1) If it appears either from any statement sent to the
Registrar under section 456 or otherwise that a liquidator has in
his hands or under his control any money representing unclaimed
or undistributed assets of the company which have remained
unclaimed or undistributed for six months after the date of their
receipt or any money held by the company in trust in respect of
dividends or other sums due to any person as a member of the
company, the liquidator shall forthwith pay that money into
Court, and shall be entitled to the prescribed certificate of receipt
for the money so paid, and that certificate shall be an effectual
discharge to him in respect thereof.
(2) Any person claiming to be entitled to any money
paid into Court in pursuance of this section may apply to the
Court for payment thereof, and the Court may, on a certificate by
the liquidator that the person claiming is entitled, make an order
for the payment to that person of the sum due.
(3) For the purpose of ascertaining and getting in any
money payable into Court in pursuance of this section, the like
powers may be exercised, and by the like authority, as are
exercisable under section 135 of the Bankruptcy Act for the
purpose of ascertaining and getting in the sums, funds, and
dividends referred to in that section.

457A. Where a resolution is passed at an adjourned meeting of
any creditors or contributories of a company, the resolution shall,
for all purposes, be treated as having been passed on the date on
which it was in fact passed, and shall not be deemed to have been
passed on any earlier date.

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Meetings to
ascertain wishes
of creditors or
contributories.
[5 of 1997].

Affidavits, etc.

Power of
Court to declare
dissolution of
company void.

SUPPLEMENTARY POWERS OF COURT

458. (1) The Court may, as to all matters relating to the
winding up of a company, have regard to the wishes of the
creditors or contributories of the company, as proved to it by any
sufficient evidence, and may, if it thinks fit, for the purpose of
ascertaining those wishes, direct meetings of the creditors or
contributories to be called, held and conducted in such manner as
the Court directs, and may appoint a person to act as chairman of
any such meeting and to report the result thereof to the Court.
(2) In the case of creditors, regard shall be had to the
value of each creditor’s debt.
(3) In the case of contributories, regard shall be had to
the number of votes conferred on each contributory by this Act
or the Bye-laws.
459. (1) Any affidavit required to be sworn under the
provisions or for the purposes of this Part may be sworn in Trinidad
and Tobago or elsewhere before any Court, judge, magistrate, or
person lawfully authorised to take and receive affidavits.
(2) All Courts, judges, magistrates, justices,
commissioners and persons acting judicially shall take notice of
the seal or stamp or signature, as the case may be, of any such
Court, judge, magistrate or person attached, appended, or
subscribed to any such affidavit, or to any other document to be
used for the purposes of this Part.

PROVISIONS AS TO DISSOLUTION

460. (1) Where a company has been dissolved (otherwise than
pursuant to section 461), the Court may at any time within two
years of the date of the dissolution, on an application being made
for the purpose by the liquidator of the company or by any other
person who appears to the Court to be interested, make an order,
upon such terms as the Court thinks fit, declaring the dissolution to
have been void, and thereupon such proceedings may be taken as
might have been taken if the company had not been dissolved.
(2) The person on whose application the order was made
shall, within seven days after the making of the order, or such

266 Chap. 81:01 Companies

LAWS OF TRINIDAD AND TOBAGO

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Companies Chap. 81:01 267

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

Registrar may
strike defunct
company off
register.
[2 of 2013].

further time as the Court allows, lodge with the Registrar a copy of
the order, and if that person fails so to do he is guilty of an offence.

461. (1) Where the Registrar has reasonable cause to believe
that a company is not carrying on business or in operation, he
may send to the company by post a letter inquiring whether the
company is carrying on business or in operation.
(2) If the Registrar does not within one month of
sending the letter receive any answer thereto, he shall within
fourteen days after the expiration of the month send to the
company by post a registered letter referring to the first letter, and
stating that no answer thereto has been received, and that if an
answer is not received to the second letter within one month from
the date thereof, a notice will be published in the Gazette and one
daily newspaper or other periodical printed and circulating in
Trinidad and Tobago with a view to striking the name of the
company off the register.
(3) If the Registrar either receives an answer to the
effect that the company is not carrying on business or in
operation, or does not within one month after sending the second
letter receive any answer, he may publish in the Gazette and one
daily newspaper or other periodical printed and circulating in
Trinidad and Tobago, and send to the company by post, a notice
that at the expiration of three months from the date of that notice
the name of the company mentioned therein will, unless cause is
shown to the contrary, be struck off the register and the company
will be dissolved.
(4) If, in any case where a company is being wound up,
the Registrar has reasonable cause to believe either that no
liquidator is acting, or that the affairs of the company are fully
wound up, and the returns required to be made by the liquidator
have not been made for a period of six consecutive months, the
Registrar shall publish in the Gazette and one daily newspaper or
other periodical printed and circulating in Trinidad and Tobago
and send to the company or the liquidator, if any, a like notice as
is provided in subsection (3).

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

(5) At the expiration of the time mentioned in the notice
the Registrar may, unless cause to the contrary is previously
shown by the company, strike its name off the register, and shall
publish notice thereof in the Gazette and one daily newspaper or
other periodical printed and circulating in Trinidad and Tobago,
and on the publication in the Gazette of this notice the company
shall be dissolved, but—
(a) the liability, if any, of every director, managing

officer, and member of the company continues
and may be enforced as if the company had not
been dissolved; and

(b) nothing in this subsection affects the power of
the Court to wind up a company the name of
which has been struck off the register.

(6) If the company or any member or creditor thereof
feels aggrieved by the company having been struck off the
register, the Court on an application made by the company or
member or creditor before the expiration of twenty years from
the publication in the Gazette and one daily newspaper or other
periodical printed and circulating in Trinidad and Tobago of the
notice may, if satisfied that the company was at the time of the
striking off carrying on business or in operation or otherwise that
it is just that the company should be restored to the register, order
the name of the company to be restored to the register, and upon
a copy of the order being delivered to the Registrar for
registration the company is deemed to have continued in
existence as if its name had not been struck off; and the Court
may by the order give such directions and make such provisions
as seem just for placing the company and all other persons in the
same position as nearly as may be as if the name of the company
had not been struck off.
(7) A notice to be sent under this section to a liquidator
may be addressed to the liquidator at his last known place of
business, and a letter or notice to be sent under this section to a
company may be addressed to the company at its registered
office, or, if no office has been registered, to the care of some
director or other officer of the company or, if there is no director

268 Chap. 81:01 Companies

LAWS OF TRINIDAD AND TOBAGO

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Companies Chap. 81:01 269

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

Outstanding
assets of defunct
company to vest
in Official
Receiver.

or other officer of the company whose name and address are
known to the Registrar, may be sent to each of the persons who
subscribed the articles of incorporation, addressed to him at the
address mentioned in the articles of incorporation.
462. (1) Where, after a company has been dissolved, there
remains any outstanding property, real or personal, including
things in action and whether within or outside Trinidad and Tobago
which vested in the company or to which it was entitled, or over
which it had a disposing power at the time it was dissolved, but
which has not been realised or otherwise disposed of or dealt with by the
company or its liquidator, such property shall, for the purposes of
this section and section 463 and notwithstanding any written law
or rule of law to the contrary, by the operation of this section be
and become vested in the Official Receiver for all the estate and
interest therein legal or equitable of the company or its liquidator
at the date the company was dissolved, together with all claims,
rights and remedies which the company or its liquidator then had
in respect thereof.
(2) Where any claim, right or remedy of the liquidator
may under this Act be made, exercised or availed of only with the
approval or concurrence of the Court or some other person, the
Official Receiver may for the purposes of this section make,
exercise or avail himself of that claim, right or remedy without
such approval or concurrence.
(3) Property vested in the Official Receiver by operation
of this section is liable and subject to all charges, claims and
liabilities imposed thereon or affecting such property by reason
of any statutory provision as to rates, taxes, charges or any other
matter or thing to which such property would have been liable or
subject had such property continued in the possession, ownership
or occupation of the company; but there shall not be imposed on
the Official Receiver or the State any duty, obligation or liability
whatsoever to do or suffer any act or thing required by any such
statutory provision to be done or suffered by the owner or
occupier other than the satisfaction or payment of any such
charges, claims, or liabilities out of the assets of the company so
far as they are in the opinion of the Official Receiver properly
available for and applicable to such payment.

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

463. (1) Upon proof to the satisfaction of the Official
Receiver that there is vested in the Official Receiver by operation
of section 462 or of any written law of a proclaimed State
containing provisions similar to the provisions of section 469, any
estate or interest in property, whether solely or together with any
other person, of a beneficial nature and not merely held in trust,
the Official Receiver may get in, sell or otherwise dispose of or
deal with the estate or interest or any part thereof as he sees fit.
(2) The Official Receiver may sell or otherwise dispose
of or deal with any such property either solely or in concurrence
with any other person in such manner for such consideration, by
public auction, public tender or private contract upon such terms
and conditions as the Official Receiver thinks fit, with power to
rescind any contract and resell or otherwise dispose of or deal
with any such property as he thinks expedient, and may make,
execute and give such contracts, instruments and documents as
he thinks necessary.
(3) The Official Receiver shall be remunerated by such
commission, whether by way of percentage or otherwise, as is
prescribed in respect of the exercise of powers conferred by
subsection (1).
(4) The moneys received by the Official Receiver in the
exercise of any of the powers conferred on him by this section
shall be applied in defraying all costs, expenses, commissions
and fees incidental thereto and thereafter to any payment
authorised by section 462 or this section and the surplus, if any,
shall be paid into such account as is prescribed, and the same
shall, subject to the rules made under section 464, be dealt with
according to orders of the Court.
(5) Any claim, suit, or action for or in respect of any
moneys paid into the prescribed account shall be presented,
made, or instituted within twenty years next after the dissolution
of the company, after the expiration of which period of time all
moneys then or at any time thereafter standing to the credit of the
prescribed account shall, if there be no such claim, suit, or action
pending, or any order of the Court to the contrary, be paid into the
Consolidated Fund.

270 Chap. 81:01 Companies

LAWS OF TRINIDAD AND TOBAGO

Disposal of
moneys.
[5 of 1997].

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Companies Chap. 81:01 271

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

Rules.

Ch. 4:01.

Unregistered
company.
[5 of 1997].

*See Note on First, Second and Third Schedules on page 3.

RULES

464. (1) Rules for carrying this Part into effect as far as relates
to procedure, winding up and fees and costs in connection
therewith, may be made in like manner as rules may be made under
and for the purposes of the Supreme Court of Judicature Act.
*(2) Until varied or revoked by any rules made under
subsection (1), the rules contained in the Eleventh, Twelfth and
Thirteenth Schedules to the former Act, as in force immediately
before the commencement date, shall, notwithstanding
section 518, continue to have effect with such modifications
and adaptations as are required to make them conform to the
provisions of this Act.
(3) Where any of the Rules of these Schedules conflict,
or are at variance with the Act, or with any Regulations made
under the Act, the Act or Regulations, as the case may be, shall
prevail.
(4) Where the Forms in the Appendix hereto conflict,
or are at variance with any Forms prescribed by Regulations
made under the Act, the Forms so prescribed shall prevail.

DIVISION 5—WINDING UP OF UNREGISTERED COMPANIES

465. (1) For the purposes of this Division, “unregistered
company” includes—
(a) an external company;
(b) any partnership, whether limited or not, or

association consisting of more than seven
members; or

(c) any unincorporated body,
but does not include—
(d) a company incorporated or continued under this

Act; or

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

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(e) a friendly society established under the Friendly
Societies Act or a society established under the
Building Societies Act or any other society or
association established under any written law
designated by the President by Order published
in the Gazette; or

(f) a former-Act company.
(2) The provisions of this Division are in addition to and
not in restriction of any provisions contained in this Act with
respect to the winding up of companies by the Court and the
Court or liquidator may exercise any powers or do any act in the
case of unregistered companies which might be exercised or done
by it or him in the winding up of companies.
(3) The President may, from time to time, make an
Order for the purposes of subsection (1)(e).

466. (1) Subject to this Division, any unregistered company
may be wound up under this Part, and this Part shall apply to an
unregistered company with the following adaptations:
(a) the principal place of business of the company in

Trinidad and Tobago is for all the purposes of the
winding up the registered office of the company;

(b) no such company shall be wound up voluntarily;
(c) the circumstances in which the company may be

wound up are—
(i) if the company is dissolved or has ceased

to have a place of business in Trinidad
and Tobago or has a place of business
only for the purpose of winding up its
affairs or has ceased to carry on business;

(ii) if the company is unable to pay its debts;
(iii) if the Court is of the opinion that it is just

and equitable that the company should be
wound up; or

(iv) in the case of an external company, in such
a case as is referred to in section 355(d).

272 Chap. 81:01 Companies

LAWS OF TRINIDAD AND TOBAGO

Ch. 32:50.

Ch. 33:04.

Winding up of
unregistered
companies.
[5 of 1997].

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Companies Chap. 81:01 273

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

(2) An unregistered company is deemed to be unable to
pay its debts if—
(a) a creditor to whom the company is indebted in a

sum exceeding five thousand dollars then due has
served on the company, by leaving at its principal
place of business or by delivering to the secretary
or some director, manager or principal officer of
the company, or on a person authorised by an
external company to accept service of process,
or by otherwise serving in such manner as the
Court approves or directs, a written demand
requiring the company to pay the sum so due
and the company has for three weeks after the
service of the demand neglected to pay the sum
or to secure or compound for it to the
satisfaction of the creditor;

(b) any action or other proceeding has been instituted
against any member for any debt or demand due
or claimed to be due from the company or from
him in his character of member, and, notice in
writing of the institution of the action or
proceeding having been served on the company
by leaving it at its principal place of business or
by delivering it to the secretary or some director,
manager or principal officer of the company, or
on a person authorised by an external company to
accept service of process, or by otherwise serving
it in such manner as the Court approves or
directs, the company has not within ten days after
service of the notice paid, secured or
compounded for the debt or demand or procured
the action or proceeding to be stayed or
indemnified the defendant to his reasonable
satisfaction against the action or proceeding and
against all costs, damages and expenses to be
incurred by him by reason thereof;

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Contributories
in winding up
of unregistered
company.

(c) execution or other process issued on a judgment,
decree or order obtained in any Court in favour
of a creditor against a company or any member
thereof as such or any person authorised to be
sued as nominal defendant on behalf of the
company is returned unsatisfied;

(d) it is otherwise proved to the satisfaction of the
Court that the company is unable to pay its debts
as they fall due.

(3) An unregistered company is also deemed unable to
pay its debts if it is proved to the satisfaction of the Court that
the value of the company’s assets is less than the amount of its
liabilities, taking into account its contingent and prospective
liabilities.
(4) A company incorporated outside Trinidad and
Tobago may be wound up as an unregistered company under this
Division notwithstanding that it is being wound up or has been
dissolved or had otherwise ceased to exist as a company under or
by virtue of the laws of the place under which it was incorporated.
(5) The money sum for the time being specified in
subsection (2) is subject to increase or reduction by regulation
under section 507, but no increase in the sum so specified affects
any case in which the winding up petition was presented before
the coming into force of the increase.

467. (1) On an unregistered company being wound up, every
person is a contributory—
(a) who is liable to pay or contribute to the

payment of—
(i) any debt or liability of the company;
(ii) any sum for the adjustment of the rights

of the members among themselves; or
(iii) the costs and expenses of winding up; or
(b) where the company has been dissolved in the

place in which it is formed or incorporated, who
immediately before the dissolution was so

274 Chap. 81:01 Companies

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UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Companies Chap. 81:01 275

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

Power of
Court to stay
or restrain
proceedings.

Outstanding
assets of defunct
unregistered
company.
[5 of 1997].

liable, and every contributory is liable to
contribute to the assets of the company all sums
due from him in respect of any such liability.

(2) On the death or bankruptcy of any contributory, the
provisions of this Act with respect to the personal representatives
of deceased contributories and the trustees of bankrupt
contributories respectively apply.
468. (1) The provisions of this Act with respect to staying and
restraining actions and proceedings against a company at any
time after the presentation of a petition for winding up and before
the making of a winding up order shall, in the case of an
unregistered company where the application to stay or restrain is
by a creditor, extend to actions and proceedings against any
contributory of the company.
(2) Where an order has been made for winding up an
unregistered company, no action or proceeding shall be
proceeded with or commenced against any contributory of the
company in respect of any debt of the company except by leave
of the Court and subject to such terms as the Court imposes.
469. (1) Where an unregistered company, the place of
incorporation or origin of which is in a proclaimed State, has been
dissolved and there remains in Trinidad and Tobago any
outstanding property which was vested in the company or to which
it was entitled or over which it had a disposing power at the time it
was dissolved, but which was not got in, realised, or otherwise
disposed of or dealt with, by the company or its liquidator before
the dissolution, the property shall, by the operation of this section,
be and become vested for all the estate and interest therein legal or
equitable of the company or its liquidator at the date the company
was dissolved, in such person as is entitled thereto according to the
law of the place of incorporation or origin of the company.
(2) In the case of an unregistered company, the place
of incorporation or origin of which is not in a proclaimed State,
the provisions of sections 462 and 463 shall apply with
such adaptations as may be necessary in respect of an
unregistered company.

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Responsibility.

Service upon
the Registrar.
[5 of 1997].

Register
of companies.

Inspection
of register.

(3) Where it appears to the President that a written law
in force in any Member State of the Caribbean Community
contains provisions similar to the provisions of this section, he
may, by Order, declare that State to be a proclaimed State for the
purposes of subsection (1).

PART VII

ADMINISTRATION AND GENERAL
DIVISION 1 — FUNCTIONS OF THE REGISTRAR

REGISTRAR OF COMPANIES

470. (1) The Registrar of Companies is, under the general
supervision of the Minister, responsible for the administration of
this Act.
(2) A seal may be prescribed by the Minister for use by
the Registrar in the performance of his duties.
471. Unless otherwise provided for by any written law, a
document may be served upon the Registrar by leaving it at the
office of the Registrar or by sending it by telex, telefax or such
other means as the Registrar may approve, or by prepaid post or
cable addressed to the Registrar at his office.

REGISTER OF COMPANIES

472. The Registrar shall maintain a Register of Companies in
which to keep the name of every body corporate—
(a) that is—
(i) incorporated under this Act;
(ii) continued as a company under this Act;
(iii) registered under this Act; or
(iv) restored to the register pursuant to this

Act; and
(b) that has not been subsequently struck off

that register.
473. (1) A person who has paid the prescribed fee is entitled,
during normal business hours, to examine, and to make copies

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of or extracts from, a document, required by this Act or the
Regulations, to be sent to the Registrar, except a report sent to
him under section 499(2).
(2) The Registrar shall, upon request and payment of the
prescribed fee, furnish any person with a copy or certified copy of
any document received by the Registrar under this Act, except a
report received by him pursuant to section 499(2).
(3) If the records maintained by the Registrar are
prepared and maintained in other than a written form—
(a) the Registrar shall furnish any copy required to

be furnished under this Act in an intelligible
written form; and

(b) a report reproduced from those records, if it is
certified by the Registrar, is admissible in
evidence to the same extent as the original
written records would be.

NOTICES AND DOCUMENTS
474. (1) A notice or document required by this Act, the
regulations, articles or the Bye-laws to be sent to a shareholder or
director of a company may be sent by telex or telefax or by prepaid
post or cable, addressed to, or may be delivered personally to—
(a) the shareholder at his latest address as shown in the

records of the company or its transfer agent; and
(b) the director at his latest address as shown in the

records of the company or in the latest notice
filed under section 71 or 79.

(2) A director named in a notice sent by a company to
the Registrar under section 71 or 79 and filed by the Registrar is,
for the purposes of this Act, a director of the company referred to
in the notice.
475. A notice or document sent in accordance with section 474
to a shareholder or director of a company is, for the purpose of
this Act, presumed to be received by him at the time it would be
delivered in the ordinary course of mail, unless there are
reasonable grounds for believing that the shareholder or director
did not receive the notice or document at that time or at all.

Notice to
directors, etc.

Presumption
of receipt.
[5 of 1997].

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Undelivered
documents.
[5 of 1997].

Notice waiver.

Certificate by
company.

Evidentiary
value.

Copies.

476. If a company sends a notice or document to a shareholder
by prepaid post in accordance with section 474 and the notice or
document is returned on three consecutive occasions because the
shareholder cannot be found, the company need not send any
further notices or documents to the shareholder until he informs
the company in writing of his new address.

477. Where a notice or document is required to be sent
pursuant to this Act, the sending of the notice or document may
be waived, or the time for the notice or document may be waived
or abridged at any time with the consent in writing of the person
entitled to the notice or document.

478. A certificate issued on behalf of a company stating any fact
that is set out in the articles, the Bye-laws, any unanimous
shareholder agreement, the minutes of the meetings of the
directors, a committee of directors or the shareholders, or in a trust
deed or other contract to which the company is a party, may be
signed by a director, an officer or a transfer agent of the company.

479. When introduced as evidence in any civil, criminal or
administrative action or proceeding—
(a) a fact stated in a certificate referred to in

section 478;
(b) a certified extract from a register of members or

debenture holders of a company; or
(c) a certified copy of minutes or extracts from

minutes of a meeting of shareholders, directors
or a committee of directors of a company,

is, in the absence of evidence to the contrary, proof of the fact so
certified without proof of the signature or official character of the
person appearing to have signed the certificate.

480. Where a notice or document is required by this Act to
be sent to the Registrar, he may accept a photostatic or photographic
copy of the notice or document or a copy by telefax or other device.

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481. (1) Where this Act requires that articles relating to a
company be delivered to the Registrar, unless otherwise
specifically provided—
(a) two copies, in this section called “duplicate

originals”, of the articles shall be signed by a
director or an officer of the company, or, in the
case of articles of incorporation, by the
incorporator; and

(b) upon receiving duplicate originals of any
articles that conform to law, and any other
required documents and the prescribed fees, the
Registrar shall—

(i) endorse on each of the duplicate originals
the word “registered” and the date of the
registration;

(ii) issue in duplicate the appropriate
certificate and attach to each certificate one
of the duplicate originals of the articles;

(iii) file a copy of the certificate and attached
articles; and

(iv) provide the company or its representative
with the original certificate and attached
articles.

(2) A certificate referred to in subsection (1) and issued
by the Registrar may be dated as of the day he receives the
articles, or Court order pursuant to which the certificate is issued,
or as of any later day specified by the Court or person who signed
the articles.
(3) A signature required on a certificate referred to in
subsection (1) may be printed or otherwise mechanically
reproduced on the certificate.

482. The Registrar may alter a notice or document, other than
an affidavit or statutory declaration, if so authorised by the
person who sent him the notice or document, or by the
representative of that person.

Filed articles.

Alteration of
documents.

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

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483. (1) If a certificate that contains an error is issued to a
company by the Registrar, the directors or shareholders of the
company shall, upon the request of the Registrar, pass the
resolutions and send to the Registrar the documents required to
comply with this Act, and take such other steps as the Registrar
may reasonably require; and the Registrar may demand the
surrender of the certificate and issue a corrected certificate.
(2) A certificate corrected under subsection (1) shall
bear the date of the certificate it replaces.

484. (1) The Registrar may require that a document or a fact
stated in a document required or sent to him pursuant to this Act
be verified in accordance with subsection (2).
(2) A document or fact required by this Act or by the
Registrar to be verified may be verified by statutory declaration or
otherwise by oath or affirmation to the satisfaction of the Registrar.
(3) The Registrar may require of a body corporate the
authentication of a document, and the authentication may be
signed by the secretary, or any director or authorised person or by
the Attorney-at-law for the body corporate.

485. The Registrar need not produce any document of a
prescribed class after six years from the date he received it.

486. (1) The Registrar may furnish any person with a
certificate stating—
(a) that a body corporate has or has not sent to the

Registrar a document required to be sent to him
pursuant to this Act;

(b) that a name, whether that of a company or not,
is or is not on the register; or

(c) that a name, whether that of a company or not,
was or was not on the register on a stated date.

(2) Where this Act requires or authorises the Registrar to
issue a certificate or to certify any fact, the certificate or the
certification shall be signed by the Registrar.

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LAWS OF TRINIDAD AND TOBAGO

Correction of
documents.

Proof of
documents.
[5 of 1997].

Retention of
documents.

Registrar’s
certificate.

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UPDATED TO DECEMBER 31ST 2014

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Companies Chap. 81:01 281

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L.R.O.

Refusal power.

Filing form.

Striking off
register.
[5 of 1997].

(3) A certificate or certification mentioned in
subsection (2), that is introduced as evidence in any civil,
criminal or administrative action or proceeding, is sufficient
proof of the facts so certified, without proof of the signature or
official character of the person appearing to have signed it.

487. (1) The Registrar may refuse to receive, file or register
a document submitted to him, if he is of the opinion that
the document—
(a) contains matter contrary to the law;
(b) by reason of any omission or error in

description, has not been duly completed;
(c) does not comply with the requirements of this Act;
(d) contains an error, alteration or erasure;
(e) is not sufficiently legible; or
(f) is not sufficiently permanent for his records.
(2) The Registrar may request that a document refused
under subsection (1) be amended or completed and re-submitted,
or that a new document be submitted in its place.
(3) If a document that is submitted to the Registrar is
accompanied with a statutory declaration by an Attorney-at-law
that the document contains no matter contrary to law and has
been duly completed in accordance with the requirements of this
Act, the Registrar may accept the declaration as sufficient proof
of the facts therein declared.

488. Every document sent to the Registrar shall be in typed or
printed form.

REMOVAL FROM REGISTER

489. (1) The Registrar may strike off the register a company
or other body corporate, including an external company, if—
(a) the company or other body corporate fails to send

any return, notice, document or prescribed fee to
the Registrar as required pursuant to this Act;

(b) the company is dissolved;

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Liability
continues.

Service on
company.

(c) the company or other body corporate is
amalgamated with one or more other companies
or bodies corporate;

(d) the company does not carry out an undertaking
given under section 493(a)(i); or

(e) the registration of the body corporate is revoked
pursuant to this Act.

(2) Where the Registrar is of the opinion that a company
or other body corporate is in default under subsection (1)(a), he
shall send it a notice advising it of the default and stating that, unless
the default is remedied within thirty days after the date of the notice,
the company or other body corporate will be struck off the register.
(3) Section 491 applies mutatis mutandis to the notice
mentioned in subsection (2).
(4) After the expiration of the time mentioned in the
notice, the Registrar may strike the company or other body
corporate off the register and publish a notice thereof in the Gazette.
(5) Where a company or other body corporate is struck
off the register, the Registrar may, upon receipt of an application
in the prescribed form and upon payment of the prescribed fee,
restore it to the register and issue a certificate in a form adapted
to the circumstances.

490. Where a body corporate is struck off the register, the
liability of the body corporate and of every director, officer or
shareholder of the body corporate continues and may be enforced
as if it had not been struck off the register.

SERVICE

491. A notice or document may be served on a company—
(a) by leaving it at, or sending it by telex or telefax

or by prepaid post or cable addressed to, the
registered office of the company; or

(b) by personally serving any director, officer, receiver,
receiver-manager or liquidator of the company.

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COMPANY NAMES
492. The Registrar may, upon request and upon payment of
the prescribed fee, reserve for twenty days a name for a proposed
company or for a company about to change its name.
493. The name of a company—
(a) shall not be the same as or similar to the name or

business name of any other person or of any
association, partnership or firm, any registered
trade mark or any well-known trade mark as
determined under section 13A of the Trade Marks
Act if the use of that name would be likely to
confuse or mislead, unless the person, association,
partnership or firm consents in writing to the use
of that name in whole or in part, and—

(i) if required by the Registrar in the case of
any person, undertakes to dissolve or
change his or its name to a dissimilar name
within six months after the filing of the
articles by which the name is acquired; or

(ii) if required by the Registrar in the case of
an association, partnership or firm,
undertakes to cease to carry on its
business or activities, or undertakes to
change its name to a dissimilar name,
within six months after the filing of the
articles by which the name is acquired;

(b) shall not be primarily a geographic name used
alone unless the applicant establishes to the
satisfaction of the Registrar that the name has
through use acquired and continues to have a
secondary meaning;

(ba) shall not be one that is likely to be confusing
with that of a company that was dissolved;

(c) shall not suggest or imply a connection with the
State, or the Government or of any ministry,
department, branch, bureau, service, agency or
activity of the Government, unless consent in
writing to the proposed name is duly obtained
from the appropriate Minister;

Reservation
of name.
[2 of 2013].

Prohibited
name.
[5 of 1997].

Ch. 82:81.

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Amalgamated
company.

Restored name.
[5 of 1997].

Non-application
to public
company.
Investigation
order.
[5 of 1997].

(d) shall not contain the word or words “credit
union”, “co-operative”, or “co-op” when it
connotes a co-operative venture;

(e) shall not suggest or imply a connection with a
university or a professional association recognised
by the laws of Trinidad and Tobago unless the
university or professional association concerned
consents in writing to the use of the proposed
name; and

(f) shall not be a name that is prohibited by the
regulations or a name that is, in the opinion of
the Registrar, for any reason, objectionable.

494. ( Repealed by Act No. 5 of 1997).
495. If two or more companies amalgamate, the amalgamated
company may have—
(a) the name of one of the amalgamating companies;
(b) a distinctive combination that is not confusing

of the names of the amalgamating companies; or
(c) a distinctive new name that is not confusing.
496. Where a company has been struck off the register and has
thereafter been restored to the register under section 489, if,
between the date of its being struck off and the date of its
restoration, another company has been granted a name that is likely
to be confused with the name of the restored company, the Registrar
may require as a condition of its restoration that the restored
company does not carry on business or, if it seeks to carry on
business, that it changes its name immediately after it is restored.

DIVISION 2—INVESTIGATION OF COMPANIES
INVESTIGATIONS

497. This Division does not apply to a public company.

498. (1) A shareholder or debenture holder of a company,
or the Registrar, may apply to the Court for an order directing
that an investigation be made of the company and any of its
affiliated companies.

284 Chap. 81:01 Companies

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Court powers.
[5 of 1997].

(2) If, upon an application under subsection (1) in
respect of a company, it appears to the Court that—
(a) the business of the company or any of its

affiliates is or has been carried on with intent to
defraud any person;

(b) the business or affairs of the company or any of
its affiliates are or have been carried on in a
manner, or the powers of the directors are or have
been exercised in a manner, that is oppressive or
unfairly prejudicial to, or that unfairly disregards,
the interest of a shareholder or debenture holder;

(c) the company or any of its affiliates was formed
for a fraudulent or unlawful purpose, or is to be
dissolved for a fraudulent or unlawful purpose;

(d) persons concerned with the formation, business
or affairs of the company or any of its affiliates
have in connection therewith acted fraudulently
or dishonestly; or

(e) in any case it is in the public interest that an
investigation of the company be made,

the Court may order that an investigation be made of the
company and any of its affiliated companies.
(3) If a shareholder or debenture holder makes an
application under subsection (1), he shall give the Registrar
reasonable notice thereof, and the Registrar is entitled to appear
and be heard in person or by an Attorney-at-law.
(4) An application under this section may, if the Court
so directs, be heard in camera.
(5) No person shall publish anything relating to any
proceeding under this Division except with the authorisation of
the Court or the written consent of the company that is being, or
to be, investigated.
499. (1) In connection with an investigation under this
Division in respect of a company, the Court may make any order
it thinks fit, including—
(a) an order to investigate;

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

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(b) an order appointing an inspector, who may be
the Commission, and fixing the remuneration of
the inspector and replacing the inspector;

(c) an order determining the notice to be given to
any interested person, or dispensing with notice
to any person;

(d) an order authorising an inspector to enter any
premises in which the Court is satisfied there
might be relevant information, and to examine
anything, and to make copies of any documents
or records, found on the premises;

(e) an order requiring any person to produce
documents or records to the inspector;

(f) an order authorising an inspector to conduct a
hearing, administer oaths and examine any
person upon oath, and prescribing rules for the
conduct of the hearing;

(g) an order requiring any person to attend a hearing
conducted by an inspector and to give evidence
upon oath;

(h) an order giving directions to an inspector or any
interested person on any matter arising in the
investigation;

(i) an order requiring an inspector to make an
interim or final report to the Court;

(j) an order determining whether a report of an
inspector should be published, and, if so,
ordering the Registrar to publish the report in
whole or in part, or to send copies to any person
the Court designates;

(k) an order requiring an inspector to discontinue an
investigation; or

(l) an order requiring the company to pay the costs
of the investigation.

(2) An inspector shall send to the Registrar a copy of
every report made by the inspector under this Division.

286 Chap. 81:01 Companies

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L.R.O.

Inspector’s
powers.

In camera
hearing.

Incriminating
evidence.

Ch. 11:14.

Privilege
absolute.

Ownership
interest.

500. (1) An inspector under this Division has the powers set
out in the order appointing him.
(2) An inspector shall upon request produce to an
interested person a copy of any order made under section 499(1).
501. (1) An interested person may apply to the Court for an
order that a hearing conducted by an inspector under this
Division be heard in camera and for directions on any matter
arising in the investigation.
(2) A person whose conduct is being investigated or
who is being examined at a hearing conducted by an inspector
under this Division may appear and be heard in person or by an
Attorney-at-law.
502. No person is excused from attending and giving evidence
and producing documents and records to an inspector under this
Division by reason only that the evidence tends to incriminate
that person or subject him to any proceeding or penalty; but the
evidence may not be used or received against him in any
proceeding thereafter instituted against him, other than a
prosecution for perjury in giving the evidence, or a prosecution
under section 11 of the Perjury Act in respect of the evidence.

503. An oral or written statement or report made by an
inspector or any other person in an investigation under this
Division has absolute privilege.

INQUIRIES
504. (1) If the Registrar is satisfied that, for the purposes of
Division 6 of Part III or Division 4 of Part IV, there is reason to
enquire into the ownership or control of a share or debenture of a
company or any of its affiliates, the Registrar may require any
person that he reasonably believes has or has had interest in the
share or debenture, or acts or has acted on behalf of a person with
such an interest, to furnish to the Registrar, or to any person the
Registrar appoints—
(a) information that the person has or can reasonably

be expected to obtain as to present and past
interests in the share or debenture; and

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Client
privileges.

Inquiries.

Regulations.
[5 of 1997].

(b) the names and addresses of the persons so
interested and of any person who acts or has
acted in relation to the share or debenture on
behalf of the persons so interested.

(2) For the purposes of subsection (1), a person has an
interest in a share or debenture, if—
(a) he has a right to vote or to acquire or dispose of

the share or debenture or any interest therein;
(b) his consent is necessary for the exercise of the

rights or privileges of any other person
interested in the share or debenture; or

(c) any other person interested in the share or
debenture can be required, or is accustomed, to
exercise rights or privileges attached to the share
or debenture in accordance with his instructions.

505. Nothing in this Division affects the privileges that exist
in respect of an Attorney-at-law and his client.

506. The Registrar may make of any person any inquiries that
relate to compliance with this Act by any persons.

DIVISION 3 — REGULATIONS

507. (1) The Minister may make such Regulations as are
required for the better administration of this Act, and, in
particular, the Minister may make Regulations—
(a) prescribing any matter required or authorised by

this Act to be prescribed;
(b) requiring the payment of a fee in respect of the

filing, examination or copying of any
documents or in respect of any action that the
Registrar is required or authorised to take under
this Act, and prescribing the amount thereof;

(c) prescribing the format and contents of returns,
notices or other documents required to be sent to
the Registrar or to be issued by him;

288 Chap. 81:01 Companies

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L.R.O.

Name offence.

Abuse of
corporate
status.

Reports.
[5 of 1997].

(d) prescribing the rules with respect to exemptions
permitted by this Act;

(e) respecting the names of companies or
classes thereof;

(f) respecting the authorised capital of companies,
if applicable;

(g) (Repealed by Act No. 5 of 1997);
(h) respecting the designation of classes of

shares; and
(i) respecting any other matter required for the

efficient administration of this Act.
(2) Regulations made under this section are subject to
negative resolution of Parliament.

DIVISION 4 — OFFENCES AND PENALTIES
508. A company that contravenes section 14 is guilty of an
offence and liable on summary conviction to a fine of ten
thousand dollars.
509. Each of the individuals who carry on business, under a
name part of which is “limited”, “incorporated” or “corporation” or
the abbreviations “ltd.”, “inc.” or “corp.” is guilty of an offence
and liable on summary conviction to a fine of ten thousand dollars.
510. (1) A person who makes or assists in making a report,
return, notice or other document—
(a) that is required by this Act or the Regulations to be

sent to the Registrar or to any other person; and
(b) that—
(i) contains an untrue statement of a material

fact; or
(ii) omits to state a material fact required in the

report, return, notice or other document, or
necessary to make a statement contained
therein not misleading in the light of the
circumstances in which it was made,

is guilty of an offence and liable on summary conviction to a
fine of ten thousand dollars and to imprisonment for a term of
six months.

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

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Specific
offences.
[5 of 1997].

(2) A person is not guilty of an offence under
subsection (1) if the making of the untrue statement or the omission
of the material fact was unknown to him and with the exercise of
reasonable diligence could not have been known to him.
(3) When an offence under subsection (1) is committed
by a body corporate or a firm and a director or officer of that body
corporate or a partner of that firm knowingly authorised,
permitted or acquiesced in the commission of the offence, the
director or officer or partner is also guilty of the offence and
liable on summary conviction to a fine of ten thousand dollars
and to imprisonment for a term of six months.
511. (1) A person is guilty of an offence and liable on
summary conviction to a fine of ten thousand dollars and to
imprisonment for a term of six months—
(a) who without reasonable cause contravenes

section 189;
(b) who without reasonable cause contravenes

section 193;
(c) who without reasonable cause contravenes

section 270(5);
(d) who wilfully contravenes section 144 or 145;
(e) who without reasonable cause fails to comply

with a requirement of the Registrar under section
504 to report to the Registrar any information or
any names or addresses of persons sought by the
Registrar under that section;

(f) who, being a proxy holder or alternate proxy
holder, fails without reasonable cause to comply
with the directions of a shareholder under
section 147(1);

(g) who, being a broker, knowingly contravenes
section 148;

(h) who, being an auditor or former auditor of a
company, contravenes section 170(1) without
reasonable cause; or

(i) who, being a director or officer of a company,
knowingly contravenes section 174.

(2) Where the person who is guilty of an offence under
subsection (1) is a body corporate or a firm, then, whether the

290 Chap. 81:01 Companies

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Companies Chap. 81:01 291

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L.R.O.

Company
offences.

General
offence.

Order to
comply.

Limitation.

Penalty for
late filing.
[5 of 1997
2 of 2012
2 of 2013].

body corporate or firm has been prosecuted or convicted, any
director or officer of the body corporate or partner of the firm
who knowingly authorised, permitted or acquiesced in the act or
omission that constituted the offence is also guilty of an offence
and liable on summary conviction to a fine of ten thousand
dollars and to imprisonment for a term of six months.
512. (1) A company is guilty of an offence and is liable on
summary conviction to a fine of ten thousand dollars if—
(a) the management of the company without

reasonable cause fails to comply with
section 143(1); or

(b) the company without reasonable cause
contravenes section 155.

(2) When a company is guilty of an offence under this
section, any director or officer of the company who knowingly
authorised, acquiesced in or permitted the contravention is also
guilty of an offence and liable on summary conviction to a fine of
ten thousand dollars and to imprisonment for a term of six months.
513. Every person who is guilty of an offence under this Act
or the Regulations is, if no punishment is elsewhere in this Act
provided for that offence, liable on summary conviction to a fine
of ten thousand dollars.
514. When a person is convicted of an offence under this Act
or the Regulations, the Court, or a Court of summary jurisdiction
in which proceedings in respect of the offence are taken, may, in
addition to any punishment it may impose, order that person to
comply with the provision of this Act or the Regulations for the
contravention of which he has been convicted.
515. A prosecution for an offence under this Act or the
Regulations may be instituted at any time within two years from
the time when the subject-matter of the prosecution arose.
516. Where, contrary to a provision of this Act, a person or
company, including an external company, fails, within the time
specified for so doing, to deliver to or file with the Registrar any
document, the Registrar shall be entitled to collect from that
person or company a penalty of three hundred dollars for every

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

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Waiver of
penalties.
[2 of 2012].

Civil remedies
unaffected.

Criminal
proceedings
against firms.
[5 of 1997].

Ch. 12:03.

month, or part thereof, that that person or company fails to
deliver or file the document.
516A. (1) Notwithstanding any written law to the contrary, there
shall be a waiver of all penalties due and payable under sections
156(5) and 516 on the failure to deliver or to file with the Registrar
any document required to be delivered or filed under this Act, where
the documents are delivered to or filed with the Registrar during the
period 10th October 2011 to 31st December 2012.
(2) The waiver granted under subsection (1) shall not
affect the obligation of a person or company, including an
external company, to file or deliver any document to the Registrar
or to pay fees in respect of any document that is filed or delivered
in accordance with sections 156 and 516.
(3) Where a person or company, including an external
company fails to file or deliver to the Registrar by 31st December
2012 any document or fails to pay fees in respect of any
document that is required to be filed or delivered under this Act,
the penalties that would have been payable in respect of such
failure shall be revived and become payable as if the waiver in
subsection (1) had not been granted.
517. No civil remedy for any act or omission is affected by
reason that the act or omission is an offence under this Act.
517A. (1) Proceedings for an offence alleged to have been
committed under any of sections 509 to 511 by a firm shall be
brought in the name of that body and not in the name of any of
its members.
(2) A fine imposed on a firm on a conviction of such an
offence shall be paid by the members of the firm jointly and
severally but in the first instance out of the funds of the firm.
(3) Where a firm is charged with any such offence, the
Criminal Procedure (Corporation) Act shall have effect as if such
firm was a corporation referred to in that Act and section 13 of
that Act will take effect so that the prosecutor may enter as a
judgment the amount of the fine and costs, if any, in the Court
against each of the partners of the firm and such judgment shall
be enforceable accordingly in the Court in civil proceedings as
though each of such partners was the accused.

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UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

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Companies Chap. 81:01 293

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L.R.O.

*See section 2.

DIVISION 5—INCIDENTAL AND CONSEQUENTIAL MATTERS
518. (1) The former Act is repealed.
(2) Notwithstanding subsection (1), the provisions of
the former Act continue to apply to a former-Act company until
such time as a certificate of registration or continuance is issued
to it under section 319 or 343.
(3) Notwithstanding subsection (2) and the definition of
“company” in section 4, upon the commencement date*—
(a) sections 21, 24, 300 and 435 shall apply to a

former-Act company provided that a receiver or
liquidator shall not be liable for the payment of
any preferential debts to the extent that the
relevant assets of such company have already
been distributed at the commencement date; and

(b) Division 10 of Part III and Division 4 of Part IV
shall apply to a former-Act company which is
a public company as determined under the
former Act.

(4) Notwithstanding subsection (3)(a), sections 300 and
435 shall not apply to the winding up or receivership of a former-
Act company if the winding up or receivership commenced
before the commencement date.
519. (1) In this section and section 520—
“enactment” means an Act or regulation or any provision of an

Act or regulation; and
“regulation” includes an order, regulation, order in council, order

prescribing regulations, rule, Rule of Court, form, tariff of
costs or fees, letters patent, commission, warrant, and any
instrument issued, made or established—

(i) in the execution of a power conferred by
or under an Act other than the former
Act; or

(ii) by or under the authority of the President.
(2) A reference in an enactment to the former Act shall,
as regards a transaction, matter or things subsequent to the

Repeal.
[5 of 1997].

References to
Companies Act.
[5 of 1997].

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Transitional.
[5 of 1997].

Security
for costs.

Power of
Court to
grant relief
in certain
cases.

commencement date, also be construed and applied, unless the
context otherwise requires, as a reference to the provisions of this
Act that relate to the same subject-matter as the provisions of the
former Act; but if there are no provisions in this Act that relate to
the same subject-matter, the former Act is to be construed and
applied as unrepealed so far as is necessary to do so to maintain
or give effect to the enactment.

520. (1) Where in any enactment the expression “registered
under the Companies Ordinance” occurs, the expression, unless the
context otherwise requires, shall also refer to incorporation,
continuation or registration under this Act in respect of all transactions,
matters or things subsequent to the commencement date.
(2) Where in any enactment the expression
“memorandum of association” or “articles of association” occurs,
those expressions, unless the context otherwise requires, shall
also refer respectively to articles of incorporation or continuance
and Bye-laws within the meaning of this Act.
(3) Where in any enactment a reference is made to
winding up under, or to the winding up provisions of, the former
Act, then, unless the context otherwise requires, it also refers, in
respect of all transactions, matters or things subsequent to the
commencement date, to winding up or dissolution under this Act.

521. (Repealed by Act No. 5 of 1997).

522. Where a company is plaintiff in any action or other
legal proceeding, any judge having jurisdiction in the matter
may, if it appears by credible testimony that there is reason to
believe that the company will be unable to pay the costs of the
defendant if successful in his defence, require sufficient security
to be given for those costs and may stay all proceedings until the
security is given.

523. (1) If, in any proceeding for negligence, default, breach
of duty or breach of trust against a person to whom this section
applies, it appears to the Court hearing the case, that that person
is or may be liable in respect of the negligence, default, breach of

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UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

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Companies Chap. 81:01 295

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L.R.O.

Saving for
privileged
communications.

duty or breach of trust, but that he has acted honestly and
reasonably, and that, having regard to all the circumstances of the
case, including those connected with his appointment, he ought
fairly to be excused for the negligence, default, breach of duty or
breach of trust, that Court may relieve him, either wholly or
partly, from his liability on such terms as it thinks fit.
(2) Where any person to whom this section applies has
reason to apprehend that any claim will or might be made against
him in respect of any negligence, default, breach of duty or
breach of trust, he may apply to the Court for relief, and the Court
on any such application shall have the same power to relieve him
as under this section it would have had if it had been a Court
before which proceedings against that person for negligence,
default, breach of duty or breach of trust had been brought.
(3) Where any case to which subsection (1) applies is
being tried by a judge with a jury, the judge, after hearing the
evidence, may, if he is satisfied that the defendant ought in
pursuance of that subsection to be relieved either in whole or in
part from the liability sought to be enforced against him,
withdraw the case in whole or in part from the jury and forthwith
direct judgment to be entered for the defendant on such terms as
to costs or otherwise as the judge may think proper.
(4) The persons to whom this section applies are
the following:
(a) directors, managers or officers of a company;
(b) persons employed by a company as auditors.

524. Where proceedings are instituted under this Act against
any person, nothing in this Act shall be taken to require any person
who has acted as Attorney-at-law for the defendant to disclose any
privileged communication made to him in that capacity.

UNOFFICIAL VERSION


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Interpretation.

Petition,
notice of
motion or
summons to
be issued out of
the Office of the
Registrar of the
Supreme Court.
Application of
Rules of
Supreme Court.

Title of petition.

Ch. 81:01.

*See Note on page 3.

FIRST SCHEDULE*

RULES OF PROCEDURE ON APPLICATIONS UNDER
THE ACT

1. (1) In these Rules:
“Act” means the Companies Act;
“Appendix” means the Appendix to this Schedule;
“petition”, “motion”, “summons” mean the petition, motion or summons

presented, made or taken out pursuant to these Rules;
“inquiry” means the inquiry made as to the debts, claims or liabilities of or

affecting the company or as to any such debts, claims or liabilities ordered
by the Court under these Rules;

“Company” means the company to which any application under these
Rules relates;

“Registrar” means the Registrar General appointed under the Registrar
General Act and has the meaning assigned to it by the Act;

(2) Unless the context otherwise requires, expressions defined in the
Act shall have the meanings so defined.

2. Every petition, notice of motion, or summons to which these Rules
relate shall be brought to and issued out of the office of the Registrar of the
Supreme Court.



3. The Rules of the Supreme Court for the time being in force and the
general practice of the Court including the course of procedure and practice in
Chambers shall apply as regards all proceedings in relation to applications to
which these Rules relate so far as may be practicable, except if and so far as
the Act or these Rules otherwise provide.

4. (1) Every petition, notice of motion and summons and all notices,
affidavits and other proceedings under any petition, notice of motion or
summons shall be intituled in the matter of the company, and in the matter of
the Companies Act.
(2) An application for leave under subsection (4A) of section 447 of
the Act shall be intituled in the matter of the company whose business was
carried on with such intent or for such purpose as is mentioned in subsection (1)
of that section and in the matter of the Companies Act.

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Companies Chap. 81:01 297

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L.R.O.

Application
by petition.

Applications
by motion or
summons.

Applications
by motion.

5. The following applications, where relevant under any of the
provisions of the Act, shall be made by petition:
(a) applications to confirm an alteration of objects under the Act;
(b) applications to confirm a reduction of capital under the Act;
(c) applications to confirm the reduction of any capital

redemption reserve fund under the Act;
(d) applications to cancel, disallow or confirm any variation or

abrogation of the rights of holders of special classes of shares
under the Act;

(e) applications to sanction the issue of shares at a discount
under the Act;

(f) applications to sanction a compromise (if any) or an
arrangement under section 238 of the Act;

(g) applications to restore a company’s name to the register
under section 461 of the Act;

(h) applications for relief by directors, managers or officers of a
company or by persons employed as auditors by a company
under section 523 of the Act;

(i) applications by a transferee company for the purpose of
acquiring shares under the Act.

6. The following applications, where applicable under any of the
provisions of the Act, shall be made by motion or summons:
(a) applications to rectify the register of members under

section 245 of the Act;
(b) applications to extend the time for registration of a charge or

to rectify any omission or misstatement in any particular with
respect to any charge or in a memorandum of satisfaction
under section 262 of the Act.

7. The following applications, where relevant under any of the
provisions of the Act, shall be made by motion:
(a) applications for relief in case of default in delivering

documents to the Registrar under the Act;
(b) applications for relief in case of default by a private company

in complying with the provisions of its articles under the Act;
(c) applications to enquire into the case of officers or agents of a

company who have refused to produce any document or
answer any question under sections 498, 499, 500, and 501
of the Act and for orders under the said sections.

UNOFFICIAL VERSION


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Applications
by summons. 8. The following applications, where relevant under any of theprovisions of the Act, shall be made by summons:

(a) applications to inspect the register of members or the index
of the members of a company or the annual return or to
obtain copies of such register or annual return under the Act;

(b) applications to inspect the minutes of proceedings at general
meetings of a company or to be furnished with copies thereof
under the Act;

(c) applications to inspect the register of directors under the Act;
(d) applications to inspect copies of instruments creating a charge

and to inspect the register of charges to be kept at the registered
office of the company under section 264 of the Act;

(e) applications to inspect any register of holders of debentures
of a company or for orders that copies of any such register or
of any trust deed for securing any issue of debentures shall
be sent to the persons requiring the same under section 270
of the Act;

(f) applications for and in regard to meetings of a company
under section 134 of the Act;

(g) applications for meetings under section 238 of the Act;
(h) applications for facilitating reconstructions or amalgamations

of companies under section 238 of the Act where the matters
to which such applications relate have not been dealt with, or
fully dealt with, on the hearing of the petition to sanction the
compromise or arrangement to which they relate;

(i) applications in regard to certificates of shares, debentures or
debenture stock certificates and for costs under the Act;

(j) applications for enforcing the duty of a company or any other
person to make any return and for costs under section 296 of
the Act;

(k) applications for leave under subsection (4A) of section 447
of the Act;

(l) applications to extend the time for registering documents
under the Act or under rule 12 of these Rules;

(m) applications to extend the time for the issue of shares at a
discount (if any) under the Act;

(n) applications by a dissenting shareholder for the purpose of
preventing the acquisition of his shares under the Act.

Rules of Procedure on Applications under the Act
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Rules of Procedure on Applications under the Act
Companies Chap. 81:01 299

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L.R.O.

Entering
appearance.

Summons for
direction.

Inspection
of list of
creditors.

Form 1 in
Affidavit.

Application of
following
provisions.

9. A respondent to an originating summons issued pursuant to rule 6 or
rule 8 of these Rules shall not be required to enter an appearance except where
such summons is issued pursuant to paragraph (h) or paragraph (j) of rule 8.

10. (1) Where the petition has been presented pursuant to paragraph (a),
(b), (c), (d), (h) or (i) of rule 5 of these Rules, or where an order is sought under
section 238 of the Act, an application shall, in every case, be made, by summons
in Chambers, to the Judge, for direction as to the proceedings to be taken.
(2) Upon the hearing of the summons, or upon any adjourned
hearing or hearings thereof or any subsequent application, the Judge may
make such order or orders and give such directions as he may think fit as to all
the proceedings to be taken, and more particularly with respect to the
following matters, that is to say:
(a) the publication of notices;
(b) in cases where the Court orders an inquiry as to the debts,

claims or liability,
of or affecting a company or as to any of such debts, claims or liabilities, the
proceedings to be taken for settling the list of creditors entitled to object,
including the dispensing with the observance of section 48(5) of the Act as
regards any class or classes of creditors; fixing the date with reference to
which the list of such creditors is to be made out, and generally fixing a time
for and giving directions as to all other necessary or proper steps in the matter
whether expressly mentioned in any of these Rules or not.

In such cases, the first order upon the summons for directions may be in
the Form No. 1 of the Appendix with such variations as the circumstances
may require.

11. In cases where the Court has ordered any such inquiry as aforesaid,
the following provisions shall apply:
(a) The Company shall, within seven days after such order or

such further or other time as the Judge may allow, file in the
office of the Registrar of the Supreme Court an affidavit
made by some officer or officers of the company competent
to make the same, verifying a list containing so far as
possible the names and addresses of the creditors of the
company to whom such inquiry extends. The said list shall
also contain the amounts due to the creditors therein named
respectively in respect of debts, claims or liabilities to which
the inquiry extends, or in the case of any such debt payable
on a contingency or not ascertained or any such claim
admissible to proof in a winding up of the company the
value, so far as can be justly estimated, of such debt or claim.

UNOFFICIAL VERSION


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Form 2 of the
Appendix.

Notice to
creditors.

Form 3 of the
Appendix.

Advertisement
of petition
and list of
creditors.

(b) The person making any such affidavit shall state therein his
belief that the list verified by such affidavit is correct, and
that there was not at the date so fixed as aforesaid any debt,
claim or liability which, if that date were the commencement
of the winding up of the company, would be admissible in
proof against the company, except the debts, claims and
liabilities set forth in such list and any debts, claims or
liabilities to which the inquiry does not extend, and shall
state his means of knowledge of the matters deposed to in
such affidavit. Such affidavit may be in the Form No. 2 set
out in the Appendix, with such variations as the
circumstances of the case may require.

(c) Copies of such list containing the names and addresses of such
creditors, and the total amount so due to them (including the
value of any debts or claims estimated as aforesaid), but
omitting the amounts due to them respectively, or (as the Judge
shall think fit) complete copies of such list, shall be kept at the
registered office of the company and at the offices of the
Attorney(s)-at-law to the company and any person desirous of
inspecting the same may at any time during the ordinary hours
of business inspect and take extracts from the same on
payment of the sum of twenty-four cents.

(d) The company shall, within seven days after the filing of such
affidavit, or such further or other time as the Judge may allow,
send to each creditor whose name is entered in the said list a
notice stating the amount of the proposed reduction of capital,
the effect of the order directing the inquiry and the amount or
estimated value of the debt or the contingent debt or claim or
both for which such creditor is entered in the said list, and the
time (such time to be fixed by the judge) within which, if he
claims to be entitled to be entered on such list as a creditor for
a larger amount, he must send in his name and address, and the
particulars of his debt or claim, and the name and address of
his Attorney-at-law (if any) to the Attorney(s)-at-law of the
company; and such notice shall be sent through the post in a
prepaid letter addressed to each such creditor at his last known
address or place of abode, and may be in the Form or to the
effect of the Form No. 3 set out in the Appendix, with such
variations as the circumstances of the case may require.

(e) Notice of the presentation of the petition, of the effect of the
order directing the inquiry and of the list of creditors shall,
after the filing of the affidavit mentioned in paragraph (a) of

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300 Chap. 81:01 Companies

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Rules of Procedure on Applications under the Act
Companies Chap. 81:01 301

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L.R.O.

Form 4 of the
Appendix.

Affidavit as
to result of
paragraphs (d)
and (e) of
this rule.

Form 5 of the
Appendix.

Proceedings
where claims
not admitted.

this rule, be published at such times, and in such newspapers,
as the Judge shall direct. Every such notice shall state the
amount of the proposed reduction of capital, and the places
where the aforesaid list of creditors may be inspected, and the
time within which creditors of the company who are not but
are entitled to be entered on the said list, and are desirous of
being entered therein, must send in their names and addresses,
and the particulars of their debts or claims, and the names and
addresses of their Attorney(s)-at-law (if any) to the
Attorneys-at-law of the company. Such notice may be in the
Form No. 4 set out in the Appendix, with such variations as
the circumstances of the case may require.

(f) The company shall, within such time as the Judge shall direct,
file in the office of the Registrar of the Supreme Court, an
affidavit made by the person to whom the particulars of debts
or claims are, by such notice as are mentioned in paragraphs
(d) and (e) of this rule required to be sent in, stating the result
of such notices respectively and verifying a list containing the
names and addresses of the persons (if any) who shall have
sent in the particulars of their debts or claims in pursuance of
such notices, respectively, and the amounts of such debts or
claims, and some competent officer or officers of the company
shall join in such affidavit, and shall in such list distinguish
which (if any) of such debts and claims are wholly, or as to any
and what part thereof, admitted by the company, and which (if
any) of such debts and claims are wholly, or as to any and what
part thereof, disputed by the company, and which (if any) of
such debts and claims are alleged by the company to be
wholly, or as to any and what part thereof, not included in the
inquiry. Such affidavit shall also state which of the persons
who are entered in the list as creditors and which of the
persons who have sent in particulars of their debts or claims in
pursuance of such notices as aforesaid have been paid or have
consented to the proposed reduction. Such affidavit may be in
the Form No. 5 set out in the Appendix with such variations
as the circumstances of the case may require.

(g) If the company contends that a person is not entitled to be
entered in the list of creditors in respect of any debt or claim
whether admitted or not or if any debt or claim, the particulars
of which are so sent in, shall not be admitted by the company
at its full amount, then and in every such case, unless the
company is willing to appropriate in such manner as the

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Form 6 of the
Appendix.

Costs of proof.

Certificate as
to creditors.

Judge shall direct the full amount of such debt or claim, the
company shall, if the Judge think fit so to direct, send to the
creditor a notice that he is required to come in and establish his
title to be entered on the list or as the case may be to come in
and prove such debt or claim or such part thereof as is not
admitted by the company, but a day to be therein named,
being not less than four clear days after such notice, and being
the time appointed by the Judge for adjudicating upon such
titles, debts and claims and such notice shall be sent in the
manner mentioned in paragraph (d) of this rule, and may be in
the Form No. 6 set out in the Appendix with such variations as
the circumstances of the case may require.

(h) Such creditors as come in to prove their titles, debts or
claims in pursuance of any such notice as is mentioned in
paragraph (g) of this rule shall be allowed their costs of proof
against the company and be answerable for costs, in the same
manner as in the case of persons coming in to prove debts
under an administration judgment.

(i) The result of the settlement of the list of creditors shall be stated
in a certificate by the Registrar of the Supreme Court, and such
certificate shall state what debts or claims (if any) have been
disallowed, and shall distinguish the debts or claims and full
amounts of which the company is willing to appropriate, and
the debts or claims (if any) the amount of which has been fixed
by inquiry and adjudication (if any) in manner provided by the
Act, and these Rules, and the debts or claims (if any) the full
amount of which the company does not admit or is not willing
to appropriate or the amount of which has not been fixed by
inquiry and adjudication as aforesaid; and shall show which of
the creditors have consented to the proposed reduction, and the
total amount of the debts due to them, and the total amount of
the debts or claims the payment of which has been secured in
manner (if any) provided by the Act and the persons to or by
whom the same are due or claimed. The said certificate shall
also state what creditors have under paragraph (g) of this rule
come in and sought to establish their title to be entered on the
list and whether such claims have been allowed or not, but it
shall not be necessary to make in such certificate any further or
other reference to any creditors who are not entitled to be
entered in the list or to any debts or claims to which the inquiry
does not extend or to show therein the several amounts of the
debts or claims of any persons who have consented to the
proposed reduction or the payment of whose debts or claims
has been secured as aforesaid.

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L.R.O.

Evidence of
consent of
creditor.

Certificate
before hearing
of petition.

Advertisement
of hearing.

Form 7 of the
Appendix.

Delivery of
copy of order
under the Act
to Registrar.

Form of order
under the Act.
Form 8 of the
Appendix.

(j) The consent of any creditor, whether in respect of a debt due or
presently due or a debt payable on a contingency or not
ascertained or a claim admissible to proof in a winding up of
the company may be evidenced in any manner which the Judge
shall think reasonably sufficient having regard to the amount of
his debt or claim and all the circumstances of the case.

(k) The petition shall not be heard until the expiration of at least
eight clear days from the filing of such certificate as is
mentioned in paragraph (i) of this rule.

(l) Before the hearing of the petition, notices stating the day on
which the same is appointed to be heard shall be published at
such times and in such newspapers as the Judge shall direct.
Such notices may be in the Form No. 7 set out in the
Appendix, with such variations as the circumstances of the
case may require.

12. Unless in any particular case the Court shall otherwise direct, every
order sanctioning the issue of shares at a discount shall contain a direction that
a copy of such order shall be delivered to the Registrar for registration within
seven days from the date thereof or within such further or other time as the
Court may allow and the order shall not take effect until such copy has been
so delivered.

13. Where an application is made under section 238 of the Act, the order
may be in the Form No. 8 set out in the Appendix, with such variations as the
circumstances of the case may require.

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APPENDIX
FORM 1

FORM OF ORDER
[RULE 10(2)]

IN THE SUPREME COURT OF TRINIDAD AND TOBAGO

No............................. of ........................................

In the Matter of the ............................................................. Company, Limited;
and

In the Matter of The Companies Act

UPON THE APPLICATION of the petitioners by summons
dated the ............... day of................... 20......, and upon hearing the
Attorney/s-at-law for the petitioners, and on reading the petition presented to
the Court, the affidavit of ............................................................[in support of
petition], the affidavit of ...............................................................[service of
notices convening meetings] and the exhibits therein respectively referred to.

AND it appearing that the special resolution for the reduction of the capital of
the company referred to in the said petition has been duly passed.

[It is ordered that this Act shall not apply to (here set out class of creditors to
whom this Act is not to apply) and] it is ordered, that an inquiry be made what
are the debts, claims and liabilities of or affecting the said company on
the............. day of ............................................. [other than debts, claims or
liabilities in respect (here set out any debts, claims and liabilities which have
been excluded from the provisions of the Act by the earlier part of the order)]
and that notice of the presentation of the said petition and that a list of creditors
to whom such inquiry extends is to be made out as of the said ............day of
......................20...., be inserted in [the newspapers] on the ............... day of
................20......, and [other times of insertion].

AND IT IS ORDERED that the said list and copy of the affidavit verifying
the same be delivered to the office of the Registrar within
................................................. days of the date hereof.

Rules of Procedure on Applications under the Act
304 Chap. 81:01 Companies

LAWS OF TRINIDAD AND TOBAGO

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Rules of Procedure on Applications under the Act
Companies Chap. 81:01 305

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

FORM 2

AFFIDAVIT VERIFYING LIST OF CREDITORS
[RULE 11 (b)]

[Title same as Form 1]

I , . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
o f . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
make oath, and say as follows:

1. The paper writing now produced and shown to me, and marked with the
letter A, contains a list of creditors of and persons having claims upon the said
Company on the ............. day of .................. 20...... (the date fixed by the order
in this matter dated the ........... day of....................20.......) together with their
respective addresses, and the nature and amount of their respective debts or
claims, and such list is, to the best of my knowledge, information and belief,
a true and accurate list of such creditors and persons having claims on the day
aforesaid.

2. To the best of my knowledge and belief there was not, at the date aforesaid,
any debt, claim or liability which, if such date were the commencement of the
winding up of the said company, would be admissible in proof against the said
Company other than and except the debts, claims and liabilities set forth in the
said list and debts, claims and liabilities to which the inquiry directed by the
order made herein and dated the............. day of ..................... 20......., does not
extend. I am enabled to make this statement from the facts within my
knowledge as the ............................... of the said Company, and from
information derived upon investigation of the affairs and the books, documents
and papers of the said Company.

Sworn, etc.

List of Creditors referred to in the last Form.

A.

In the Matter of the ............................................................ Company Limited;

and

In the Matter of the Companies Act

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

FORM 2—Continued

Amount of estimated value
of Debt or Claim

Nature of Debt
or Claim

Names, Addresses, and
Descriptions of the Creditors

This list of creditors marked A was produced and shown to A.B., and is the
same list of creditors as is referred to in his affidavit shown before me this
................ day of ............................ 20........ .

X.Y., etc.

Rules of Procedure on Applications under the Act
306 Chap. 81:01 Companies

LAWS OF TRINIDAD AND TOBAGO

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Rules of Procedure on Applications under the Act
Companies Chap. 81:01 307

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

FORM 3

NOTICE TO CREDITORS
[RULE 11(d)]

In the Matter of the .............................................................. Company, Limited

and
In the Matter of The Companies Act

To: Mr. ................................................................................................................

YOU ARE REQUESTED to take notice that a petition has been presented to
the Court for confirming the reduction of the capital of the above Company,
from $ .............................. to $ .........................., and that by an order dated the
................ day of ....................... 20......., an inquiry was directed as to the
debts, claims and liabilities of the said Company as on the ................ day of
............................ 20....... (other than the debts, claims or liabilities to which
the inquiry does not extend).

In the list of persons admitted by the Company to have been on the ............
day of ........................... 20......, creditors of the Company for debts, claims and
liabilities to which such inquiry extends, your name is entered as a creditor
[here state the amount of the debt or nature of the claim].

IF YOU CLAIM in respect of such debt, claim or liability to have been on
the last-mentioned day a creditor to a larger amount than is stated above, you
must, on or before the ............. day of .................... 20......, send your name and
address, the particulars of your claim and the name and address of your
Attorney-at-law (if any) to the undersigned at ........................... In default of
your so doing, the above entry in the list of creditors will, in all the
proceedings under the above application to reduce the capital of the Company,
be treated as correct.

Dated this ................. day of ........................... 20.......

A.B.
Attorney-at-law for the said Company

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

FORM 4

ADVERTISEMENT OF PETITION AND LIST
OF CREDITORS

[RULE 11(e)]

In the Matter of the ................................... Company, Limited
and

In the Matter of The Companies Act

NOTICE IS HEREBY GIVEN that a petition for confirming the reduction of the
capital of the above Company from $.................to $................... was on the ..............
day of ................ 20........, presented to the Court and is now pending.

AND that by an order dated the ............. day of ........................ 20......., an
inquiry was directed as to debts, liabilities or claims of the said Company as
on the day of..................... 20......., [other than debts, claims or liabilities in
respect of (here set out the nature of the debts, claims and liabilities to which
the inquiry does not extend)].

A list of the persons admitted to have been creditors of the Company for debts,
claims and liabilities to which the said inquiry extends on the said
.............. day of ....................... 20......., (the date fixed by the order in this
matter dated the ..............day of ........................ 20......), may be inspected at
the offices of the Company at ........................................, or at the office of
.......................................... at any time during usual business hours, on
payment of the charge of .....................................................................

ANY PERSON who claims to have been on the last-mentioned day and still to
be a creditor of the Company in respect of any such debt, claim or liability, and
who is not entered on the said list and claims to be so entered, must on or before
the .............. day of ....................... 20......., send in his name and address, and the
particulars of his claim, and the name and address of his Attorney-at-law (if any)
to the undersigned at ............................................, or in default thereof he will be
precluded from objecting to the proposed reduction of capital.

Dated this ...............day of ................................... 20......

A.B.
Attorney-at-law for the said Company

Rules of Procedure on Applications under the Act
308 Chap. 81:01 Companies

LAWS OF TRINIDAD AND TOBAGO

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Rules of Procedure on Applications under the Act
Companies Chap. 81:01 309

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

If notice
is issued
under r 11(e).

FORM 5

AFFIDAVITS AS TO CLAIMS
[RULE 11(f)]

[Title same as Form 1]

We, C.D., etc., [the Secretary of the said Company], E.F., of, etc., [the
Attorney-at-law of the said Company], and A.B., of, etc., [the Managing
Director of the said Company], severally make oath and say as follows:

I, the said C.D.,................................................................................. for myself,
say as follows:

1. I did on the..............day of ........................... 20......, in the manner
hereinafter mentioned, serve a true copy of the notice now produced and shown
to me, and marked B, upon each of the respective persons whose names,
addresses, and descriptions appear in the first column of the list of creditors,
marked A, referred to in the affidavit of ................................................filed on
the ...............day of ................................. 20.....

2. I served the said respective copies of the said notice by putting such
copies respectively duly addressed to such persons respectively, according to
their respective names and addresses appearing in the said list (being the last
known addresses or places of abode of such persons respectively) and with the
proper postage stamps affixed thereto as prepaid letters, into the post office at
.............................................................................. Street between the hours of
.................... and ........................ o’ clock, in the ................... noon of the said
................. day of ................................ 20.....

AND I, the said E.F. for myself, say as follows:

3. A true copy of the notice is now produced and shown to me, and marked
C, has appeared in the .............................. of the ................. day
of.......................... 20......, the.......................... of the ............... day of
........................... 20......, etc.

4. I have, in the paper writing now produced and shown to me, and marked
D, set forth a list of all claims, the particulars of which have been sent in to
me pursuant to the said notice B, now produced and shown to me by persons
claiming to be creditors of the said Company for larger amounts than are
stated in the list of creditors, marked A, referred to in the affidavit of
...................... filed on the ................... day of ............................20.....

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

FORM 5—Continued

If notice
is issued
under r. 11(e).

*Invoices to the
amount of the
receipt should
be attached
when the receipt
for a larger sum
than that stated
in list A (and
exhibits D
and E).

[Or, No person has sent in to me pursuant to the said Notice B, a claim to be
entered on the said list for a larger sum than that in respect of which he is
entered in the said list A].

5. I have, in the paper writing now produced and shown to me, marked E,
set forth a list of all claims, the particulars of which have been sent in to me
pursuant to the notice referred to in the third paragraph of this affidavit by
persons claiming to be creditors of the said Company on the ............. day of
........................... 20......., not appearing on the said list of creditors, marked A,
and who claimed to be entered thereon.

[Or, No claims have been sent in to me pursuant to the notice referred to in
paragraph 3 hereof by persons not entered on the said list A, and claiming to
be so entered].

AND we, C.D................................................................................... and
A.B................................................... for ourselves say as follows:

6. We have, in the first part of the said paper writing, marked D (now
produced and shown to us) and also in the first part of the said paper writing
marked E (also produced and shown to us), respectively set forth such of the
said debts and claims as are admitted by the said company to be due wholly or
in part, and how much is admitted to be due in respect of such of the same
debts and claims respectively as are not wholly admitted, and such of the same
debts and claims as the Company contends are wholly or as to any and what
part thereof not included in the inquiry in this matter.

7. We, have, in the second part of each of the said paper writings, marked
D and E, set forth such of the said debts and claims as are wholly disputed by
the said Company, and such of the same debts and claims as the Company
contends would even if admitted be wholly or as to any and what part thereof
not included in the inquiry in this matter.

8. In the said Exhibits D and E are distinguished such of the debts the full
amounts whereof are proposed to be appropriated in such manner as the Judge
shall direct.

AND I, the said C.D., further say:

The exhibits now produced and shown to me marked F, contain the (*invoices
and receipts and the written consents of such of the persons named in the said
list A and in the said exhibits D and E) as have been paid by the said Company
or have consented to the proposed reduction of capital.

Rules of Procedure on Applications under the Act
310 Chap. 81:01 Companies

LAWS OF TRINIDAD AND TOBAGO

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Rules of Procedure on Applications under the Act
Companies Chap. 81:01 311

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

Amounts
admitted by the
company to be
owing but which
it is contended
are not within
the inquiry

Debts proposed
to be

appropriated
in full although

disputed

Amount admitted
by the Company
to be owing to
Creditor

Amount
claimed

Particulars
of Debt or
Claim

Names,
Addresses and
descriptions of
Creditors

The said Company is willing to set apart and appropriate the full amount of the
debts, claims and liabilities specified in the said list A (and in the said exhibits
D and E) in respect of which consents have not been obtained or which the
said Company has not paid and discharged.

All rent, rates, taxes, salaries, wages, and other incidental expenses current on
the said .................. day of ..................................... 20...... and since become
due have been paid and discharged by the said Company.

Sworn, etc.

Exhibit D, referred to in the last-mentioned Affidavit
D.

In the Matter, etc.

List of debts and claims of which the particulars have been sent in to
................................................. by persons claiming to be creditors of the said
Company for larger amounts than are stated in list of creditors made out by
the Company.

This paper writing, marked D, was produced and shown to C.D., E.F., and
A.B., respectively, and is the same as is referred to in their affidavit sworn
before me this ........................day of ................................ 20....

X.Y., etc.
FIRST PART

DEBTS AND CLAIMS WHOLLY OR PARTLY ADMITTED
BY THE COMPANY

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

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FORM 5—Continued

Amounts which,
even if admitted, it
is contended would
not be within the

inquiry

Debts proposed
to be appropriated in

full, although
disputed

Amount
Claimed

Particulars of
Claim

Names, Addresses
and Descriptions
of Claimants

Exhibit E, referred to in the last Affidavit
E.

In the Matter, etc.

List of debts and claims of which the particulars have been sent in to
Mr. ..............................by persons claiming to be creditors of the said Company
and to be entered on the list of the creditors made out by the Company.

This paper writing, marked E, was produced and shown to C.D., E.F., and A.B.,
respectively, and is the same as is referred to in their affidavit sworn before me
this ........................................ day of ..................................... 20..... .

X.Y., etc.
FIRST PART

[Same as in Exhibit D.]

SECOND PART
[Same as in Exhibit D.]

NOTE —The names are to be inserted alphabetically.

SECOND PART

DEBTS AND CLAIMS WHOLLY DISPUTED BY
THE COMPANY

Rules of Procedure on Applications under the Act
312 Chap. 81:01 Companies

LAWS OF TRINIDAD AND TOBAGO

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Rules of Procedure on Applications under the Act
Companies Chap. 81:01 313

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

FORM 6

NOTICE TO CREDITOR TO COME IN AND PROVE
[RULE 11(g)]

In the Matter of the .............................................................. Company, Limited
and

In the Matter of The Companies Act

To: Mr. ................................................................................................................

YOU ARE HEREBY REQUIRED to come in and prove [or, establish your
title to be entered in the list of creditors in this matter in respect of] the debt
claimed by you against the above Company, by filing your affidavit and giving
notice thereof to Mr. .................................................... the Attorney-at-law of
the Company, on or before the ................ day of ............................20........next.

AND YOU ARE TO ATTEND by your Attorney-at-law the Judge in
Chambers at the Supreme Court on the ................ day of .................. 20....., at
.......................o’clock in the .................. noon, being the time appointed for
hearing and adjudicating upon the claim, and produce any securities or
documents relating to your claim.

In default of your complying with the above directions, you will be precluded
from objecting to the proposed reduction of the capital of the Company [or, in
all proceedings relating to the proposed reduction of the capital of the
Company be treated as a creditor for such amount only as is set against your
name in the list of creditors].

Dated this ..............day of ................................20..... .

A.B.
Attorney-at-law for the said Company

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

FORM 7

ADVERTISEMENT OF HEARING OF PETITION
[RULE 11(l)]

In the Matter of the ..............................................Company, Limited
and

In the Matter of The Companies Act

NOTICE IS HEREBY GIVEN that a petition presented to the Court on the
..............day of ................... 20....., for confirming the reduction of the capital
of the above Company from $ ...................... to $........................, is directed to
be heard on the ............... day of ............................ 20..... .

Dated this ................. day of .......................... 20...... .

Attorney-at-law for the said Company

Rules of Procedure on Applications under the Act
314 Chap. 81:01 Companies

LAWS OF TRINIDAD AND TOBAGO

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Rules of Procedure on Applications under the Act
Companies Chap. 81:01 315

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

FORM 8

FORM OF ORDER UNDER THE COMPANIES ACT
(RULE 13)

[Title same as Form 1]

ORDER that all the property rights and powers of the transferor Company
specified in the First, Second, and Third Parts of the Schedule hereto and all
other the property rights and powers of the transferor Company be transferred
without further act or deed to the transferee Company and accordingly the
same shall pursuant to (state here relevant section) of the Companies Act be
transferred to and vest in the transferee Company for all the estate and interest
of the transferor Company therein but subject nevertheless to all charges now
affecting the same [other than (here set out any charges which by virtue of the
compromise or arrangement are to cease to have effect)].

AND IT IS ORDERED that all the liabilities and duties of the transferor
Company be transferred without further act or deed to the transferee Company
and accordingly the same shall, pursuant to the Companies Act, be transferred
to and become the liabilities of, and duties of, the transferee Company.

AND IT IS ORDERED that all proceedings now pending by or against the
transferor Company be continued by or against the transferee Company.

AND IT IS ORDERED that the transferee Company do without further
application allot to such members of the transferor Company as have not given
such notice of dissent as is required by clause .......................... of the scheme
of compromise or arrangement herein the shares in the transferee Company to
which they are entitled under the said scheme.

AND IT IS ORDERED that the transferor Company do within seven (7) days
after the date of this ORDER cause a copy of this order to be delivered to the
Registrar for registration and on such copy being so delivered the transferor
Company shall be dissolved and the Registrar shall place all documents
relating to the transferor Company and registered with him on the file kept by
him in relation to the transferee Company and the files relating to the said two
Companies shall be consolidated accordingly.

Liberty to apply.

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

FORM 8—Continued

ADDITIONAL FORMS
With reference to the Reduction of the Capital of Companies.

These forms must be used with caution until the practice under the Companies
Act is settled.

FORM A

SUMMONS FOR DIRECTIONS AS TO SETTLING
LIST OF CREDITORS

[Title same as Form 1]

(Formal Parts)

Application on the part of the petitioners, the above-named Company, for
directions as to the proceedings to be taken for settling the list of the
Company’s creditors entitled to object to the proposed reduction of the capital
of the Company as in the petition presented in this matter on the .......... day of
........................20..... , mentioned, and for fixing the date with reference to
which the list of creditors is to be made out.

Or, [if the proposed reduction does not involve either diminution of liability or
payment of any share capital] that the inquiry mentioned in rule 10(2)(b), of the
RULES OF PROCEDUREmay be dispensed with, [or, for an order under (state
relevant section) that (state relevant section) of the Companies Act, should not
apply as regards (class of creditors, e.g., the holders of the debentures, etc.)].

The Schedule
FIRST PART

[Insert a short description of the freehold property of the transferor company]

SECOND PART
[Insert a short description of the leasehold property of the transferor company]

THIRD PART
[Insert a short description of all stocks, shares, debentures and other things in
action of the transferor company]

Rules of Procedure on Applications under the Act
316 Chap. 81:01 Companies

LAWS OF TRINIDAD AND TOBAGO

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Rules of Procedure on Applications under the Act
Companies Chap. 81:01 317

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

FORM B

ORDER ON SUMMONS FOR DIRECTIONS DISPENSING
WITH LIST OF CREDITORS

[Title same as Form 1]

UPON THE APPLICATION, etc., [as in Form A] [and it appearing that the
special resolution referred to in the said petition for the reduction of the capital
of the said Company has been duly passed].

AND IT APPEARING that the proposed reduction of the capital of the
Company does not involve either the diminution of any liability in respect of
unpaid capital or the payment to any shareholder of any paid-up capital of the
said company.

IT IS ORDERED that the inquiry mentioned in rule 10(2)(b) of the
RULES OF PROCEDURE be dispensed with.

AND IT IS ORDERED that the said petition be fixed for hearing in Court
on.................. the .......... day of ..................... 20...... [usually about fourteen
days].

AND IT IS ORDERED that notice of the presentation of the said petition
and of the day appointed for the hearing thereof be inserted in the Gazette on
or before the .......... day of ........................ 20...... , and twice each [or as the
case may be] on or before the............ day of ....................... 20..... , in the
following newspapers, namely:

Registrar of the Supreme Court

That a day may be fixed for hearing the said petition and that directions may
be given as to the advertisement of notice of the presentation of the said
petition and of the day appointed for the hearing thereof.

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

FORM C

ADVERTISEMENT OF HEARING OF PETITION
WHERE LIST OF CREDITORS DISPENSED WITH

[Title same as Form 1]

NOTICE IS HEREBY GIVEN that a petition presented to the Court on the
................. day of ...................... .20...., for confirming the reduction of the capital
of the above-named Company from $ ........................to $ ..............................[by
cancelling capital which has been lost or is unrepresented by available assets] is
directed to be heard in Court on .............. day, the .......................day of
........................ 20...... .

[Any creditor desiring to oppose the making of an order for the reduction of
the capital of the said Company under the above Act may appear at the time
of hearing by himself or his Attorney-at-law for that purpose. Such person is
required to give two clear days’ notice in writing of his intention to appear
with the grounds of his objections to the undersigned, the Attorney-at-law for
the Company.

A copy of the petition will be furnished to any person requiring the same by
the undersigned on payment of the regulated charge for the same.]

Dated the .................... day of ............................. 20...... .

[A.B.,

Attorney-at-law for the said Company].

N.B.—It is apprehended that the words in brackets will not be used where an
order has been made that (INSERT RELEVANT SECTION) is not to apply.

Rules of Procedure on Applications under the Act
318 Chap. 81:01 Companies

LAWS OF TRINIDAD AND TOBAGO

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Rules of Procedure on Applications under the Act
Companies Chap. 81:01 319

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

FORM E

ADDITIONAL PARAGRAPH TO FORM 5
[After paragraph 2] In each copy of the notice when served the blank space
appearing in the said Exhibit B was filled up by inserting therein the nature of
the debt, claim, or liability and the amount or estimated value thereof as set
out in the said List of Creditors marked A so far as the same is applicable to
the person on whom such copy notice was served.

FORM D

ADDITIONAL PARAGRAPH TO FORM 4
AND TAKE FURTHER NOTICE that by an Order dated the......................
day of ........................... 20......, the Court gave leave that the notice required
by r. 11(d) of the RULES OF PROCEDURE to be served on creditors of
the above-named Company should be served on the holders of the debentures
of the said Company [whose names and addresses are unknown to the
Company] [on the creditors named in the (First Part of the) Schedule hereto
(whose addresses are unknown to the Company)] and/or on the Creditors
named in the [Second Part of the] Schedule hereto (who are believed to be
dead), [or as the case may be] by the insertion of this advertisement in the
following newspapers, namely:

[The Schedule above referred to]

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

....................................................................
[Name of Creditor signing consent]

FORM F

CONSENT OF CREDITOR TO PROPOSED REDUCTION
[RULE 11(j)]

[Title same as Form 1]

I/We ...................................................................................................................

of ........................................................................................................................

in the ......................................................... of ....................................................

[description] who was/were on the ............. day of .............................. 20.......,
[date as in order for inquiry] and still am/are [a] creditor[s] of the above-
named Company for the sum of $ .............................. for .................................

[particulars of debt] hereby consent to the proposed reduction of the capital of
the above-named Company from $...................................to $ ....................... .

Dated this ...............day of .............................. 20..... .



Witness to the signature of: ...............................................................................
Signature: ...........................................................................................................
Address: .............................................................................................................
Description: .......................................................................................................

Rules of Procedure on Applications under the Act
320 Chap. 81:01 Companies

LAWS OF TRINIDAD AND TOBAGO

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Rules of Procedure on Applications under the Act
Companies Chap. 81:01 321

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

..............................................................
Registrar of the Supreme Court

FORM G

NOTE OF THE REGISTRAR OF THE SUPREME COURT
THAT CERTIFICATE HAS BECOME BINDING

[Title same as Form 1]

UPON THE FURTHER HEARING of the summons for directions on the
within petition and the certificate filed on the ........... day of ................ 20..... . of
the result of the inquiry as to debts, claims and liabilities directed by the order
dated the............. day of .................... 20....., having become binding, direct that
the said petition be fixed for hearing in Court, on the ........................ day of
........................... 20......, and that the notice thereof be published on or before the
.............. day of .......................... 20....., in the following newspapers, namely:

Dated the ................ day of ................................. 20........

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

FORM I
(Omitted)

(residence and description)

(place of business)

FORM H

NOTICE BY CREDITOR OF INTENTION TO OPPOSE
[Title same as Form 1]

To Mr. .................................................................................................................

the Attorney-at-law of the above-named Company.

TAKE NOTICE THAT it is my intention [or, the intention of my client
Mr. ......................................................................................................................

of .......................................................................................................................
to appear on the hearing of the petition presented by the above-named
Company for confirming the proposed reduction of their capital and to oppose
the application made thereby on the ground that [give grounds of objection].

Dated this ................. day of .............................. 20..... .

Signed.................................................................................................................

of ........................................................................................................................

A Creditor of the said Company
Signed.................................................................................................................

of ........................................................................................................................

Attorney-at-law for the said ..............................................................................
a Creditor of the said Company.

Rules of Procedure on Applications under the Act
322 Chap. 81:01 Companies

LAWS OF TRINIDAD AND TOBAGO

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

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Rules of Procedure on Applications under the Act
Companies Chap. 81:01 323

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

FORM J

FORM OF MINUTE IN CASES WHERE THE
REDUCTION IS FOLLOWED BY CONSOLIDATION OR
OTHER ALTERATIONS OF THE SHARE CAPITAL

The capital of the..............................................................................Company
[*and reduced], was by virtue of a special resolution and with the sanction of
an order of the Court dated the ............. day of ............................20.....,
reduced from the former capital of $ .............................................. divided into
..................... shares of $ ................................... each, to $ .................................,
divided into ...................... shares of $ ................................................. each, and
........................................... shares of $ ............................................ each, of
which at the date of the registration of this minute (a) .......................................
shares of $ ..................................................... each had been issued and the full
amount of $ .............................................. had been and was to be deemed to be
paid up thereon; (b) ..................... shares of $ .............................................. had
been issued and the amount of $ .................................................. a share had
been and was to be deemed to be paid up thereon; and (c) none of the said
.................................shares of $ ............................................................................
each had been issued.

A special resolution of the Company has been passed to the effect that on such
reduction taking effect the capital of the Company as so reduced be subdivided
into ............................... shares of $ ................................................. each, of
which .......................................... shares numbered ............................ to
............................. inclusive are fully paid; ....................... shares numbered
........................................................................................................................ to
............................... inclusive are paid up to the extent of $ ...............................
a share and .............................................. shares are unissued.

*Note: (and reduced) added only where the order so directs.

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

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................................................................................
Attorney-at-law for the said Company

FORM L

NOTICE OF REGISTRATION
[Title same as Form 1]

NOTICE IS HEREBY GIVEN that the order of the Court dated the
.................... day of............................ 20......, confirming the reduction of the
capital of the above-named Company from $ .....................................................
to $ ................................ and the minute approved by the Court showing with
respect to the share capital of the Company as altered the several particulars
required by the above Act, were registered by the Registrar on the ...............
day of ............................... 20..... .

The said minute is in the words and figures following:

[Set out minute verbatim]
Dated this ................. day of ............................. 20...... .

Name: .................................................................................................................

Address: .............................................................................................................

FORM K

FORM OF MINUTE IN SIMPLE CASES OF
REDUCTION OF CAPITAL

The capital of the ........................................................................... Company
henceforth is $ ........................................... divided into ..........................shares
of $ ............................................... each instead of the former capital of
$ ...................... divided into ..................shares of $ ..................................each.

At the time of the registration of this minute ....................................... shares
Nos.................................. to ............................................. have been issued on
each of which the sum of $ ........................................................ has been and is
to be deemed to be paid up and the remaining ...............................................
shares are unissued.

Rules of Procedure on Applications under the Act
324 Chap. 81:01 Companies

LAWS OF TRINIDAD AND TOBAGO

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Companies Chap. 81:01 325

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

Application
of rules.

Interpretation
of terms.

Use of Forms
in Appendix.

Matters to be
heard in Court
and Chambers.

SECOND SCHEDULE

THE COMPANIES WINDING UP RULES
PRELIMINARY

1. These Rules may be cited as the Companies Winding up Rules and
shall apply to the proceedings in every winding up under the Act of a company
which shall commence on and after the date on which the Act comes into
operation. Rules which from their nature and subject matter are, or which by
the head lines above the group in which they are contained or by their terms
are made applicable only to the proceedings in a winding up by the Court, or
only to such proceedings and proceedings in a creditors’ voluntary winding up
shall not apply to the proceedings in a voluntary winding up whether any such
voluntary winding up is or is not being continued under the supervision of
the Court.

2. In these Rules, unless the context or subject-matter otherwise requires:
“the Act” means the Companies Act;
“the company” means a company which is being wound up or against which

proceedings to have it wound up have been commenced;
“Judge” means a Judge of the Supreme Court;
“proceedings” means the proceedings in the winding up of a company under

the Act;
“the Registrar” has the meaning assigned to it in the Act;
“sealed” means sealed with the seal of the Court.

3. The Forms in the Appendix, where applicable, and where they are not
applicable Forms of the like character, with such variation as circumstances
may require, shall be used. Where such Forms are applicable any costs
occasioned by the use of any other or more prolix Forms shall be borne by or
disallowed to the party using the same unless the Court shall otherwise direct.

COURT AND CHAMBERS
4. (1) The following matters and applications shall be heard and
determined in open Court:
(a) Petitions;
(b) Appeals from the Official Receiver and the Liquidator;
(c) Public Examinations;
(d) Applications under subsections (1) and (2) of section 447 of

the Act and such applications under subsection (4A) of the
said section as can be made to the Court;

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

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Applications
in Chambers.

Ch. 4:01.

Motions and
summonses.
Form 1.

(e) Proceedings under section 448 of the Act;
(f) Applications under subsection (1) of section 449 of the Act;
(g) Applications under section 399A of the Act;
(h) Applications under section 460 of the Act;
(i) Applications under subsection (2) of section 523 of the Act;
(j) Applications for the committal of any person to prison

for contempt;
(k) Applications to rectify the Register;
(l) Applications relating to the admission or rejection of proofs;
(m) Such matters and applications as the Judge may from time to

time by any general or special orders direct to be heard in
open Court.

(2) Examinations of persons summoned before the Court under
section 398 of the Act, shall be held in Court or in Chambers as the Court
shall direct.
(3) Every other matter or application in the Court under the Act to
which these Rules apply may be heard and determined in Chambers.

5. Subject to the provisions of the Act and these Rules—
(1) All matters which under the Act or these Rules may be heard and
determined in Chambers shall be heard and determined by a Judge, provided,
however, that any such matter which the Registrar of the Supreme Court at
present has jurisdiction to hear and determine under the Supreme Court of
Judicature Act or any Rules made thereunder, may be heard and determined
by him.
(2) Any matter or application before the Registrar of the Supreme
Court may at any time be adjourned by him to be heard before the Judge either
in Chambers or in Court.
(3) Any matter or application may, if the Judge or as the case may
be, the Registrar of the Supreme Court, thinks fit, be adjourned from
Chambers to Court, or from Court to Chambers.

6. (1) Every application in Court other than a petition shall be made by
motion, notice of which shall be served on every person against whom an
order is sought, not less than two clear days before the day named in the notice
for hearing the motion, which day must be one of the days appointed for the
sittings of the Court.
(2) Every application in Chambers shall be made by summons which,
unless otherwise ordered, shall be served on every person against whom an
order is sought, and shall require the person or persons to whom the summons
is addressed to attend at the time and place named in the summons.

The Companies Winding Up Rules
326 Chap. 81:01 Companies

LAWS OF TRINIDAD AND TOBAGO

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

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The Companies Winding Up Rules
Companies Chap. 81:01 327

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

Title of
proceedings.

Form 2.

Written or
printed
proceedings.

Process to
be sealed.

Issues of
summonses.

Orders.

File of
proceedings in
office of
Registrar of
Supreme Court.

Office copies.

PROCEEDINGS
7. (1) Every proceeding in a winding up matter shall be dated, and
shall, with any necessary additions, be intituled in the matter of the company
to which it relates and in the matter of the Companies Act, and otherwise as in
Form 2. Numbers and dates may be denoted by figures.
(2) The first proceeding in every winding up matter shall have a
distinctive number assigned to it in the office of the Registrar of the Supreme
Court and all proceedings in any matter subsequent to the first proceeding
shall bear the same number as the first proceeding.

8. All proceedings shall be written or printed, or partly written and
partly printed on paper in the manner prescribed by regulation 3(2) of the
Companies Regulations, and must have a stitching margin; but no objection
shall be allowed to any proof or affidavit on account only of its being written
or printed on paper of other size.

9. All orders, summonses, petitions, warrants, process of any kind
(including notices when issued by the Court) and office copies in any winding
up matter shall be sealed.

10. Every summons in a winding up matter in the Court shall be prepared
by the applicant or his Attorney-at-law, and issued from the office of the
Registrar of the Supreme Court. A summons, when sealed, shall be deemed
to be issued. The person obtaining the summons shall leave in the office of
the Registrar of the Supreme Court a duplicate which shall be stamped with
the prescribed stamp and filed.

11. Every order, whether made in Court or in Chambers in the winding up
of a company, shall be drawn up by the Registrar of the Supreme Court unless
in any proceeding, or classes of proceedings, the Judge or the said Registrar
who makes the order shall direct that no order need be drawn up. Where a
direction is given that no order need be drawn up, the note or memorandum of
the order, signed or initialled by the Judge or the said Registrar making the
order, shall be sufficient evidence of the order having been made.

12. All petitions, affidavits, summonses, orders, proofs, notices,
depositions, bills of costs and other proceedings in the Court in a winding up
matter shall be kept and remain on record in the office of the Registrar of the
Supreme Court and, subject to the directions of the Court, shall be placed in
one continuous file.

13. All office copies of petitions, affidavits, depositions, papers and
writings, or any part thereof, required by the Official Receiver or any liquidator,
contributory, creditor, officer of a company, or other person entitled thereto,

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

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Inspection of
file.

Use of file
by Official
Receiver.

Service.

Enforcement
of orders.

Form of
petition.
Forms 3 and 4.

Presentation
of petition.

shall be provided by the Registrar of the Supreme Court, and shall, except as to
figures, be fairly written out at length, and be sealed and delivered out without
any unnecessary delay, and in the order in which they shall have been bespoken.

14. Every person who has been a director or officer of a company which is
being wound up, shall be entitled, free of charge, and every contributory and
every creditor whose claim or proof has been admitted, shall be entitled on
payment of a fee of twenty-four cents for each hour or part of an hour occupied,
at all reasonable times, to inspect the file of proceedings and to take copies or
extracts from any documents therein, or be furnished with such copies or
extracts at a rate not exceeding eight cents per folio of seventy-two words.

15. Where, in the exercise of his functions under the Act or Rules, the
Official Receiver requires to inspect or use the file of proceedings the
Registrar of the Supreme Court shall (unless the file is at the time required
for use in Court or by him) on request, transmit the file of proceedings to the
Official Receiver.

SERVICE AND EXECUTION OF PROCESS AND ENFORCEMENT
OF ORDERS

16. (1) All notices, summonses, and other documents other than those of
which personal service is required, may be sent by prepaid post letter to the
last known address of the person to be served therewith; and the notice,
summons, or document shall be considered as served at the time that the same
ought to be delivered in the due course of post by the post office, and
notwithstanding the same may be returned by the post office.
(2) No service shall be deemed invalid by reason that the name, or
any of the names other than the surname of the person to be served, has been
omitted from the document containing the person’s name, provided that the
Court is satisfied that in other respects the service of the document has
been sufficient.

17. Every order of the Court made in the exercise of the powers conferred
by the Act and Rules, may be enforced as if it were a judgment or order of the
Court made in the exercise of its ordinary jurisdiction.

PETITION
18. Every petition for the winding up of a company by the Court, or
subject to the supervision of the Court, shall be in the Forms Nos. 3 and 4 in
the Appendix with such variations as circumstances may require.

19. A petition shall be presented at the office of the Registrar of the
Supreme Court who shall appoint the time and place at which the petition is to
be heard. Notice of the time and place appointed for hearing the petition shall be written

The Companies Winding Up Rules
328 Chap. 81:01 Companies

LAWS OF TRINIDAD AND TOBAGO

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

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The Companies Winding Up Rules
Companies Chap. 81:01 329

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

Advertisement
of petition.
Form 5.

Service of
petition.
Forms 6 and 7.

Verification of
petition.
Forms 8 and 9.

Copy of petition
to be furnished
to creditor or
contributory.

on the petition and sealed copies thereof, and the said Registrar may at any
time before the petition has been advertised, alter the time appointed, and fix
another time.

20. (1) Every petition shall be advertised seven clear days before the
hearing once in the Gazette, and once at least in one local daily newspaper, or
in such other newspaper as the Court directs.
(2) The advertisement shall state the day on which the petition was
presented, and the name and address of the petitioner, and of his Attorney-
at-law, and shall contain a note at the foot thereof, stating that any person who
intends to appear on the hearing of the petition, either to oppose or support,
must send notice of his intention to the petitioner, or to his Attorneys-at-law
within the time and manner prescribed by rule 26, and an advertisement of a
petition for the winding up of a company by the Court which does not contain
such a note shall be deemed irregular.
And if the petitioner or his Attorney-at-law does not within the time hereby
prescribed or within such extended time as the Registrar of the Supreme Court
may allow duly advertise the petition in the manner prescribed by this rule the
appointment of the time and place at which the petition is to be heard shall be
cancelled by the said Registrar and the petition shall be removed from the file
in his office unless the Judge or the said Registrar shall otherwise direct.

21. Every petition shall, unless presented by the company, be served upon
the company at the registered office, if any, of the company, and if there is no
registered office, then at the principal or last known principal place of business
of the company, if any such can be found, by leaving a copy with any member,
officer, or servant of the company there, or in case no such member, officer, or
servant can be found there, then by leaving a copy at such registered office or
principal place of business, by or serving it on such member, officer or servant
of the company as the Court may direct; and where the company is being
wound up voluntarily, the petition shall also be served upon the Liquidator (if
any), appointed for the purpose of winding up the affairs of the company.

22. Every petition for the winding up of a company by the Court, or subject
to the supervision of the Court, shall be verified by an affidavit referring thereto.
Such affidavit shall be made by the petitioner, or by one of the petitioners, if more
than one, or, in case the petition is presented by a corporation, by some director,
secretary, or other principal officer thereof, and shall be sworn after and filed
within four days after the petition is presented, and such affidavit shall be
sufficient prima facie evidence of the statements in the petition.

23. Every contributory or creditor of the company shall be entitled to be
furnished, by the Attorney-at-law of the petitioner, with a copy of the petition,

UNOFFICIAL VERSION


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Appointment of
Provisional
Liquidator.
Form 10.

Attendance
before hearing
to show
compliance
with Rules.

within twenty-four hours after requiring same, on paying the rate of eight cents
per folio of seventy-two words for such copy.

PROVISIONAL LIQUIDATOR
24. (1) After the presentation of a petition, upon the application of a
creditor, or of a contributory, or of the company, and upon proof by affidavit
of sufficient ground for the appointment of a Provisional Liquidator, the Court,
if it thinks fit and upon such terms as in the opinion of the Court shall be just
and necessary, may make the appointment.
(2) The order appointing the Provisional Liquidator, shall bear the
number of the petition, and shall state the nature and a short description of the
property of which the Provisional Liquidator is ordered to take possession, and
the duties to be performed by the Provisional Liquidator.
(3) Subject to any order of the Court, if no order for the winding up
of the company is made upon the petition, or if an order for the winding up of
the company on the petition is rescinded, or if all proceedings on the petition
are stayed, or if an order is made continuing the voluntary winding up of the
company subject to the supervision of the Court, the Provisional Liquidator
shall be entitled to be paid out of the property of the company, all the costs,
charges, and expenses properly incurred by him as Provisional Liquidator,
including such sum as is or would be payable under the scale of fees for the
time being in force where the Official Receiver is appointed Provisional
Liquidator, and may retain out of such property the amounts of such costs,
charges, and expenses.
(4) Where any person other than the Official Receiver has been
appointed Provisional Liquidator and the Official Receiver has taken any steps
for the purpose of obtaining a statement of affairs or has performed any other
duty prescribed by these Rules the Provisional Liquidator shall pay the
Official Receiver such sum, if any, as the Court directs.

HEARING OF PETITIONS AND ORDERS MADE THEREON
25. After a petition has been presented, the Petitioner, or his Attorney-
at-law shall, on a day to be appointed by the Registrar of the Supreme Court,
attend before the said Registrar and satisfy him that the petition has been duly
advertised, that the prescribed affidavit verifying the statements therein and
the affidavit of service (if any) have been duly filed, and that the provisions of
the Rules as to petitions for winding up companies have been fully complied
with by the petitioner. No order for the winding up of a company shall be made
on the petition of any petitioner who has not, prior to the hearing of the
petition, attended before the said Registrar at the time appointed, and satisfied
him in manner required by this rule.

The Companies Winding Up Rules
330 Chap. 81:01 Companies

LAWS OF TRINIDAD AND TOBAGO

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

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The Companies Winding Up Rules
Companies Chap. 81:01 331

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

Notice by
persons who
intend to appear.

Form 11.

List of names
and addresses of
persons who
appear on the
petition.
Form 12.

Affidavits in
opposition
and reply.

Substitution of
creditor or
contributory for
withdrawing
petitioner.

26. Every person who intends to appear on the hearing of a petition shall
serve on, or send by post to, the petitioner, or his Attorney-at-law, at the
address stated in the advertisement of the petition, notice of his intention. The
notice shall contain the address of such person, and shall be signed by him or
by his Attorney-at-law, and shall be served, or if sent by post shall be posted
in such time as in ordinary course of post to reach the address not later than
six o’clock in the afternoon of the day previous to the day appointed for the
hearing of the petition, or if such day be a Monday, not later than one o’clock
in the afternoon of the Saturday previous to such day. The notice shall be in
Form 11 with such variations as circumstances may require. A person who has
failed to comply with this rule shall not, without the special leave of the Court,
be allowed to appear on the hearing of the petition.

27. The petitioner, or his Attorney-at-law, shall prepare a list of the
names and addresses of the persons who have given notice of their intention
to appear on the hearing of the petition, and of their respective Attorneys-at-
law, which shall be in Form 12. On the day appointed for hearing the petition,
a fair copy of the list (or if no notice of intention to appear has been given, a
statement in writing to that effect) shall be handed by the petitioner, or his
Attorney-at-law, to the Court prior to the hearing of the petition.

28. (1) Affidavits in opposition to a petition that a company may be
wound up by or subject to the supervision of the Court shall be filed within
seven days of the date on which the affidavit verifying the petition is filed, and
notice of the filing of every affidavit in opposition to such a petition shall be
given to the petitioner or the Attorney-at-law of the petitioner, on the day on
which the affidavit is filed.
(2) An affidavit in reply to an affidavit filed in opposition to a
petition shall be filed within three days of the date on which notice of such
affidavit is received by the petitioner or the Attorney-at-law of the petitioner.

29. When a petitioner is not entitled to present a petition, or whether so
entitled or not, where he (1) fails to advertise his petition within the time by
these Rules prescribed or such extended time as the Registrar of the Supreme
Court may allow or (2) consents to withdraw his petition, or to allow it to be
dismissed, or the hearing adjourned, or fails to appear in support of his petition
when it is called on in Court on the day originally fixed for the hearing thereof,
or on any day to which the hearing has been adjourned, or (3), if appearing,
does not apply for an order in the terms of the prayer of his petition, the Court
may, upon such terms as it may think just, substitute as petitioner any creditor
or contributory who in the opinion of the Court, would have a right to present
a petition, and who is desirous of prosecuting the petition. An order to
substitute a petitioner may, where a petitioner fails to advertise his petition
within the time prescribed by these Rules or consents to withdraw his petition,
be made in Chambers at any time.

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

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Notice that
winding up
order has been
pronounced to
be given to
Official
Receiver.
Forms 13
and 14.
Documents for
drawing up
order to be left
with Registrar
of the Supreme
Court.

No appointment
for settling
order.

Contents of
winding up
order.
Forms 10
and 15.

Transmission,
and
advertisement
of winding up
order.
Forms 95(1) and
16.
Form 17.

ORDER TO WIND UP A COMPANY
30. When an order for the winding up of a company, or for the
appointment of a Provisional Liquidator prior to the making of an order for the
winding up of the company, has been made, the Registrar of the Supreme
Court shall, on the same day, send to the Official Receiver a notice informing
him that the order has been pronounced. The notice shall be in Forms 13 and
14 respectively, with such variations as circumstances may require.

31. It shall be the duty of the petitioner, or his Attorney-at-law, and of all
other persons who have appeared on the hearing of the petition, at latest on the
day following the day on which an order for the winding up of a company is
pronounced in Court to leave at the office of the Registrar of the Supreme
Court all the documents required for the purpose of enabling the said Registrar
to complete the order forthwith.

32. It shall not be necessary for the Registrar of the Supreme Court to
make an appointment to settle the order, unless in any particular case the
special circumstances make an appointment necessary.

33. An order to wind up a company or for the appointment of a
Provisional Liquidator shall contain at the foot thereof a notice stating that it
will be the duty of such of the persons who are liable to make out or concur in
making out the company’s statement of affairs as the Official Receiver may
require, to attend on the Official Receiver at such time and place as he may
appoint and to give him all information he may require.

34. (1) When an order that a company be wound up, or for the
appointment of a Provisional Liquidator has been made—
(a) three copies of the order sealed with the seal of the Court

shall forthwith be sent by post or otherwise by the Registrar
of the Supreme Court to the Official Receiver;

(b) the Official Receiver shall cause a sealed copy of the order to
be served upon the company by prepaid letter addressed to it
at its registered office (if any) or if there is no registered
office at its principal or last known principal place of
business or upon such other person or persons, or in such
other manner as the Court may direct, and, if the order is that
the company be wound up by the Court, shall forward to the
Registrar the copy of the order which by section 363 of the
Act is directed to be so forwarded by the company or
otherwise as may be prescribed;

(c) the Official Receiver shall forthwith cause notice of the
order to be inserted in the Gazette and in one of the local
daily newspapers.

The Companies Winding Up Rules
332 Chap. 81:01 Companies

LAWS OF TRINIDAD AND TOBAGO

UNOFFICIAL VERSION


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The Companies Winding Up Rules
Companies Chap. 81:01 333

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

Appointment of
Special
Manager.

Accounting by
Special
Manager.
Form 18.

Preparation of
statement of
affairs.
Form 19.

Extension of
time for
submitting
statement of
affairs.

(2) An order for the winding up of a company subject to the
supervision of the Court, shall, before the expiration of twelve days from the
date thereof, be advertised by the petitioner, once in the Gazette, and shall be
served on such persons (if any) and in such manner as the Court shall direct.

SPECIAL MANAGER
35. (1) An application by the Official Receiver for the appointment of a
Special Manager shall be supported by a report of the Official Receiver, which
shall be placed on the file of proceedings, and such report shall either state the
amount of remuneration which, in the opinion of the Official Receiver, ought
to be allowed to the Special Manager, or that it is, in the opinion of the Official
Receiver, desirable that the fixing of such remuneration should be deferred. No
affidavit by the Official Receiver in support of the application shall be required.
(2) The remuneration of the Special Manager shall, unless the Court
otherwise in any case directs, be stated in the order appointing him, but the
Court may at any subsequent time for good cause shown make an order for
payment to the Special Manager of further remuneration.

36. Every Special Manager shall account to the Official Receiver, and the
Special Manager’s accounts shall be verified by affidavit, and, when approved
by the Official Receiver, the totals of the receipts and payments shall be added
by the Official Receiver to his accounts.

37. (1) A person who under section 367(2) of the Act has been required
by the Official Receiver to submit and verify a statement of affairs of a
company, shall be furnished by the Official Receiver with such forms and
instructions as the Official Receiver in his discretion shall consider necessary.
The statement shall be made out in duplicate, one copy of which shall be
verified by affidavit. The Official Receiver shall cause to be filed with the
Registrar of the Supreme Court the verified statement of affairs.
(2) The Official Receiver may from time to time hold personal
interviews with any such person as is mentioned in paragraphs (a), (b), (c) or
(d) of subsection (2) of section 367 of the Act for the purpose of investigating
the company’s affairs and it shall be the duty of every such person to attend on
the Official Receiver at such time and place as the Official Receiver may
appoint and give the Official Receiver all information that he may require.

38. When any person requires any extension of time for submitting the
statement of affairs, he shall apply to the Official Receiver, who may, if he
thinks fit, give a written certificate extending the time, which certificate shall
be filed with the proceedings in the winding up and shall render an application
to the Court unnecessary.

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Information
subsequent to
statement of
affairs.

Default.

Expenses of
statement of
affairs.

Dispensing with
statement of
affairs.

Appointment
of Liquidator on
report of
meetings of
creditors and
contributories.
Form 20.

39. After the statement of affairs of a company has been submitted to the
Official Receiver it shall be the duty of each person who has made or
concurred in making it, if and when required, to attend on the Official
Receiver and answer all such questions as may be put to him, and give all such
further information as may be required of him by the Official Receiver in
relation to the statement of affairs.

40. Any default in complying with the requirements of section 367 of the
Act may be reported by the Official Receiver to the Court.

41. A person who is required to make or concur in making any statement
of affairs of a company shall, before incurring any costs of expenses in and about
the preparation and making of the statement, apply to the Official Receiver for
his sanction and submit a statement of the estimated costs and expenses which
it is intended to incur; and, except by order of the Court, no person shall be
allowed out of the assets of the company any costs or expenses which have not
before being incurred been sanctioned by the Official Receiver.

42. (1) Any application to dispense with the requirements of section 367
of the Act shall be supported by a report of the Official Receiver showing the
special circumstances which in his opinion render such a course desirable.
(2) When the Court has made an order dispensing with the
requirements of the said section, it may give such consequential directions as
it may see fit and in particular it may give directions as to the sending of any
notices which are by these Rules required to be sent to any person mentioned
in the statement of affairs.

APPOINTMENT OF LIQUIDATOR IN A WINDING UP BY
THE COURT

43. (1) As soon as possible after the first meetings of the creditors and
contributories have been held the Official Receiver, or the Chairman of the
meeting, as the case may be, shall report the result of each meeting to the Court.
(2) Upon the result of the meetings of creditors and contributories
being reported to the Court, if there is a difference between the determinations
of the meetings of the creditors and contributories, the Court shall, on the
application of the Official Receiver, fix a time and place for considering the
resolutions and determinations (if any) of the meetings, deciding differences,
and making such order as shall be necessary. In any other case, the Court may,
upon the application of the Official Receiver, forthwith make any appointment
necessary for giving effect to any such resolutions or determinations.
(3) When a time and place have been fixed for the consideration of
the resolutions and determinations of the meetings, such time and place shall be

The Companies Winding Up Rules
334 Chap. 81:01 Companies

LAWS OF TRINIDAD AND TOBAGO

UNOFFICIAL VERSION


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The Companies Winding Up Rules
Companies Chap. 81:01 335

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

Forms 21 and
95(7).

Form 22.

Form 95(8).

Security.

Form 23.

advertised by the Official Receiver in such manner as the Court shall direct,
but so that the first or only advertisement shall be published not less than seven
days before the time so fixed.
(4) Upon the consideration of the resolutions and determinations
of the meetings the Court shall hear the Official Receiver and any creditor
or contributory.
(5) If a Liquidator is appointed, a copy of the order appointing him
shall be transmitted to the Registrar by the Official Receiver, and, as soon as
the Liquidator has given security, he shall cause notice of his appointment to
be inserted in the Gazette. The expense of gazetting the notice of the
appointment shall be paid by the Liquidator, but may be charged by him on the
assets of the company.
(6) Every appointment of a Liquidator or Committee of Inspection
shall be advertised by the Liquidator in such manner as the Court directs
immediately after the appointment has been made, and the Liquidator has
given the required security.
(7) If a Liquidator in a winding up by the Court shall die, or resign,
or be removed, another Liquidator may be appointed in his place in the same
manner as in the case of a first appointment, and the Official Receiver shall,
on the request of not less than one-tenth in value of the creditors or
contributories, summon meetings for the purpose of determining whether or
not the vacancy shall be filled; but none of the provisions of this rule shall
apply where the Liquidator is released under section 382 of the Act in which
case the Official Receiver shall remain Liquidator.

SECURITY BY LIQUIDATOR OR SPECIAL MANAGER IN A
WINDING UP BY THE COURT

44. In the case of a Special Manager or a Liquidator other than the Official
Receiver, the following provisions as to security shall have effect, namely:
(1) The security shall be given in such manner as the Court may direct.
(2) The Court shall fix the amount and nature of such security, and
may from time to time, as it thinks fit, either increase or diminish the amount
of the security which any person has given.
(3) The certificate of the Registrar of the Supreme Court that a
Liquidator or Special Manager has given the security ordered to be given shall
be filed with the Registrar.
(4) The cost of furnishing the required security by a Liquidator or
Special Manager, including any premiums which he may pay to a guarantee
society, shall be borne by him personally, and shall not be charged against the
assets of the company as an expense incurred in the winding up.

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Failure to give
or keep up
security.

Consideration
of report.

Procedure
consequent on
order for public
examination.
Form 24.

Application for
day for holding
examination.

Appointment of
time and place
for public
examination.
Form 25.

Notice of public
examination to
creditors and
contributories.
Form 95(3).

45. (1) If a Liquidator or Special Manager fails to give the required
security within the time stated for that purpose in the order appointing him,
or any extension thereof, the Official Receiver shall report such failure to the
Court, who may thereupon rescind the order appointing the Liquidator or
Special Manager.
(2) If a Liquidator or Special Manager fails to keep up his security
the Official Receiver shall report such failure to the Court, who may thereupon
remove the Liquidator or Special Manager, and make such order as to costs as
the Court shall think fit.
(3) Where an order is made under this rule rescinding an order for
the appointment of or removing a Liquidator, the Court may direct that
meetings shall be held for the purpose of determining whether an application
shall be made to the Court for another Liquidator to be appointed and
thereupon the same meetings shall be summoned and the same proceedings
may be taken as in the case of a first appointment of a Liquidator.

PUBLIC EXAMINATION
46. The consideration of a report made by the Official Receiver pursuant
to subsection (2) of section 368 of the Act shall be before a Judge of the Court
personally in Chambers, and the Official Receiver shall personally, or by an
Attorney-at-law, attend the consideration of the report, and give the Court any
further information or explanation with reference to the matters stated in the
report which the Court may require.

47. Where a Judge makes an order under section 399 of the Act, directing
any person or persons to attend for public examination—
(a) the examination shall be held in open Court;
(b) the Judge may, if he thinks fit, either in the order for

examination, or by any subsequent order, give directions as to
the special matters on which any such person is to be examined.

48. Upon an order directing a person to attend for public examination
being made, the Official Receiver shall, unless the Judge shall otherwise direct,
without further order take an appointment for the public examination to be held.

49. A day and place shall be appointed for holding the public
examination, and notice of the day and place so appointed shall be given by
the Official Receiver to the person who is to be examined by sending such
notice in a registered letter addressed to his usual or last known address.

50. (1) The Official Receiver shall give notice of the time and place
appointed for holding a public examination to the creditors and contributories
by advertisement in such local daily newspaper as he thinks fit, and shall also
forward notice of the appointment to the Gazette to be inserted therein.

The Companies Winding Up Rules
336 Chap. 81:01 Companies

LAWS OF TRINIDAD AND TOBAGO

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

The Companies Winding Up Rules
Companies Chap. 81:01 337

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

Default in
attending.
Form 26.

Warrant of
arrest.

Notes of
examination
to be filed.
Forms 27
and 28.

Application by
or against
delinquent
directors and
promoters.

(2) Where an adjournment of the public examination has been
directed, notice of the adjournment shall not, unless otherwise directed by the
Court, be advertised in any newspaper, but it shall be sufficient to publish in
the Gazette a notice of the time and place fixed for the adjourned examination.

51. (1) If any person who has been directed by the Court to attend for
public examination fails to attend at the time and place appointed for holding or
proceeding with the same, and no good case is shown by him for such failure,
or if before the day appointed for the examination the Official Receiver satisfies
the Court that such person has absconded, or that there is reason for believing
that he is about to abscond with the view of avoiding examination, it shall be
lawful for the Court, upon it being proved to the satisfaction of the Court that
notice of the order and of the time and place appointed for attendance at the
public examination was duly served, without any further notice, to issue a
warrant for the arrest of the person required to attend, or to make such other
order as the Court shall think just.
(2) A warrant of arrest issued by the Court under this rule shall be
issued in the office of the Registrar of the Supreme Court pursuant to an order
of the Court directing such issue.

52. The notes of every public examination shall, after being signed as
required by subsection (8) of section 399 of the Act, be filed with the Registrar
of the Supreme Court.

PROCEEDINGS BY OR AGAINST DIRECTORS, PROMOTERS,
AND OFFICERS

53. (1) An application made to the Court under any of the following
provisions of the Act:

(a) section 448;
(b) subsection (1), (2) or (4A) of section 447;
(c) section 399A;
(d) subsection (2) of section 523,

shall be made by a summons returnable in the first instance in Chambers. The
summons shall state the nature of the declaration or order for which application
is made, and the grounds of the application, and, unless otherwise ordered, shall
be served in the manner in which an originating summons is required by the
Rules of the Supreme Court to be served, on every person against whom an
order is sought, not less than eight days before the day named in the summons
for hearing the application. Where any such application is made by summons
no affidavit or report shall be filed before the return of the summons.
(2) On the return of the summons, the Court may give such directions
as it shall think fit as to whether points of claim and defence are to be delivered,

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Use of
depositions
taken at public
examinations.

Shorthand notes.

as to the taking of evidence wholly or in part by affidavit or orally, and the cross-
examination either before the Judge on the hearing in Court or in Chambers of
any deponents to affidavits in support of or in opposition to the application and
as to any report it may require the Official Receiver or Liquidator to make and
generally as to the procedure on the summons and for the hearing thereof.
(3) Where any such order as is mentioned in paragraph (2) of this
rule has directed that points of claim and defence shall be delivered then if
subsequently to such order and before the summons has been set down for trial
or adjourned to the Judge either party wishes to apply for any further direction
as to any interlocutory matter or thing he shall restore the summons to the list
and shall give two clear days’ notice in writing to the other party stating the
grounds of the application. A copy of such notice shall be filed with the
Registrar of the Supreme Court two clear days before the day for which the
summons is restored.

54. Where in the course of the proceedings in a winding up by the Court
an order has been made for the public examination of persons named in the order
pursuant to section 399 of the Act, then in any proceedings subsequently
instituted under any of the provisions of the Act mentioned in paragraph (1) of
rule 53, the verified notes of the examination of each person who was examined
under the order shall, subject as hereinafter mentioned and to any order or
directions of the Court as to the manner and extent in and to which the notes
shall be used, and subject to all just exceptions to the admissibility in evidence
against any particular person or persons of any of the statements contained in the
notes of the examinations, be admissible in evidence against any of the persons
against whom the application is made, who, under section 399 of the Act, and
the order for the public examination, was or had the opportunity of being present
at and taking part in the examination: Provided that before any such notes of a
public examination shall be used on any such application, the person intending
to use the same shall, not less than fifteen days before the day appointed for
hearing the application, give notice of such intention to each person against
whom it is intended to use such notes, or any of them, specifying the notes or
parts of the notes which it is intended to read against him, and furnish him with
copies of such notes, or parts of notes (except notes of the person’s own
depositions), and provided also that every person against whom the application
is made shall be at liberty to cross-examine or re-examine (as the case may be)
any person the notes of whose examination are read, in all respects as if such
persons had made an affidavit on the application.

WITNESSES AND DEPOSITIONS
55. If the Court shall in any case, and at any stage of the proceedings, be
of opinion that it would be desirable that a person should be appointed to take
down the evidence of any person examined in shorthand or otherwise, it shall

The Companies Winding Up Rules
338 Chap. 81:01 Companies

LAWS OF TRINIDAD AND TOBAGO

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

The Companies Winding Up Rules
Companies Chap. 81:01 339

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

Forms 29
and 30.

Depositions at
private
examinations.

Disclaimer.

Forms 31
and 32.

be competent for the Court to make such appointment. The person at whose
instance the examination is taken shall nominate a person for the purpose, and
the person so nominated shall be appointed, unless the Court shall otherwise
order. Every person so appointed shall be paid a sum not exceeding five
dollars a day, and a sum not exceeding sixteen cents per folio of ninety words
for any transcript of the evidence that may be required, and such sums shall be
paid by the party at whose instance the appointment was made, or out of the
assets of the company as may be directed by the Court.

56. (1) The Official Receiver may attend in person, or by an assistant
Official Receiver, or by Attorneys-at-law employed for the purpose, any
examination of a witness under section 398 of the Act, on whosesoever
application the same has been ordered, and may take notes of the examination
for his own use, and put such questions to the persons examined as the Court
may allow.
(2) The notes of the depositions of a person examined under
section 398 of the Act, or under any order of the Court before the Court (other
than the notes of the depositions of a person examined at a public examination
under section 399 of the Act) shall be forthwith lodged in the office of the
Registrar of the Supreme Court but shall not be filed, or be open to the
inspection of any creditor, contributory, or other person, except the Official
Receiver or Liquidator, or any Provisional Liquidator, unless and until the
Court shall so direct, and the Court may from time to time give such general
or special directions as it shall think expedient as to the custody and inspection
of such notes and the furnishing of copies of or extracts therefrom.

DISCLAIMER
57. (1) Any application for leave to disclaim any part of the property of
a company pursuant to subsection (1) of section 439 of the Act shall be by
ex parte summons. Such summons shall be supported by an affidavit showing
who are the parties interested and what their interests are. On the hearing of the
summons, the Court shall give such directions as it sees fit and in particular
directions as to the notices to be given to the parties interested or any of them
and the Court may adjourn the application to enable any such party to attend.
(2) Where a liquidator disclaims a leasehold interest, he shall
forthwith file the disclaimer in the office of the Registrar of the Supreme Court.
The disclaimer shall contain particulars of the interest disclaimed and a
statement of the persons to whom notice of the disclaimer has been given. Until
the disclaimer is filed by the Liquidator, the disclaimer shall be inoperative. A
disclaimer shall be in the Form 31 and a notice of disclaimer in the Form 32 in
the Appendix with such variations as circumstances may require.

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Vesting of
disclaimed
property.

Report by
Official
Receiver on
arrangements
and
compromises.

Collection and
distribution of
company’s
assets by
Liquidator.

(3) Where any person claims to be interested in any part of the
property of a company which the liquidator wishes to disclaim he shall at the
request of the Liquidator furnish a statement of the interest so claimed by him.

VESTING OF DISCLAIMED PROPERTY
58. (1) Any application under subsection (6) of section 439 of the Act
for an order for the vesting of any disclaimed property in or the delivery of any
such property to any persons shall be supported by the affidavit filed on the
application for leave to disclaim such property.
(2) Where such an application as aforesaid relates to disclaimed
property of a leasehold nature and it appears that there is any mortgagee by
demise, or under-lessee of such property the Court may direct that notice shall
be given to such mortgagee or under-lessee that if he does not elect to accept
and apply for such a vesting order as aforesaid upon the terms required by the
above-mentioned subsection and imposed by the Court within a time to be
fixed by the Court and stated in the notice he will be excluded from all interest
in and security upon the property and the Court may adjourn the application
for such notice to be given and for such mortgagee or under-lessee to be added
as a party to and served with the application and if he sees fit to make such
election and application as is mentioned in the notice. If at the expiration of
the time so fixed by the Court such mortgagee or under-lessee fails to make
such election and application the Court may make an order vesting the
property in the applicant and excluding such mortgagee or under-lessee from
all interest in or security upon the property.

ARRANGEMENTS WITH CREDITORS AND CONTRIBUTORIES
IN A WINDING UP BY THE COURT

59. In a winding up by the Court if application is made to the Court to
sanction any compromise or arrangement, the Court may, before giving its
sanction thereto, hear a report by the Official Receiver as to the terms of the
scheme, and as to the conduct of the directors and other officers of the
company, and as to any other matters which, in the opinion of the Official
Receiver, ought to be brought to the attention of the Court. The report shall
not be placed upon the file, unless and until the Court shall direct it to be filed.

COLLECTION AND DISTRIBUTION OF ASSETS IN A
WINDING UP BY THE COURT

60. (1) The duties imposed on the Court by subsection (1) of section 387
of the Act, in a winding up by the Court with regard to the collection of the
assets of the company and the application of the assets in discharge of the
company’s liabilities, shall be discharged by the Liquidator as an officer of the
Court subject to the control of the Court.

The Companies Winding Up Rules
340 Chap. 81:01 Companies

LAWS OF TRINIDAD AND TOBAGO

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

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The Companies Winding Up Rules
Companies Chap. 81:01 341

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

Power of
Liquidator to
require delivery
of property.
Form 33.

Liquidator to
settle list of
contributories.
Form 34.

Appointment of
time and place
for settlement
of list.
Forms 35
and 36.

Settlement of
list of
contributories.
Form 37.

Notice to
contributories.
Forms 38
and 39.

(2) For the purpose of the discharge by the Liquidator of the duties
imposed by subsection (1) of section 387 of the Act, and paragraph (1) of
this rule, the Liquidator in a winding up by the Court shall, for the purpose
of acquiring or retaining possession of the property of the company, be in the
same position as if he were a receiver of the property appointed by the
Court, and the Court may, on his application, enforce such acquisition or
retention accordingly.

61. The powers conferred on the Court by section 388 of the Act shall be
exercised by the Liquidator. Any contributory for the time being on the list of
contributories, trustee, receiver, banker or agent or officer of a company which
is being wound up under order of the Court shall, on notice from the
Liquidator and within such time as he shall by notice in writing require, pay,
deliver, convey, surrender or transfer to or into the hands of the Liquidator any
money, property, books or papers, which happen to be in his hands for the time
being and to which the company is prima facie entitled.

LIST OF CONTRIBUTORIES IN A WINDING UP BY THE COURT
62. Unless the Court shall dispense with the settlement of a list of
contributories the Liquidator shall with all convenient speed after his
appointment settle a list of contributories of the company, and shall appoint a time
and place for that purpose. The list of contributories shall contain a statement of
the address of, and the number of shares or extent of interest to be attributed to
each contributory, and the amount called up and the amount paid up in respect of
such shares or interest and shall distinguish the several classes of contributories.
As regards representative contributories the Liquidator shall, so far as practicable,
observe the requirements of subsection (3) of section 387 of the Act.

63. The Liquidator shall give notice in writing of the time and place
appointed for the settlement of the list of contributories to every person whom
he proposes to include in the list, and shall state in the notice to each person
in what character and for what number of shares or interest he proposes to
include such person in the list and what amount has been called up and what
amount paid up in respect of such shares or interest.

64. On the day appointed for settlement of the list of contributories the
Liquidator shall hear any person who objects to being settled as a contributory
and after such hearing shall finally settle the list, which when so settled shall
be the list of contributories of the company.

65. The Liquidator shall forthwith give notice to every person whom he
has finally placed on the list of contributories stating in what character and for
what number of shares or interest he has been placed on the list and what amount
has been called up and what amount paid up in respect of such shares or interest

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Application
to the Court to
vary the list.
Form 40.

Variation of
or addition to
list of
contributories.
Form 41.

Calls by
Liquidator.

Form 42.

Form 43.

and in the notice he shall inform such person that any application for the
removal of his name from the list, or for a variation of the list, must be made
to the Court by summons within twenty-one days from the date of the service
on the contributory or alleged contributory of notice of the fact that his name
is settled on the list of contributories.

66. (1) Subject to the power of the Court to extend the time or to allow
an application to be made notwithstanding the expiration of the time limited
for that purpose, no application to the Court by any person who objects to the
list of contributories as finally settled by the Liquidator shall be entertained
after the expiration of twenty-one days from the date of service on such
person of notice of the settlement of the list.
(2) The Official Receiver shall not in any case be personally liable to
pay any costs of or in relation to an application to set aside or vary his act or
decision settling the name of a person on the list of contributories of a company.

67. The Liquidator may from time to time vary or add to the list of
contributories, but any such variation or addition shall be made in the same
manner in all respects as the settlement of the original list.

CALLS
68. The powers and duties of the Court in relation to making calls upon
contributories conferred by section 390 of the Act, shall and may be exercised, in
a winding up by the Court, by the Liquidator as an officer of the Court subject to
the proviso to section 402 of the Act, and to the following regulations:
(1) Where the Liquidator desires to make any calls on the
contributories, or any of them for any purpose authorised by the Act, if there
is a Committee of Inspection he may summon a meeting of such Committee
for the purpose of obtaining their sanction to the intended call.
(2) The notice of the meeting shall be sent to each member of the
Committee of Inspection in sufficient time to reach him not less than seven
days before the day appointed for holding the meeting, and shall contain a
statement of the proposed amount of the call, and the purpose for which it is
intended. Notice of the intended call and the intended meeting of the
Committee of Inspection shall also be advertised once at least in a local daily
newspaper. The advertisement shall state the time and place of the intended
meeting of the Committee of Inspection, and that each contributory may either
attend the said meeting and be heard, or make any communication in writing
to the Liquidator or members of the Committee of Inspection to be laid before
the meeting in reference to the said intended call.
(3) At the meeting of the Committee of Inspection any statements or
representations made either to the meeting personally or addressed in writing to

The Companies Winding Up Rules
342 Chap. 81:01 Companies

LAWS OF TRINIDAD AND TOBAGO

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

The Companies Winding Up Rules
Companies Chap. 81:01 343

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

Form 44.

Application
to the Court for
leave to make
a call.
Forms 45 to 48.

Document
making the call.
Form 49.

Service of
notice of a
call.

Forms 44, 48,
50 and 51.

Enforcement
of call.
Forms 52,
53 and 54.

Proof of debt.

Mode of
proof.

the Liquidator or members of the Committee by any contributory shall be
considered before the intended call is sanctioned.
(4) The sanction of the Committee shall be given by resolution,
which shall be passed by a majority of the members present.
(5) Where there is no Committee of Inspection, the Liquidator shall
not make a call without obtaining the leave of the Court.

69. In a winding up by the Court an application to the Court for leave to
make any call on the contributories of a company, or any of them, for any
purpose authorised by the Act, shall be made by summons stating the proposed
amount of such call, which summons shall be served four clear days at the least
before the day appointed for making the call on every contributory proposed to
be included in such call; or if the Court so directs, notice of such intended call
may be given by advertisement, without a separate notice to each contributory.

70. When the Liquidator is authorised by resolution or order to make a
call on the contributories he shall file with the Registrar of the Supreme Court
a document in the Form 49 with such variations as such circumstances may
require making the call.

71. When a call has been made by the Liquidator in a winding up by the
Court, a copy of the resolution of the Committee of Inspection or order of the
Court (if any), as the case may be, shall forthwith after the call has been made
be served upon each of the contributories included in such call, together with
a notice from the Liquidator specifying the amount or balance due from such
contributory in respect of such call, but such resolution or order need not be
advertised unless for any special reason the Court so directs.

72. The payment of the amount due from each contributory on a call may
be enforced by order of the Court, to be made in Chambers on summons by
the Liquidator.

PROOFS
73. In a winding up by the Court every creditor shall, subject as
hereinafter provided, prove his debt, unless the Judge in any particular
winding up shall give directions that any creditors or class of creditors shall be
admitted without proof.

74. A debt may be proved in any winding up by delivering or sending
through the post an affidavit verifying the debt. In a winding up by the Court
the affidavit shall be so sent to the Official Receiver or if a Liquidator has been
appointed, to the Liquidator; and in any other winding up the affidavit may be
so sent to the Liquidator.

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Verification
of proof.

Contents
of proof.
Form 55.

Statement
of security.

Proof before
whom sworn.

Costs of proof.

Discount.

Periodical
payments.

Interest.

Proof for debt
payable at a
future time.

75. An affidavit proving a debt may be made by the creditor himself or
by some person authorised by or on behalf of the creditor. If made by a person
so authorised, it shall state his authority and means of knowledge.

76. An affidavit proving a debt shall contain or refer to a statement of
account showing the particulars of the debt, and shall specify the vouchers, if any,
by which the same can be substantiated. The Official Receiver or Liquidator to
whom the proof is sent may at any time call for the production of the vouchers.

77. An affidavit proving a debt shall state whether the creditor is or is not
a secured creditor.

78. An affidavit proving a debt may in a winding up by the Court be
sworn before the Official Receiver, or Assistant Official Receiver.

79. A creditor shall bear the cost of proving his debt unless the Court
otherwise orders.

80. A creditor proving his debt shall deduct therefrom (a) any discount
which he may have agreed to allow for payment in cash in excess of five per
centum on the net amount of his claim and (b) all trade discounts.

81. When any rent or other payment falls due at stated periods, and the order
or resolution to wind up is made at any time other than one of those periods, the
persons entitled to the rent or payment may prove for a proportionate part thereof
up to the date of the winding up order or resolution as if the rent or payment grew
due from day to day. Provided that where the Liquidator remains in occupation of
premises demised to a company which is being wound up, nothing herein
contained shall prejudice or affect the right of the landlord of such premises to
claim payment by the company, or the Liquidator, of rent during the period of the
company’s or the Liquidator’s occupation.

82. On any debt or sum certain, payable at a certain time or otherwise
whereon interest is not reserved or agreed for, and which is overdue at the date
of the commencement of the winding up, the creditor may prove for interest at
a rate not exceeding six per centum per annum to that date from the time when
the debt or sum was payable, if the debt or sum is payable by virtue of a
written instrument at a certain time, and if payable otherwise, then from the
time when a demand in writing has been made, giving notice that interest will
be claimed from the date of the demand until the time of payment.

83. A creditor may prove for a debt not payable at the date of the winding
up order or resolution, as if it were payable presently, and may receive dividends
equally with the other creditors, deducting only thereout a rebate of interest at
the rate of six per centum per annum computed from the declaration of a dividend

The Companies Winding Up Rules
344 Chap. 81:01 Companies

LAWS OF TRINIDAD AND TOBAGO

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

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The Companies Winding Up Rules
Companies Chap. 81:01 345

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

Workmen’s
wages.
Form 56.

Production of
bills of
exchange and
promissory
notes.

Transmission
of proofs to
Liquidator.

Notice to
creditors
to prove.

to the time when the debt would have become payable according to the terms
on which it was contracted.

84. In any case in which it appears that there are numerous claims for
wages by workmen and others employed by the company, it shall be sufficient
if one proof for all such claims is made either by a foreman or by some other
person on behalf of all such creditors. Such proof shall have annexed thereto
as forming part thereof, a schedule setting forth the names of the workmen and
others, and the amounts severally due to them. Any proof made in compliance
with this rule shall have the same effect as if separate proofs had been made
by each of the said workmen and others.

85. Where a creditor seeks to prove in respect of a bill of exchange,
promissory note, or other negotiable instrument or security on which the
company is liable, such bill of exchange, note, instrument, or security must,
subject to any special order of the Court made to the contrary, be produced to
the Official Receiver, Chairman of a meeting or Liquidator, as the case may
be, and be marked by him before the proof can be admitted either for voting
or for any purpose.

86. Where a Liquidator is appointed in a winding up by the Court, all
proofs of debts that have been received by the Official Receiver shall be
handed over to the Liquidator, but the Official Receiver shall first make a list
of such proofs, and take a receipt thereon from the Liquidator for such proofs.

ADMISSION AND REJECTION OF PROOFS AND PREFERENTIAL
CLAIMS AND APPEAL TO THE COURT

87. (1) Subject to the provisions of the Act, and unless
otherwise ordered by the Court, the Liquidator in any winding up may from
time to time fix a certain day, which shall be not less than fourteen days from
the date of the notice, on or before which the creditors of the company are to
prove their debts or claims, and to establish any title they may have to priority
under section 435 of the Act or to be excluded from the benefit of any
distribution made before such debts are proved, or as the case may be from
objecting to such distribution.
(2) The Liquidator shall give notice in writing of the day so fixed by
advertisement in such newspaper as he shall consider convenient, and in a
winding up by the Court to every person mentioned in the statement of affairs
as a creditor, and who has not proved his debt, and to every person mentioned
in the statement of affairs as a preferential creditor whose claim to be a
preferential creditor has not been established and is not admitted, and in any
other winding up to the last known address or place of abode of each person
who, to the knowledge of the Liquidator, claims to be a creditor or preferential
creditor of the company and whose claim has not been admitted.

UNOFFICIAL VERSION


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Examination
of proof.
Form 57.

Appeal by
creditor.

Expunging
at instance of
Liquidator.

Expunging at
instance of
creditor.
Oaths.

Official
Receiver’s
powers.

Filing proofs by
Official
Receiver.

Proofs to
be filed.
Form 58.

(3) All the Rules hereinafter set out as to admission and rejection of
proofs shall apply with the necessary variations to any such claim to priority
as aforesaid.
88. The Liquidator shall examine every proof of debt lodged with him,
and the grounds of debt, and in writing admit or reject it, in whole or in part,
or require further evidence in support of it. If he rejects a proof he shall state
in writing to the creditor the grounds of the rejection.
89. If a creditor or contributory is dissatisfied with the decision of the
Liquidator in respect of a proof, the Court may, on the application of the
creditor or contributory, reverse or vary the decision; but, subject to the power
of the Court to extend the time, no application to reverse or vary the decision
of the Liquidator in a winding up by the Court rejecting a proof sent to him by
a creditor, or person claiming to be a creditor, shall be entertained, unless
notice of the application is given before the expiration of twenty-one days
from the date of the service of the notice of rejection.
90. If the Liquidator thinks that a proof has been improperly admitted,
the Court may, on the application of the Liquidator, after notice to the creditor
who made the proof, expunge the proof or reduce its amount.
91. The Court may also expunge or reduce a proof upon the application
of a creditor or contributory if the Liquidator declines to interfere in the matter.
92. For the purpose of any of his duties in relation to proofs, the
Liquidator, in a winding up by the Court, may administer oaths and take
affidavits.
93. In a winding up by the Court the Official Receiver, before the
appointment of a Liquidator, shall have all the powers of a Liquidator with
respect to the examination, admission, and rejection of proofs, and any act or
decision of his in relation thereto shall be subject to the like appeal.
94. In a winding up by the Court the Official Receiver, where no other
Liquidator is appointed, shall, before payment of a dividend, file all proofs
tendered in the winding up, with a list thereof, distinguishing in such list the
proofs which were wholly or partly admitted, and the proofs which were
wholly or partly rejected.

95. Every Liquidator in a winding up by the Court other than the Official
Receiver shall on the first day of every month, file with the Registrar of the
Supreme Court a certified list of all proofs, if any, received by him, during the
month next preceding, distinguishing in such lists the proofs admitted, those
rejected, and such as stand over for further consideration; and in the case of
proofs admitted or rejected, he shall cause the proofs to be filed with the
said Registrar.

The Companies Winding Up Rules
346 Chap. 81:01 Companies

LAWS OF TRINIDAD AND TOBAGO

UNOFFICIAL VERSION


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The Companies Winding Up Rules
Companies Chap. 81:01 347

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

Procedure
where creditor
appeals.

Time for dealing
with proofs by
Official
Receiver.

Time for dealing
with proofs by
Liquidator.

Costs of
Appeals from
decisions as to
proofs.

Dividends to
creditors.
Forms 59, 60
and 95(4).

96. The Liquidator in a winding up by the Court, including the Official
Receiver when he is Liquidator, shall, within three days after receiving notice
from a creditor of his intention to appeal against a decision rejecting a proof,
file such proof with the Registrar of the Supreme Court, with a memorandum
thereon of his disallowance thereof.

97. Subject to the power of the Court to extend the time in a winding up
by the Court, the Official Receiver as Liquidator, not later than fourteen days
from the latest date specified in the notice of his intention to declare a dividend
as the time within which such proofs must be lodged, shall in writing either
admit or reject wholly, or in part, every proof lodged with him, or require
further evidence in support of it.

98. Subject to the power of the Court to extend the time, the Liquidator
in a winding up by the Court, other than the Official Receiver, within twenty-
eight days after receiving a proof, which has not previously been dealt with
shall in writing either admit or reject it wholly or in part, or require further
evidence in support of it: Provided that where the Liquidator has given notice
of his intention to declare a dividend, he shall within fourteen days after the
date mentioned in the notice as the latest date up to which proofs must be
lodged, examine, and in writing admit or reject, or require further evidence in
support of, every proof which has not been already dealt with, and shall give
notice of his decision, rejecting a proof wholly or in part, to the creditors
affected thereby. Where a creditor’s proof has been admitted the notice of
dividend shall be a sufficient notification of the admission.

99. The Official Receiver shall in no case be personally liable for costs
in relation to an appeal from his decision rejecting any proof wholly or in part.

DIVIDENDS IN A WINDING UP BY THE COURT
100. (1) Not more than two months before declaring a dividend the
Liquidator in a winding up by the Court, shall cause notice of his intention to
do so to be inserted in the Gazette, and at the same time give notice to such of
the creditors mentioned in the statement of affairs as have not proved their
debts. Such notice shall specify the latest date up to which proofs must be
lodged, which shall not be less than fourteen days from the date of such notice.
(2) Where any creditor, after the date mentioned in the notice of
intention to declare a dividend as the latest date up to which proofs may be
lodged, appeals against the decision of the Liquidator rejecting a proof, notice
of appeal shall, subject to the power of the Court to extend the time in special
cases, be given within seven days from the date of the notice of the decision
against which the appeal is made, and the Liquidator may in such case make
provision for the dividend upon such proof, and the probable cost of such appeal

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

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Forms 61
and 95(5).

Form 62.

Return of
capital to
contributories.
Forms 63, 64
and 95(6).

First meetings
of creditors and
contributories.

in the event of the proof being admitted. Where no notice of appeal has been
given within the time specified in this rule, the Liquidator shall exclude all
proofs which have been rejected from participation in the dividend.
(3) Immediately after the expiration of the time fixed by this rule for
appealing against the decision of the Liquidator he shall proceed to declare a
dividend, and shall cause notice thereof to be inserted in the Gazette, and shall
also send a notice of dividend to each creditor whose proof has been admitted.
(4) If it becomes necessary, in the opinion of the Liquidator and the
Committee of Inspection, to postpone the declaration of the dividend beyond
the limit of two months, the Liquidator shall cause a fresh notice of his
intention to declare a dividend to be inserted in the Gazette, but it shall not be
necessary for the Liquidator to give a fresh notice to such of the creditors
mentioned in the statement of affairs as have not proved their debts. In all
other respects the same procedure shall follow the fresh notice as would have
followed the original notice.
(5) Dividends may at the request and risk of the person to whom
they are payable be transmitted to him by post.
(6) If a person to whom dividends are payable desires that they shall
be paid to some other person he may lodge with the Liquidator a document in
the Form 62 which shall be a sufficient authority for payment of the dividend
to the person therein named.

101. Every order by which the Liquidator in a winding up by the Court is
authorised to make a return to contributories of the company shall, unless the
Court shall otherwise direct, contain or have appended thereto a Schedule or
List (which the Liquidator shall prepare) setting out in a tabular form the full
names and addresses of the persons to whom the return is to be paid, and the
amount of money payable to each person, and particulars of the transfers of
shares (if any) which have been made or the variations in the list of
contributories which have arisen since the date of the settlement of the list of
contributories and such other information as may be requisite to enable the
return to be made. The Schedule or List shall be in the Form 64 with such
variations as circumstances shall require, and the Liquidator shall send a
notice of return to each contributory.

GENERAL MEETINGS OF CREDITORS AND CONTRIBUTORIES IN
RELATION TO A WINDING UP BY THE COURT

102. Unless the Court otherwise directs, the meetings of creditors and
contributories under section 371 of the Act (hereinafter referred to as the first
meetings of creditors and contributories) shall be held within one month or if
a special manager has been appointed then within six weeks after the date of
the winding up order. The dates of such meetings shall be fixed and they shall
be summoned by the Official Receiver.

The Companies Winding Up Rules
348 Chap. 81:01 Companies

LAWS OF TRINIDAD AND TOBAGO

UNOFFICIAL VERSION


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The Companies Winding Up Rules
Companies Chap. 81:01 349

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

Notice of first
meetings to be
gazetted.
Form 95(2).

Summoning
of first
meetings.

Form of notices
of first
meetings.
Forms 65
and 66.

Notice of
first meetings
to officers
of company.
Form 67.

Summary of
statement of
affairs.

Liquidator’s
meetings of
creditors and
contributories.

103. The Official Receiver shall forthwith cause notice of the dates fixed
by him for the first meetings of creditors and contributories to be inserted in
the Gazette.

104. The first meetings of creditors and contributories shall be summoned
as hereinafter provided.

105. The notices of first meetings of creditors and contributories may be
in Forms 65 and 66 appended thereto, and the notices to creditors shall state a
time within which the creditors must lodge their proofs in order to entitle them
to vote at the first meeting.

106. The Official Receiver shall also give to each of the directors and
other officers of the company who in his opinion ought to attend the first
meetings of creditors and contributories seven days’ notice of the time and
place appointed for each meeting. The notice may either be delivered
personally or sent by prepaid post letter, as may be convenient. It shall be the
duty of every director or officer who receives notice of such meeting to attend
if so required by the Official Receiver, and if any such director or officer fails
to attend the Official Receiver shall report such failure to the Court.

107. (1) The Official Receiver shall also, as soon as practicable, send to
each creditor mentioned in the company’s statement of affairs, and to each
person appearing from the company’s books or otherwise to be a contributory
of the company a summary of the company’s statement of affairs, including
the causes of its failure, and any observations thereon which the Official
Receiver may think fit to make. The proceedings at a meeting shall not be
invalidated by reason of any summary or notice required by these Rules not
having been sent or received before the meeting.
(2) Where prior to the winding up order the company has
commenced to be wound up voluntarily the Official Receiver may if in his
absolute discretion he sees fit so to do send to the persons aforesaid or any of
them an account of such voluntary winding up showing how such winding up
has been conducted and how the property of the company has been disposed
of and any observations which the Official Receiver may think fit to make on
such account or on the voluntary winding up.

GENERAL MEETINGS OF CREDITORS AND CONTRIBUTORIES IN
RELATION TO WINDING UP BY THE COURT AND OF CREDITORS IN

RELATION TO A CREDITOR’S VOLUNTARY WINDING UP
108. (1) In addition to the first meetings of creditors and contributories
and in addition also to meetings of creditors and contributories directed to be
held by the Court under section 458 of the Act (hereinafter referred to as Court
meetings of creditors and contributories) the Liquidator in any winding up by

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Application of
Rules as to
meetings.

Summoning
of meetings.

Form 69.

Proof of notice.
Forms 70
and 71.

the Court may himself from time to time subject to the provisions of the Act
and the control of the Court summon, hold and conduct meetings of the
creditors or contributories (hereinafter referred to as Liquidator’s meetings of
creditors and contributories) for the purpose of ascertaining their wishes in all
matters relating to the winding up.
(2) In any creditors voluntary winding up, the Liquidator may
himself from time to time summon, hold and conduct meetings of creditors for
the purpose of ascertaining their wishes in all matters relating to the winding up
(such meetings and all meetings of creditors which a Liquidator or a company
is by the Act required to convene in or immediately before such a voluntary
winding up and all meetings convened by a creditor in a voluntary winding up
under these Rules are hereinafter called voluntary liquidation meetings).

109. Except where and so far as the nature of the subject-matter or the
context may otherwise require the rules as to meetings hereinafter set out shall
apply to first meetings, Court meetings, Liquidator’s meetings of creditors and
contributories, and voluntary liquidation meetings, but so nevertheless that the
said Rules shall take effect as to first meetings subject without prejudice to any
express provisions of the Act and as to Court meetings subject and without
prejudice to any express directions of the Court.

110. (1) The Official Receiver or Liquidator shall summon all meetings
of creditors and contributories by giving not less than seven days’ notice of the
time and place thereof in the Gazette and in a local daily newspaper; and shall
not less than seven days before the day appointed for the meeting send by post
to every person appearing by the company’s books to be a creditor of the
company notice of the meeting of creditors, and to every person appearing by
the company’s books or otherwise to be a contributory of the company notice
of the meeting of contributories.
(2) The notice to each creditor shall be sent to the address given in his
proof, or if he has not proved to the address given in the statement of affairs of
the company, if any, or to such other address as may be known to the person
summoning the meeting. The notice to each contributory shall be sent to the
address mentioned in the company’s books as the address of such contributory,
or to such other address as may be known to the person summoning the meeting.
(3) In the case of meetings under section 422 of the Act the
continuing Liquidator or, if there is no continuing Liquidator, any creditor may
summon the meeting.
(4) This rule shall not apply to meetings under section 418 or
section 425 of the Act.

111. A certificate by the Official Receiver or other officer of the Court, or
by the clerk of any such person, or an affidavit by the Liquidator, or creditor, or

The Companies Winding Up Rules
350 Chap. 81:01 Companies

LAWS OF TRINIDAD AND TOBAGO

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

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The Companies Winding Up Rules
Companies Chap. 81:01 351

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

Place of
meetings.

Costs of
calling
meetings.

Chairman of
meeting.
Form 72.

Ordinary
resolution of
creditors and
contributories.

Copy of
resolution
to be filed.

his Attorney-at-law, or the clerk of either of such persons, or as the case may
be by some officer of the company or its Attorney-at-law or the clerk of such
company or Attorney-at-law, that the notice of any meeting has been duly
posted, shall be sufficient evidence of such notice having been duly sent to the
person to whom the same is addressed.

112. Every meeting shall be held at such place as is in the opinion of the
person convening the same most convenient for the majority of the creditors or
contributories or both. Different times or places or both may if thought expedient
be named for the meetings of creditors and for the meetings of contributories.

113. The costs of summoning a meeting of creditors or contributories at the
instance of any person other than the Official Receiver or Liquidator shall be
paid by the person at whose instance it is summoned who shall before the
meeting is summoned deposit with the Official Receiver or Liquidator (as the
case may be) such sum as may be required by the Official Receiver or Liquidator
as security for the payment of such costs. The costs of summoning such meeting
of creditors or contributories, including all disbursement for printing, stationery,
postage and the hire of room, shall be calculated at the following rate for each
creditor or contributory to whom notice is required to be sent, namely, forty-
eight cents per creditor or contributory for the first twenty creditors or
contributories, twenty-four cents per creditor or contributory for the next thirty
creditors or contributories, twelve cents per creditor or contributory for any
number of creditors or contributories after the first fifty. The said costs shall be
repaid out of the assets of the company if the Court shall by order or if the
creditors or contributories (as the case may be) shall by resolution so direct. This
rule shall not apply to meetings under sections 418 or 422 of the Act.

114. Where a meeting is summoned by the Official Receiver or the
Liquidator, he or someone nominated by him shall be Chairman of the
meeting. At every other meeting of creditors or contributories, the Chairman
shall be such person as the meeting by resolution shall appoint. This rule shall
not apply to meetings under section 418 of the Act.

115. At a meeting of creditors a resolution shall be deemed to be passed
when a majority in number and value of the creditors present personally or by
proxy and voting on the resolution have voted in favour of the resolution, and at
a meeting of the contributories a resolution shall be deemed to be passed when
a majority in number and value of the contributories present personally or by
proxy, and voting on the resolution, have voted in favour of the resolution, the
value of the contributories being determined according to the number of votes
conferred on each contributory by the regulations of the company.

116. The Official Receiver, or as the case may be, the Liquidator, shall file
with the Registrar of the Supreme Court a copy certified by him of every

UNOFFICIAL VERSION


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Non-reception
of notice by a
creditor.

Adjournments.
Form 73.

Quorum.

Creditors
entitled to
vote.

Cases in
which creditors
may not vote.

resolution of a meeting of creditors or contributories in a winding up by
the Court.

117. Where a meeting of creditors or contributories is summoned by
notice, the proceedings and resolutions at the meeting shall, unless the Court
otherwise orders, be valid notwithstanding that some creditors or
contributories may not have received the notice sent to them.

118. The Chairman may with the consent of the meeting adjourn it from
time to time and from place to place, but the adjourned meeting shall be held
at the same place as the original meeting unless in the resolution for
adjournment another place is specified or unless the Court otherwise orders.

119. (1) A meeting may not act for any purpose except the election of a
chairman, the proving of debts and the adjournment of the meeting unless
there are present or represented thereat at least three creditors entitled to vote
or three contributories or all the creditors entitled to vote or all the
contributories if the number of creditors entitled to vote or the contributories
as the case may be shall not exceed three.
(2) If within half an hour from the time appointed for the meeting a
quorum of creditors or contributories is not present or represented, the meeting
shall be adjourned to the same day in the following week at the same time and
place or to such other day or time or place as the chairman may appoint but so
that the day appointed shall be not less than seven or more than twenty-one
days from the day from which the meeting was adjourned.

120. In the case of a first meeting of creditors or of an adjournment
thereof, a person shall not be entitled to vote as a creditor unless he has duly
lodged with the Official Receiver not later than the time mentioned for that
purpose in the notice convening the meeting or adjourned meeting a proof of
the debt which he claims to be due to him from the company. In the case of a
Court meeting or Liquidator’s meeting of creditors, a person shall not be
entitled to vote as a creditor unless he has lodged with the Official Receiver or
Liquidator a proof of the debt which he claims to be due to him from the
company and such proof has been admitted wholly or in part before the date
on which the meeting is held; Provided that this and the next four following
rules shall not apply to a Court meeting of creditors held prior to the first
meeting of creditors. This rule shall not apply to any creditors or class of
creditors who by virtue of the rules or any directions given thereunder are not
required to prove their debts or to any voluntary liquidation meeting.

121. A creditor shall not vote in respect of any unliquidated or contingent
debt, or any debt the value of which is not ascertained, nor shall a creditor vote

The Companies Winding Up Rules
352 Chap. 81:01 Companies

LAWS OF TRINIDAD AND TOBAGO

UNOFFICIAL VERSION


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The Companies Winding Up Rules
Companies Chap. 81:01 353

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

Votes of secured
creditors.

Creditor
required to
give up
security.

Admission and
rejection of
proofs for
purpose of
voting.

Statement
of security.

Minutes of
meeting.

Form 68.

in respect of any debt on or secured by a current bill of exchange or
promissory note held by him unless he is willing to treat the liability to him
thereon of every person who is liable thereon antecedently to the company,
and against whom a receiving order in bankruptcy has not been made, as a
security in his hands, and to estimate the value thereof, and for the purposes
of voting, but not for the purposes of dividend, to deduct it from his proof.

122. For the purpose of voting, a secured creditor shall, unless he
surrenders his security, state in his proof or in a voluntary liquidation in such
a statement as is hereinafter mentioned the particulars of his security, the date
when it was given, and the value at which he assesses it, and shall be entitled
to vote only in respect of the balance (if any) due to him after deducting the
value of his security. If he votes in respect of his whole debt he shall be
deemed to have surrendered his security, unless the Court on application is
satisfied that the omission to value the security has arisen from inadvertence.

123. The Official Receiver or Liquidator may within twenty-eight days
after a proof or in a voluntary liquidation a statement estimating the value of
a security as aforesaid has been used in voting at a meeting require the creditor
to give up the security for the benefit of the creditors generally on payment of
the value so estimated with an addition thereto of twenty per cent; Provided
that where a creditor has valued his security he may at any time before being
required to give it up correct the valuation by a new proof and deduct the new
value from his debt, but in that case the said addition of twenty per cent shall
not be made if the security is required to be given up.

124. The Chairman shall have power to admit or reject a proof for the
purpose of voting, but his decision shall be subject to appeal to the Court. If
he is in doubt whether a proof shall be admitted or rejected, he shall mark it as
objected to and allow the creditor to vote subject to the vote being declared
invalid in the event of the objection being sustained.

125. For the purpose of voting at any voluntary liquidation meetings, a
secured creditor shall, unless he surrenders his security, lodge with the
Liquidator or where there is no Liquidator at the registered office of the
company before the meeting a statement giving the particulars of his security,
the date when it was given and the value at which he assesses it.

126. (1) The Chairman shall cause minutes of the proceedings at
the meeting to be drawn up and fairly entered in a book kept for that purpose
and the minutes shall be signed by him or by the Chairman of the next
ensuing meeting.
(2) A list of creditors and contributories present at every meeting
shall be made and kept as in Form 68.

UNOFFICIAL VERSION


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Proxies.

Form of proxies.
Forms 74
and 75.

Forms of
proxy to be sent
with notices.

General proxies.

Special Proxies.

Solicitation by
Liquidator to
obtain proxies.

Proxies to
Official
Receiver or
Liquidator.

PROXIES IN RELATION TO A WINDING UP BY THE COURT AND
TO MEETINGS OF CREDITORS IN A CREDITORS’

VOLUNTARY WINDING UP
127. A creditor or a contributory may vote either in person or by proxy.
Where a person is authorised in manner provided by section 140 of the Act to
represent a corporation at any meeting of creditors or contributories, such
person shall produce to the Official Receiver or Liquidator or other the
Chairman of the meeting a copy of the resolution so authorising him. Such
copy must either be under the seal of the corporation or must be certified to be
a true copy by the secretary or a director of the corporation. The succeeding
rules as to proxies shall not (unless otherwise directed by the Court) apply to
a Court meeting of creditors or contributories prior to the first meeting.

128. Every instrument of proxy shall be in accordance with the form in the
Appendix and every written part thereof shall be in the handwriting of the
person giving the proxy or of any manager or clerk or other person in his
regular employment or of a Commissioner of Affidavits.

129. General and special forms of proxy shall be sent to the creditors and
contributories with the notice summoning the meeting, and neither the name
nor description of the Official Receiver or Liquidator or any other person shall
be printed or inserted in the body of any instrument of proxy before it is so sent.

130. A creditor or a contributory may give a general proxy to any person.
131. A creditor or a contributory may give a special proxy to any person
to vote at any specified meeting or adjournment thereof—

(a) for or against the appointment or continuance in office of any
specified person as Liquidator or Member of the Committee
of Inspection; and

(b) on all questions relating to any matter other than those above
referred to and arising at the meeting or an adjournment thereof.

132. Where it appears to the satisfaction of the Court that any solicitation
has been used by or on behalf of a Liquidator in obtaining proxies or in
procuring his appointment as Liquidator except by the direction of a meeting
of creditors or contributories, the Court if it thinks fit may order that no
remuneration be allowed to the person by whom or on whose behalf the
solicitation was exercised notwithstanding any resolution of the Committee of
Inspection or of the creditors or contributories to the contrary.

133. A creditor or a contributory in a winding up by the Court may appoint
the Official Receiver or Liquidator and in a voluntary winding up the
Liquidator or if there is no Liquidator the Chairman of a meeting to act as his
general or special proxy.

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The Companies Winding Up Rules
Companies Chap. 81:01 355

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

Holder of proxy
not to vote on
matter in which
he is financially
interested.

Proxies.
Forms 74
and 75.

Use of proxies
by deputy.

Filling in where
creditor blind or
incapable.

Attendance at
proceedings.

134. No person acting either under a general or a special proxy shall vote
in favour of any resolution which would directly or indirectly place himself,
his partner or employer in a position to receive any remuneration out of the
estate of the company otherwise than as a creditor rateably with the other
creditors of the company: Provided that where any person holds special
proxies to vote for an application to the Court in favour of the appointment of
himself as Liquidator he may use the said proxies and vote accordingly.

135. (1) A proxy intended to be used at the first meeting of creditors or
contributories, or an adjournment thereof, shall be lodged with the Official
Receiver not later than the time mentioned for that purpose in the notice
convening the meeting or the adjourned meeting, which time shall be not
earlier than twelve o’clock at noon of the day but one before, nor later than
twelve o’clock at noon of the day before the day appointed for such meeting,
unless the Court otherwise directs.
(2) In every other case, a proxy shall be lodged with the Official
Receiver or Liquidator in a winding up by the Court, with the company at its
registered office for a meeting under section 418 of the Act, and with the
Liquidator or if there is no Liquidator, with the person named in the notice
convening the meeting to receive the same in a voluntary winding up not later
than four o’clock in the afternoon of the day before the meeting or adjourned
meeting at which it is to be used.
(3 No person shall be appointed a general or special proxy who is
a minor.

136. Where the Official Receiver who holds any proxies cannot attend the
meeting for which they are given, he may, in writing, depute some person
under his official control to use the proxies on his behalf and in such manner
as he may direct.

137. The proxy of a creditor blind or incapable of writing may be
accepted, if such creditor has attached his signature or mark thereto in the
presence of a witness, who shall add to his signature his description and
residence: Provided that all insertions in the proxy are in the handwriting of
the witness, and such witness shall have certified at the foot of the proxy that
all such insertions have been made by him at the request, and in the presence
of, the creditor before he attached his signature or mark.

ATTENDANCE AND APPEARANCE OF PARTIES
138. (1) Every person for the time being on the list of contributories of the
company, and every person whose proof has been admitted shall be at liberty, at
his own expense, to attend proceedings, and shall be entitled, upon payment of
the costs occasioned thereby, to have notice of all such proceedings as he shall

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Attendance
of Liquidator’s
Attorney-at-law.

Remuneration
of Liquidator.

Limit of
remuneration.

by written request desire to have notice of; but if the Court shall be of opinion
that the attendance of any such person upon any proceedings has occasioned
any additional costs which ought not to be borne by the funds of the company,
it may direct such costs, or a gross sum in lieu thereof, to be paid by such
person; and such person shall not be entitled to attend any further proceedings
until he has paid the same.
(2) The Court may from time to time appoint any one or more of the
creditors or contributories to represent before the Court, at the expense of the
company, all or any class of the creditors or contributories upon any question
or in relation to any proceedings before the Court, and may remove the person
so appointed. If more than one person is appointed under this rule to represent
one class, the person appointed shall employ the same Attorney-at-law to
represent them.
(3) No creditor or contributory shall be entitled to attend any
proceedings in Chambers unless and until he has entered in a book, to be kept
by the Registrar of the Supreme Court for that purpose, his name and address,
and the name and address of his Attorney-at-law (if any) and upon any change
of his address, or of his Attorney-at-law, his new address, and the name and
address of his new Attorney-at-law.

139. Where the attendance of the Liquidator’s Attorney-at-law is required
on any proceeding in Court or Chambers, the Liquidator need not attend in
person, except in cases where his presence is necessary in addition to that of
his Attorney-at-law, or the Court directs him to attend.

LIQUIDATOR AND COMMITTEE OF INSPECTION

140. (1) The remuneration of a Liquidator, unless the Court
shall otherwise order, shall be fixed by the Committee of Inspection and shall
be in the nature of a commission or percentage of which one part shall be
payable on the amount realised, after deducting the sums (if any) paid to
secured creditors (other than debenture holders) out of the proceeds of their
securities, and the other part on the amount distributed in dividend.
(2) If there is no Committee of Inspection the remuneration of the
Liquidator shall, unless the Court shall otherwise order, be fixed by the scale
of fees and percentages for the time being payable on realisations and
distributions by the Official Receiver as Liquidator.
(3) This rule shall only apply to a Liquidator appointed in a winding
up by the Court.

141. Except as provided by the Act or the Rules, a Liquidator shall not
under any circumstances, whatever, make any arrangement for, or accept from

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356 Chap. 81:01 Companies

LAWS OF TRINIDAD AND TOBAGO

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The Companies Winding Up Rules
Companies Chap. 81:01 357

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

Dealings with
assets.

Restriction on
purchase of
goods by
Liquidator.

Committee of
Inspection not
to make profit.

Costs of
obtaining
sanction of
Court.

Sanction of
payments to
Committee.

any Attorney-at-law, auctioneer, or any other person connected with the
company of which he is Liquidator, or who is employed in or in connection
with the winding up of the company, any gift, remuneration, or pecuniary or
other consideration or benefit whatever beyond the remuneration to which
under the Act and the rules he is entitled as Liquidator, nor shall he make any
arrangement for giving up, or give up, any part of such remuneration to any
such Attorney-at-law, auctioneer, or other person.

142. Neither the Liquidator, nor any member of the Committee of
Inspection, of a company shall, while acting as Liquidator or member of such
committee, except by leave of the Court, either directly or indirectly by himself
or any employer, partner, clerk, agent, or servant, become purchaser of any part
of the company’s assets. Any such purchase made contrary to the provisions of
this rule may be set aside by the Court on the application of the Official Receiver
in a winding up by the Court or of any creditor or contributory in any winding
up, and the Court may make such order as to costs as the Court shall think fit.

143. Where the Liquidator carries on the business of the company, he shall
not, without the express sanction of the Court, purchase goods for the carrying
on of such business from any person whose connection with him is of such a
nature as would result in his obtaining any portion of the profit (if any) arising
out of the transaction.

144. No member of a Committee of Inspection shall, except under and
with the sanction of the Court, directly or indirectly, by himself, or any
employer, partner, clerk, agent, or servant, be entitled to derive any profit from
any transaction arising out of the winding up or to receive out of the assets any
payment for services rendered by him in connection with the administration of
the assets, or for any goods supplied by him to the Liquidator for or on account
of the company. In a winding up by the Court if it appears to the Official
Receiver or in a voluntary winding up if it appears to the Committee of
Inspection or to any meeting of creditors or contributories that any profit or
payment has been made contrary to the provisions of this rule, they may
disallow such payment or recover such profit as the case may be, on the audit
of the Liquidator’s accounts or otherwise.

145. In any case in which the sanction of the Court is obtained under the
two last preceding rules, the cost of obtaining such sanction shall be borne by
the person in whose interest such sanction is obtained, and shall not be payable
out of the company’s assets.

146. Where the sanction of the Court to a payment to a member of a
Committee of Inspection for services rendered by him in connection with the
administration of the company’s assets is obtained, the order of the Court shall

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Discharge of
costs before
assets handed to
Liquidator.

Resignation of
Liquidator.

Office of
Liquidator
vacated by his
insolvency.

specify the nature of the services, and such sanction shall only be given where
the service performed is of a special nature. Except by the express sanction of
the Court, no remuneration shall, under any circumstances, be paid to a
member of a Committee for services rendered by him in the discharge of the
duties attaching to his office as a member of such Committee.
147. (1) Where a Liquidator is appointed by the Court, and has notified
his appointment to the Registrar and given security as required, the Official
Receiver shall forthwith put the Liquidator into possession of all property of
the company of which the Official Receiver may have custody: Provided that
such Liquidator shall have, before the assets are handed over to him by the
Official Receiver, discharged any balance due to the Official Receiver on
account of fees, costs, and charges properly incurred by him, and on account
of any advances properly made by him in respect of the company, together
with interest on such advances at the rate of six per centum per annum; and the
Liquidator shall pay all fees, costs, and charges on the Official Receiver
which may not have been discharged by the Liquidator before being put into
possession of the property of the company and whether incurred before or
after he has been put into such possession.
(2) The Official Receiver shall be deemed to have a lien upon the
company’s assets until such balance shall have been paid and the other
liabilities shall have been discharged.
(3) It shall be the duty of the Official Receiver, if so requested by the
Liquidator, to communicate to the Liquidator all such information respecting
the estate and affairs of the company as may be necessary or conducive to the
due discharge of the duties of the Liquidator.
(4) This and the next following rule shall only apply in a winding up
by the Court.
148. A Liquidator who desires to resign his office shall summon separate
meetings of the creditors and contributories of the company to decide whether
or not the resignation shall be accepted. If the creditors and contributories by
ordinary resolutions both agree to accept the resignation of the Liquidator, he
shall file with the Registrar and the Registrar of the Supreme Court a
memorandum of his resignation; and shall send notice thereof to the Official
Receiver, and the resignation shall thereupon take effect. In any other case, the
Liquidator shall report to the Court the result of the meetings and shall send a
report to the Official Receiver and thereupon the Court may, upon the
application of the Liquidator or the Official Receiver, determine whether or not
the resignation of the Liquidator shall be accepted, and may give such directions
and make such orders as in the opinion of the Court shall be necessary.

149. If a receiving order in bankruptcy is made against a Liquidator, he
shall thereby vacate his office, and for the purpose of the application of the Act
and rules shall be deemed to have been removed.

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358 Chap. 81:01 Companies

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The Companies Winding Up Rules
Companies Chap. 81:01 359

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L.R.O.

Bank
account.

Forms 76
and 77.

Record
Book.

Cash
Book.

PAYMENTS INTO AND OUT OF A BANK
150. (1) A Liquidator in a winding up by the Court shall forthwith pay all
moneys received by him into such bank as the Court may direct to an account
to the credit of such Liquidator of the company. All payments out shall be made
by cheque payable to order, and every cheque shall have marked or written on
the face of it the name of the company, and shall be signed by the Liquidator,
and shall be countersigned by at least one member of the Committee of
Inspection, and by such other person, if any, as the Committee of Inspection
may appoint.
(2) Where application is made to the Court to authorise the
Liquidator in a winding up by the Court to make his payments into and out of
a bank account, the Court may grant such authorisation for such time and on
such terms as it may think fit, and may at any time order the account to be
closed if it is of opinion that the account is no longer required for the purposes
mentioned in the application.

BOOKS
151. In a winding up by the Court, the Official Receiver, until a Liquidator is
appointed by the Court and thereafter the Liquidator, shall keep a book to be
called the “Record Book” in which he shall record all minutes, all proceedings
had and resolutions passed at any meeting of creditors or contributories, or of the
Committee of Inspection, and all such matters as may be necessary to give a
correct view of his administration of the company’s affairs; but he shall not be
bound to insert in the “Record Book” any document of a confidential nature (such
as the opinion of Attorney-at-law on any matter affecting the interest of the
creditors or contributories), nor need he exhibit such document to any person
other than a member of the Committee of Inspection or the Official Receiver.

152. (1) In a winding up by the Court, the Official Receiver, until a
Liquidator is appointed by the Court, and thereafter the Liquidator, shall keep
a book to be called the “Cash Book” in which he shall (subject to the
provisions of the rules as to trading accounts) enter from day to day the
receipts and payments made by him.
(2) In a winding up by the Court, a Liquidator other than the Official
Receiver shall submit the Record Book and Cash Book together with any other
requisite books and vouchers, to the Committee of Inspection (if any) when
required, and not less than once every three months.
(3) In a creditors voluntary winding up, the Liquidator shall keep such
books as the Committee of Inspection or, if there is no such Committee, as the
creditors direct and all books kept by the Liquidator shall be submitted to the
Committee of Inspection or, if there is no such Committee, to the creditors with
any other books, documents, papers and accounts in his possession relating to

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Audit of
Cash Book.
Form 78.

Official
Receiver’s audit
of Liquidator’s
accounts.

Form 79.

Liquidator
carrying on
business.

Forms 80
and 81.

Copy of
accounts to
be filed.

Summary
of accounts.

his office as Liquidator or to the company as and when the Committee of
Inspection or, if there is no such Committee, the creditors direct.

ACCOUNTS AND AUDIT IN A WINDING UP BY THE COURT
153. The Committee of Inspection shall not less than once every three
months audit the Liquidator’s Cash Book and certify therein under their hands
the day on which the said book was audited.

154. (1) The Liquidator shall, at the expiration of six months from the
date of the winding up order, and at the expiration of every succeeding six
months thereafter until his release, transmit to the Official Receiver a copy of
the Cash Book for such period in duplicate, together with the necessary
vouchers and copies of the certificates of audit by the Committee of
Inspection. He shall also forward with the first accounts, a summary of the
company’s statement of affairs, showing thereon the amounts realised, and
explaining the cause of the non-realisation of such assets as may be unrealised.
The Liquidator shall also at the end of every six months forward to the
Official Receiver, with his accounts, a report upon the position of the
liquidation of the company in such form as the Official Receiver may direct.
(2) When the assets of the company have been fully realised and
distributed, the Liquidator shall forthwith send in his accounts to the Official
Receiver, although the six months may not have expired.
(3) The accounts sent in by the Liquidator shall be verified by him
by affidavit.

155. (1) Where the Liquidator carries on the business of the company,
he shall keep a distinct account of the trading, and shall incorporate in the
Cash Book the total weekly amounts of the receipts and payments on such
trading account.
(2) The trading account shall from time to time, and not less than
once in every month, be verified by affidavit, and the Liquidator shall
thereupon submit such account to the Committee of Inspection (if any), or
such member thereof as may be appointed by the Committee for that purpose,
who shall examine and certify the same.

156. When the Liquidator’s account has been audited, the Official Receiver
shall certify the fact upon the account, and thereupon the duplicate copy,
bearing a like certificate, shall be filed with the Registrar of the Supreme Court.

157. (1) The Liquidator shall transmit to the Official Receiver with his
accounts a summary of such accounts in such form as the Official Receiver
may from time to time direct, and on the approval of such summary by the
Official Receiver shall forthwith obtain, prepare, and transmit to the Official

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The Companies Winding Up Rules
Companies Chap. 81:01 361

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

Affidavit of
no receipts.

Proceedings on
resignation, etc.,
of Liquidator.

Disposal of
books.

Expenses
of sales.

Taxation of
costs payable by
or to Official
Receiver or
Liquidator or by
company.

Receiver so many printed copies thereof, duly stamped for transmission by
post, and addressed to the creditors and contributories, as may be required for
transmitting such summary to each creditor and contributory.
(2) The cost of printing and posting such copies shall be a charge
upon the assets of the company.

158. Where a Liquidator has not since the date of his appointment or since
the last audit of his accounts, as the case may be, received or paid any sum of
money on account of the assets of the company, he shall, at the time when he
is required to transmit his accounts to the Official Receiver, forward to the
Official Receiver an affidavit of no receipts or payments.

159. (1) Upon a Liquidator resigning or being released or removed from
his office, he shall deliver over to the Official Receiver, or as the case may be,
to the new Liquidator, all books kept by him, and all other books, documents,
papers and accounts in his possession relating to the office of Liquidator. The
release of a Liquidator shall not take effect unless and until he has delivered
over to the Official Receiver, or as the case may be to the new Liquidator, all
the books, papers, documents and accounts which he is by this rule required to
deliver on his release.
(2) The Court may, at any time during the progress of the
liquidation, on the application of the Liquidator, or the Official Receiver,
direct that such of the books, papers, and documents of the company or of the
Liquidator as are no longer required for the purpose of the liquidation, may be
sold, destroyed, or otherwise disposed of.

160. Where property forming part of a company’s assets is sold by the
Liquidator through an auctioneer or other agent, the gross proceeds of the sale
shall be paid over by such auctioneer or agent, and the charges and expenses
connected with the sale shall afterwards be paid to such auctioneer or agent,
on the production of the necessary certificate of the taxing officer. Every
Liquidator by whom such auctioneer or agent is employed, shall, unless the
Court otherwise orders, be accountable for the proceeds of every such sale.

TAXATION OF COSTS
161. Every Attorney-at-law, manager, accountant, auctioneer, broker or
other person employed by the Official Receiver or Liquidator in a winding up
by the Court shall on request by the Official Receiver or Liquidator (to be made
a sufficient time before the declaration of a dividend) deliver his bill of costs or
charges to the Official Receiver or Liquidator for the purpose of taxation; and
if he fails to do so within the time stated in the request, or such extended time
as the Court may allow, the Liquidator shall declare and distribute the dividend
without regard to such person’s claim, and, subject to any order of the Court,

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Form 82.

Notice of
appointment.

Lodgment
of bill.

Copy of the
bill to be
furnished.

Applications
for costs.

Certificate
of taxation.
Form 83.

Certificate of
employment.

the claim shall be forfeited. The request by the Official Receiver or Liquidator
shall be in Form No. 82.

162. Where a bill of costs or charges in any winding up has been lodged
with the Registrar of the Supreme Court, he shall give notice of an
appointment to tax the same, in a winding up by the Court, to the Official
Receiver and in every winding up to the Liquidator, and to the person to or by
whom the bill or charges is or are to be paid (as the case may be).

163. The bill or charges, if incurred in a winding up by the Court prior to
the appointment of a Liquidator, shall be lodged with the Official Receiver,
and if incurred after the appointment of a Liquidator, shall be lodged with the
Liquidator. The Official Receiver or the Liquidator, as the case may be, shall
lodge the bill or charges with the Registrar of the Supreme Court.

164. Every person whose bill or charges in a winding up by the Court is or
are to be taxed shall, on application either of the Official Receiver or the
Liquidator, furnish a copy of his bill or charges so to be taxed, on payment at
the rate of eight cents per folio, which payment shall be charged on the assets
of the company. The Official Receiver shall call the attention of the Liquidator
to any items which, in his opinion, ought to be disallowed or reduced, and may
attend or be represented on the taxation.

165. Where any party to, or person affected by, any proceeding desires to
make an application for an order that he be allowed his costs, or any part of
them, incident to such proceeding, and such application is not made at the time
of the proceeding:
(1) such party or person shall serve notice of his intended application

on the Official Receiver or on the Liquidator as the case may be;
(2) the Official Receiver or Liquidator may appear on such

application and object thereto;
(3) no costs of or incident to such application shall be allowed to the

applicant, unless the Court is satisfied that the application could
not have been made at the time of the proceeding.

166. Upon the taxation of any bill of costs, charges, or expenses being
completed, the Registrar of the Supreme Court shall issue to the person
presenting such bill for taxation his allowance or certificate of taxation. The
bill of costs, charges and expenses, together with the allowance or certificate,
shall be filed with the said Registrar.

167. Where the bill or charges of any Attorney-at-law, manager, accountant,
auctioneer, broker, or other person employed by the Official Receiver or
Liquidator, is or are payable out of the assets of the company, a certificate in

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LAWS OF TRINIDAD AND TOBAGO

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The Companies Winding Up Rules
Companies Chap. 81:01 363

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

Liquidator’s
charges.

Costs payable
out of the assets.

writing, signed by the Official Receiver or Liquidator, as the case may be,
shall on the taxation be produced to the Registrar of the Supreme Court setting
forth whether any, and if so what, special terms of remuneration have been
agreed to, and in the case of the bill of costs of an Attorney-at-law, a copy of
the resolution or other authority sanctioning the appointment of an Attorney-
at-law to assist the Liquidator in the performance of his duties and the
instructions given to such Attorney-at-law by the Liquidator.

COSTS AND EXPENSES PAYABLE OUT OF THE ASSETS
OF THE COMPANY

168. (1) Where a Liquidator or special manager in a winding up by the
Court receives remuneration for his services as such, no payment shall be allowed
on his accounts in respect of the performance by any other person of the ordinary
duties which are required by statute or rules to be performed by himself.
(2) Where a Liquidator is an Attorney-at-law, he may contract
that the remuneration for his services as Liquidator shall include all
professional services.

169. (1) The assets of a company in a winding up by the Court, remaining
after payment of the fees and expenses properly incurred in preserving,
realising or getting in the assets, including where the company has previously
commenced to be wound up voluntarily such remuneration, costs and
expenses as the Court may allow to a Liquidator appointed in such voluntary
winding up shall, subject to any order of the Court, be liable to the following
payments, which shall be made in the following order of priority, namely:

First. The taxed costs of the petition, including the taxed costs of any
person appearing on the petition whose costs are allowed by the Court.

Next. The remuneration of the special manager (if any).

Next. The costs and expenses of any person who makes or concurs in
making, the company’s statement of affairs.

Next. The taxed charges of any shorthand writer appointed to take an
examination: Provided that where the shorthand writer is appointed at the
instance of the Official Receiver, the cost of the shorthand notes shall be
deemed to be an expense incurred by the Official Receiver in getting in and
realising the assets of the company.

Next. The necessary disbursements of any Liquidator appointed in the
winding up by the Court, other than expenses properly incurred in preserving,
realising or getting in the assets heretofore provided for.

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Costs.

Conclusion
of winding up.

Times for
sending
Liquidator’s
statements, and
regulations
applicable
thereto.

Next. The costs of any person properly employed by any such Liquidator.
Next. The remuneration of any such Liquidator.
Next. The actual out-of-pocket expenses necessarily incurred by the
Committee of Inspection, subject to the approval of the Official Receiver.
(2) No payments in respect of bills or charges of Attorney(s)-at-law,
managers, accountants, auctioneers, brokers, or other persons other than
payments for costs and expenses incurred and sanctioned under rule 41, and
payments of bills which have been taxed and allowed under orders made for
the taxation thereof, shall be allowed out of the assets of the company without
proof that the same have been considered and allowed by the Registrar of the
Supreme Court. The said Registrar shall before passing the bills or charges of
an Attorney-at-law satisfy himself that the appointment of an Attorney-at-law
to assist the Liquidator in the performance of his duties has been duly
sanctioned: Provided that the Official Receiver when acting as Liquidator
may without taxation pay and allow the costs and charges of any person other
than an attorney-at-law employed by him where such costs and charges are
within the scale usually allowed by the Court and do not exceed the sum of
nine dollars and sixty cents.
(3) Nothing contained in this rule shall apply to or affect costs
which, in the course of legal proceedings by or against a company which is
being wound up by the Court, are ordered by the Court in which such
proceedings are pending or a Judge thereof to be paid by the company or the
Liquidator, or the rights of the person to whom such costs are payable.

170. The winding up of a company shall, for the purposes of section 456
of the Act, be deemed to be concluded:

(a) in the case of a company wound up by order of the Court, at
the date on which the order dissolving the company has been
reported by the Liquidator to the Registrar, or at the date of
the order of the Official Receiver releasing the Liquidator
pursuant to section 382 of the Act;

(b) in the case of a company wound up voluntarily, or under the
supervision of the Court, at the date of the dissolution of the
company, unless at such date any funds or assets of the
company remain unclaimed or undistributed in the hands or
under the control of the Liquidator, or any person who has
acted as Liquidator, in which case the winding up shall not
be deemed to be concluded until such funds or assets have
either been distributed or paid into Court.

171. In a voluntary winding up or a winding up under the supervision of
the Court, the statements with respect to the proceedings in and position of a
liquidation of a company, the winding up of which is not concluded within a

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364 Chap. 81:01 Companies

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The Companies Winding Up Rules
Companies Chap. 81:01 365

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L.R.O.

Forms 84, 86,
87 and 88.

Form 85.

Affidavit of no
receipts or
payments.

Forms 84
and 85.

Payment of
undistributed
and unclaimed
money into
Court.

year after its commencement, shall be sent to the Registrar twice in every
year as follows:
(1) the first statement commencing at the date when a Liquidator was

first appointed and brought down to the end of twelve months
from the commencement of the winding up, shall be sent within
thirty days from the expiration of such twelve months, or within
such extended period as the Official Receiver may sanction, and
the subsequent statements shall be sent at intervals of half a year,
each statement being brought down to the end of the half-year for
which it is sent. In cases in which the assets of the company have
been fully realised and distributed before the expiration of a half-
yearly interval, a final statement shall be sent forthwith;

(2) subject to the next succeeding rule, Form 84, and where
applicable Forms 86, 87 and 88, with such variations as
circumstances may require, shall be used, and the directions
specified in the Form (unless the Official Receiver otherwise
directs) be observed in reference to every statement;

(3) every statement shall be sent in duplicate, and shall be verified
by an affidavit in the Form 85 with such variations as
circumstances may require.

172. Where in a voluntary winding up or a winding up under the
supervision of the Court a Liquidator has not during any period for which a
statement has to be sent, received or paid any money on account of the
company, he shall, at the period when he is required to transmit his statement,
send to the Registrar the prescribed statement in the Form 84, in duplicate,
containing the particulars therein required with respect to the proceedings in
and position of the liquidation, and with such statement shall also send an
affidavit of no receipts or payments in the Form 85.

UNCLAIMED FUNDS AND UNDISTRIBUTED
ASSETS IN THE HANDS OF A LIQUIDATOR

173. (1) All money in the names or under the control of a Liquidator of a
company representing unclaimed dividends, which for six months from the
date when the dividend became payable have remained in the hands or under
the control of the Liquidator, shall forthwith, on the expiration of the six
months, be paid into Court.
(2) In a voluntary winding up or a winding up under the supervision
of the Court, all other money in the hands or under the control of a Liquidator
of a company, representing unclaimed or undistributed assets, which, under
subsection (1) of section 457 of the Act, the Liquidator is to pay into Court, shall
be ascertained as on the date to which the statement of receipts and payments
sent in to the Registrar is brought down, and the amount to be paid into Court
shall be the minimum balance of such money which the Liquidator has had in

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Liquidator to
furnish
information to
Official
Receiver.
Form 89.

Official
Receiver may
call for verified
accounts.

Forms 84, 85
to 88.
Ch. 9:70.

Application to
the Court for
enforcing an
account and
getting in
money.
Application for
payment out by
person entitled.

Application by
Liquidator for
payment out.

his hands or under his control during the six months immediately preceding the
date to which the statement is brought down, less such part (if any) thereof as
the Official Receiver may authorise him to retain for the immediate purposes of
the liquidation. Such amount shall be paid into Court within fourteen days from
the date to which the statement of account is brought down.
(3) Notwithstanding anything in this rule, any moneys representing
unclaimed or undistributed assets or dividends in the hands of the Liquidator
at the date of the dissolution of the company shall forthwith be paid by him
into Court.

174. In a voluntary winding up or a winding up under the supervision of
the Court, every person who has acted as Liquidator of any company, whether
the liquidation has been concluded or not, shall furnish to the Official Receiver
particulars of any money in his hands or under his control representing
unclaimed or undistributed assets of the company and such other particulars
as the Official Receiver may require for the purpose of ascertaining or getting
in any money payable into Court. The Official Receiver may require such
particulars to be verified by affidavit.

175. (1) In a voluntary winding up or a winding up under the supervision of
the Court, the Official Receiver may at any time order any such person to submit to
him an account verified by affidavit of the sums received and paid by him as
Liquidator of the company and may direct and enforce an audit of the account.
(2) For the purposes of section 457 of the Act, and the rules, the
Court has and may exercise all the powers conferred by the Bankruptcy Act
with respect to the discovery and realisation of the property of a debtor, and
the provisions of Part I of that Act with respect thereto shall, with any
necessary modification, apply to proceedings under section 457 of the Act.

176. An application by the Official Receiver for the purpose of ascertaining
and getting in money payable into Court pursuant to section 457 of the Act,
shall be made by motion, and where the winding up is voluntary or is by or
under the supervision of the Court shall be made to and dealt with by a Judge.

177. An application by a person claiming to be entitled to any money paid
into Court in pursuance of section 457 of the Act shall be made in such form
and manner as the Official Receiver may from time to time direct, and shall,
unless the Official Receiver otherwise directs, be accompanied by the
certificate of the Liquidator that the person claiming is entitled and such
further evidence as the Official Receiver may direct.

178. A Liquidator who requires to make payments out of money paid into
Court in pursuance of section 457 of the Act, either by way of distribution or
in respect of the cost and expenses of the proceedings, shall apply in such form
and manner as the Official Receiver may direct, and the Official Receiver may

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366 Chap. 81:01 Companies

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The Companies Winding Up Rules
Companies Chap. 81:01 367

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L.R.O.

Proceedings
for release of
Liquidator.
Forms 90, 91
and 92.
Form 95(9).

Disposal of
books and
papers.

Official
Receiver.

Duties where
no assets.

thereupon make an order for payment to the Liquidator of the sum required by
him for the purposes aforesaid.

RELEASE OF LIQUIDATOR IN A WINDING UP BY THE COURT
179. (1) A Liquidator in a winding up by the Court, before making
application to the Official Receiver for his release, shall give notice of his
intention so to do to all the creditors who have proved their debts, and to all
the contributories, and shall send with the notice a summary of all receipts and
payments in the winding up.
(2) When the Official Receiver has granted to a Liquidator his
release, a notice of the order granting the release shall be gazetted. The
Liquidator shall provide the requisite fee for the Gazette, which he may charge
against the company’s assets.

180. (1) The Official Receiver may order that the books and papers of a
company which has been wound up shall not be destroyed for such period (not
exceeding five years from the dissolution of the company) as the Official
Receiver thinks proper.
(2) Any creditor or contributory may make representations to the
Official Receiver with regard to the destruction of such books and papers and
may appeal to the Court from any order made by the Official Receiver under
this rule.
(3) Subject to any order of the Court, the Official Receiver may by
a further order vary or rescind any order made by him under this rule.
(4) A resolution for the destruction of the books and papers of such
a company within the said period of five years or any shorter period fixed by
an order of the Official Receiver in force at the date of such resolution shall
not take effect until the expiration of such period of five years or of such
shorter period unless the Official Receiver shall otherwise direct.
(5) At least one week’s notice shall be given to the Official Receiver
of any application to the Court for an order for the destruction of the books
and papers of a company before the expiration of such period of five years or
shorter period.

OFFICIAL RECEIVER
181. The term “Official Receiver” means the Official Receiver attached to
the Court for bankruptcy purposes, and includes any Assistant Official Receiver.

182. Where a company against which a winding up order has been made
has no available assets, the Official Receiver shall not be required to incur any
expenses in relation to the winding up without the express directions of
the Court.

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Accounting by
Official
Receiver.

Appeal from
Official
Receiver.

Applications
under section
381
of the Act.

Books to be
kept by
Registrar of the
Supreme Court.
Forms 93
and 94.

Gazetting
notices.
Form 95.

Filing
memorandum
of Gazette
notices.
Form 96.

183. Where a Liquidator is appointed by the Court in a winding up by the
Court, the Official Receiver shall account to the Liquidator.

184. An appeal to the Court from an act or decision of the Official
Receiver acting otherwise than as Liquidator of a company, shall be brought
within twenty-one days from the time when the decision or act appealed
against is done, pronounced, or made.
185. (1) An application by the Official Receiver to the Court to examine
on oath the Liquidator or any other person pursuant to section 381 of the Act
shall be made ex parte, and shall be supported by a report to the Court filed
with the Registrar of the Supreme Court, stating the circumstances in which
the application is made.
(2) The report shall for the purposes of such application be prima
facie evidence of the statements therein contained.

BOOKS TO BE KEPT BY REGISTRAR OF THE SUPREME COURT
186. The Registrar of the Supreme Court shall keep books according to
Forms 93 and 94 in the Appendix, and the particulars given under the different
heads in such books shall be entered forthwith after each proceeding has
been concluded.

GAZETTING IN A WINDING UP BY THE COURT
187. (1) All notices subsequent to the making by the Court of a winding
up order in pursuance of the Act or the rules requiring publication in the
Gazette shall be gazetted by the Official Receiver or the Liquidator as the case
may be.
(2) Where any winding up order is amended, and also in any case in
which any matter which has been gazetted has been amended or altered, or in
which a matter has been wrongly or inaccurately gazetted, the Official
Receiver or Liquidator shall re-gazette such order or matter with the necessary
amendments and alterations in the prescribed form, at the expense of the
company’s assets, or otherwise as the Official Receiver may direct.

188. (1) Whenever the Gazette contains any advertisement relating to any
winding up proceedings the Official Receiver or Liquidator as the case may be
shall file with the proceedings a memorandum referring to and giving the date
of the advertisement.
(2) In the case of an advertisement in a local paper, the Official
Receiver, or Liquidator as the case may be, shall keep a copy of the paper, and
a memorandum referring to and giving the date of the advertisement shall be
placed on the file.

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368 Chap. 81:01 Companies

LAWS OF TRINIDAD AND TOBAGO

UNOFFICIAL VERSION


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Companies Chap. 81:01 369

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L.R.O.

To whom
warrants may
be addressed.

Prison to which
person arrested
on warrant is to
be taken.

Enlargement or
abridgement
of time.

Formal defect
not to invalidate
proceedings.

Application of
existing
procedure.

(3) For this purpose, one copy of each local paper in which any
advertisement relating to any winding up proceeding in the Court is inserted,
shall be left with the Official Receiver or Liquidator as the case may be by the
person who inserts the advertisement.
(4) A memorandum under this rule shall be prima facie evidence
that the advertisement to which it refers was duly inserted in the issue of the
Gazette or newspaper mentioned in it.

ARRESTS AND COMMITMENTS
189. A warrant of arrest, or any other warrant issued under the provisions
of the Act and rules, shall be addressed to the Marshal of the Court.

190. Where the Court issues a warrant for the arrest of a person under any
of the provisions of the Act or rules, the prison (to be named in the warrant of
arrest) to which the person shall be committed shall, unless the Court shall
otherwise order, be the prison used by the Court in cases of orders of
commitment made in the exercise by the Court of its ordinary jurisdiction, and
kept therein for the time mentioned in the warrant of commitment, unless
sooner discharged by the order of the Court which issued the warrant of
commitment, or otherwise by law.

MISCELLANEOUS MATTERS
191. The Court may, in any case in which it shall see fit, extend or abridge
the time appointed by the rules or fixed by any order of the Court for doing
any act or taking any proceeding.

192. (1) No proceedings under the Act or the rules shall be invalidated by
any formal defect or by any irregularity, unless the Court before which an
objection is made to the proceeding is of opinion that substantial injustice has
been caused by the defect or irregularity, and that the injustice cannot be
remedied by any order of that Court.
(2) No defect or irregularity in the appointment or election of the
Official Receiver, Liquidator, or member of a Committee of Inspection shall
vitiate any act done by him in good faith.

193. In all proceedings in or before the Court, or any Judge, Registrar or
Officer thereof, or over which the Court has jurisdiction under the Act and
Rules, where no other provision is made by the Act or Rules, the practice,
procedure and Regulations shall unless the Court otherwise in any special case
directs, in the Court be in accordance with the rules and procedure of the
Supreme Court, as far as practicable, with the existing rules and practice of the
Court in proceedings for the administration of assets by the Court.

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(State object of application)

(State name and description of Applicant)

(Name and description of Applicant)

(Name of Respondent)

APPENDIX

FORMS FOR USE IN WINDING UP
FORM 1
(Rule 6)

FORM OF SUMMONS (GENERAL)
(Title same as Form 2)

Let ......................................................................................................................

attend at ..............................................................................................................

on the ............ day of ................. 20.......... at........... o’clock in the ..................
noon on the hearing of an application of ............................................................

for an order that ..................................................................................................

Dated the..................... day of ............................. 20.......

This summons was taken out by .........................................................................
of ............................................................................................ Attorneys-at-law
for .......................................................................................................................

To: .........................................................................

NOTE: If you do not attend, either in person or by your Attorney-at-law at
the time and place above-mentioned, such order will be made, and
proceedings taken, as the Judge may think just and expedient.

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370 Chap. 81:01 Companies

LAWS OF TRINIDAD AND TOBAGO

UNOFFICIAL VERSION


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The Companies Winding Up Rules
Companies Chap. 81:01 371

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

(Address)

(Name of Company)

(Insert full name, title, etc., of petitioner)

FORM 3
(Rule 18)

PETITION
(Title same as Form 2)

To His Honour the Chief Justice and their Honours the Puisne Judges.

The Humble Petition of .....................................................................................
showeth as follows:

1. The .................................................................................................................

(hereinafter called the Company), was in the month of............................
incorporated under the Companies Act.

2. The registered office of the Company is at......................................................

............................................................................................................................

(Insert full name of Company)

FORM 2
(Rule 7)

GENERAL TITLE

IN THE SUPREME COURT OF TRINIDAD AND TOBAGO.

No............................. of 20......

In the Matter of ...................................................................................................

and

In the Matter of the Companies Act

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3. *The nominal capital of the company is $ ...................................... divided
into ................................. shares of $ .................................. each. The amount
of the capital paid up or credited as paid up is $ .....................................

4. *The objects for which the company was established are as follows:

*To ............................................................................................... and other
objects set forth in the memorandum of association thereof.

(*Delete whichever is inapplicable)

[Here set out in paragraphs the facts on which the petitioner relies, and conclude
as follows:]

Your petitioner therefor humbly prays as follows:

(1) That the above-named Company may be wound up by the Court under the
provisions of the Companies Act.

(That the voluntary winding up of the above-named Company may be
continued but subject to the supervision of the Court).
[N.B. The above words in brackets ( ) to be added if supervision order is asked for].
(2) Or that such other order may be made in the premises as shall be just.

Note: It is intended to serve this petition on .......................................................
[N.B.] This note will be unnecessary if the Company is petitioner.

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372 Chap. 81:01 Companies

LAWS OF TRINIDAD AND TOBAGO

UNOFFICIAL VERSION


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The Companies Winding Up Rules
Companies Chap. 81:01 373

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

(State consideration for the debt with particulars so as to establish that the debt claim is due).

FORM 4
(Rule 18)

PETITION BY UNPAID CREDITOR ON
SIMPLE CONTRACT
(Title same as Form 2)

Paragraphs 1, 2, 3, and 4 as in FORM 3

5. The Company is indebted to your petitioner in the sum of $ ..........................

for .......................................................................................................................

............................................................................................................................

6. Your petitioner has made application to the Company for payment of his
debt, but the Company has failed and neglected to pay the same or any
part thereof.

7. The Company is [insolvent and] unable to pay its debts.

8. In the circumstances it is just and equitable that the Company should be
wound up.

Your petitioner therefore, etc., (the same as in FORM 3)

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(Petitioner/Attorney-at-law)

(Address of Petitioner)

(Name of Petitioner)

FORM 5
(Rule 20)

ADVERTISEMENT OF PETITION
(Title same as Form 2)

NOTICE IS HEREBY GIVEN that a petition for the winding up of the
above-named Company by/subject to the supervision of the Court, was, on
the .................. day of .................................... 20..... presented to the said Court

by .......................................................................................................................

of .......................................................................................................................

AND that the said petition is directed to be heard before the Court sitting
at ........................................ on the ........... day of .......................... 20....; and
any creditor or contributory of the said Company desirous to support or oppose
the making of an order on the said petition may appear at the time of hearing in
person or by his Attorney-at-law for that purpose; and a copy of the petition will
be furnished to any creditor or contributory of the said Company requiring the
same by the undersigned on payment of the regulated charge for the same.

Signed ................................................................................................................

Name...................................................................................................................
Address...............................................................................................................

NOTE:Any person who intends to appear on the hearing of the said petition must serve on or send
by post to the above-named, notice in writing of his intention so to do. The notice must state the
name and address of the person, or, if a firm, the name and address of the firm, and must be signed
by the person or firm, or his or their Attorney-at-law (if any), and must be served, or if posted, must
be sent by post in sufficient time to reach the above-named not later than .................. * o’clock in
the afternoon of the ................... of .................................. 20....... .

(*If the day appointed for the hearing of the petition is a Monday then l.00 p.m. on the Saturday,
previous to such Monday, if the day appointed for the hearing is on any other day then
6.00 p.m. on the day immediately preceding the day so appointed.)

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374 Chap. 81:01 Companies

LAWS OF TRINIDAD AND TOBAGO

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

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The Companies Winding Up Rules
Companies Chap. 81:01 375

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

(State here registered office or place of business)

(Insert officer or place of business as aforesaid)

(Name and description of member/officer/servant

FORM 6
(Rule 21)

AFFIDAVIT OF SERVICE OF PETITION ON MEMBERS,
OFFICERS, OR SERVANTS

(Title same as Form 2)

In the Matter of a petition dated ....................................... 20.....
I, .........................................................................................................................
of ........................................................................................................................
make oath and say:
1. [In the case of service of petition on a Company by leaving it with a member,
officer, or servant at the registered office or if no registered office at the
principal or last known principal place of business of the Company.]
That I did on the .............. day of .............................. 20....., serve the above-
named Company with the above-mentioned petition by delivering to and leaving
with ............................................................................................................................

of the said Company a copy of the above-mentioned petition, duly sealed with
the Seal of the Court, at ......................................................................................

before the hour of ................ in the ......................... noon.

2. [In the case of no member, officer, or servant of the company being found at
the registered office or place of business.]
That I did on .................. day, the .................. day of ........................... 20....,
having failed to find any member, officer, or servant of the above-named
Company at ........................................................................................................

leave there a copy of the above-mentioned petition, duly sealed with the seal
of the Court, before the hour of .......................... in the .......................... noon
(add with whom such sealed copy was left, or where, e.g., affixed to door of
offices, or placed in letter box, or otherwise).
3. [In the case of directions by the Court as to the member, officer, or servant
of the Company to be served.]

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(Address)

(Insert name or names and description of Liquidator)

(Name and description of person or persons served)

FORM 7
(Rule 21)

AFFIDAVIT OF SERVICE OF PETITION
ON LIQUIDATOR
(Title same as Form 2)

In the Matter of a petition, dated ................................. 20...., for winding up the
above Company by .............................................................................................
or under the supervision of the Court.
I .........................................................................................................................
of.........................................................................................................................
make oath and say:
That I did on ................ day, the .................... day of ......................20...., serve
............................................................................................................................

the Liquidator of the above-named Company, with a copy of the above-
mentioned petition, duly sealed with the seal of the Court, by delivering the
same personally to the said .................................................................................
at .........................................................................................................................

before the hour of .................. in the ........................ noon.

The said petition is now produced and shown to me, marked “A”.
Sworn at, etc.

That I did on ................ day, the ..................... day of ............................... 20....,
serve ..................................................................................................................

with a copy of the above-mentioned petition, duly sealed with the seal of the
Court, by delivering the same together with a true copy of the order for
substituted service dated .................................... 20..., personally to the said
........................................................ at ................................................................
before the hour of ........................ in the ................................ noon.
4. The said petition is now produced and shown to me, marked Appendix “A”.

Sworn at, etc.

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376 Chap. 81:01 Companies

LAWS OF TRINIDAD AND TOBAGO

UNOFFICIAL VERSION


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The Companies Winding Up Rules
Companies Chap. 81:01 377

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

(Name of Company)

(Address)

FORM 8
(Rule 22)

AFFIDAVIT VERIFYING PETITION
(Title same as Form 2)

I, .........................................................................................................................
of ...................................................................... make oath and say that such of
the statements in the petition now produced and shown to me and marked with
the letter “A”, as relates to my own acts and deeds/ the acts and deeds of my
said firm are true, and such of the said statements as relate to the acts and
deeds of any other person or persons I believe to be true.

Sworn, etc.

FORM 9
(Rule 22)

AFFIDAVIT VERIFYING PETITION OF
A LIMITED COMPANY
(Title same as Form 2)

I, .........................................................................................................................
of ........................................................................................................................
make oath and say as follows:
1. I am a Director / the Secretary of ....................................................................

the petitioner in the above matter, and am duly authorised by the said
petitioner to make this affidavit on its behalf.
2. Such of the statements in the petition now produced and shown to me
marked with the letter “A” as relate to the acts and deeds of the said petitioner
are true and such of the statements as relate to the acts and deeds of any other
person or persons I believe to be true.

Sworn, etc.

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(State number and class of shares held)

(Address)

(State Full Name or Name of Firm)

[Describe the acts which the Provisional Liquidator is to be authorised to do
and the property of which he is to take possession]

FORM 11
(Rule 26)

NOTICE OF INTENTION TO APPEAR ON PETITION
(Title same as Form 1)

TAKE NOTICE THAT ................................................................................................

of ......................................................................................................................................

a creditor for $...................................... of .................................................................. (or
contributory holding ........................................................................................ shares in)

FORM 10
(Rules 24 and 33)

ORDER APPOINTING A PROVISIONAL LIQUIDATOR
AFTER PRESENTATION OF PETITION, AND BEFORE

ORDER TO WIND UP
..................... the ............... day of ................................. 20......

(Title same as Form 2)
UPON the application ......................................................................................................
and upon reading....................................................................................................
the Court doth hereby appoint the Official Receiver to be Provisional Liquidator of the
above-named Company.
AND the Court doth hereby limit and restrict the powers of the said Provisional
Liquidator to the following acts, that is to say ....................................................................
..........................................................................................................................................
..........................................................................................................................................

NOTE: It will be the duty of such of the persons as are liable to make out or to concur in making
out a Statement of Affairs as the Official Receiver may require to attend on the Official Receiver
at such time and place as he may appoint and to give him all information he may require.

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378 Chap. 81:01 Companies

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L.R.O.

SupportingOpposingContributories,
(Number
of Shares)

Creditors,
(Amount
of debt)

Name and
Address of
Attorney-at-
law of party
who has given

notice

AddressName

FORM 12
(Rule 27)

LIST OF PARTIES ATTENDING THE HEARING OF
A PETITION

(Title same as Form 1)
THE FOLLOWING are the names of those who have given notice of their intention
to attend the hearing of the petition herein, on the ................................. day of
...................................... 20.....

To be signed by the person or his Attorney-at-law

the above Company intends to appear on the hearing of the petition advertised to be
heard on the ............... day of ........................... 20....., and to support (or oppose)
such petition.

Signed ................................................................................

Address ..............................................................................

To:...............................................................................

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Date of Presentation
of Petition

Petitioner’s
Attorney-at-law

Registered Office of
Company

Name of
Company

FORM 13
(Rule 30)

NOTIFICATION TO OFFICIAL RECEIVER OF
WINDING UP ORDER
(Title same as Form 2)

TO THE OFFICIAL RECEIVER.

Order pronounced this day by Mr. Justice ..................................................... for
winding up the undermentioned Company under the Companies Act.

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FORM 14
(Rule 30)

NOTIFICATION TO OFFICIAL RECEIVER OF ORDER
PRONOUNCED FOR APPOINTMENT OF PROVISIONAL

LIQUIDATOR PRIOR TO WINDING UP ORDER
BEING MADE

(Title same as Form 2)

TO THE OFFICIAL RECEIVER.

Order pronounced this day by Mr. Justice.................................... for the appointment of

the Official Receiver or ....................................................................................................

as Provisional Liquidator prior to any Winding up Order being made.

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(If Official Receiver not appointed then insert name, address and description of person appointed)

Date of Presentation
of Petition

Petitioner’s
Attorney-at-law

Registered Office of
Company

Name of
Company

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(Enter any other evidence)

FORM 15
(Rule 33)

ORDER FOR WINDING UP BY THE COURT

...................... day of .............................. 20.......
(Title same as Form 2)

UPON the petition of the above-named Company [or .....................................................
of .................................................................... a creditor (or contributory) of the above-
named Company], on the .................... day of ............................... 20......, preferred
unto the Court, and upon hearing ...................................... for the petitioner, and
.......................................... for .................................. and upon reading the said petition,
an affidavit of (the said petitioner) filed, etc.,verifying the said petition, an affidavit of
.......................................... filed the ................. day of ..................... 20......, the Gazette
of the ........................ day of .......................... 20....., the .............................. newspaper
of the ...................... day of ............................. 20......, each containing an advertisement
of the said petition .......................................................................................................,

this Court doth order that the said Company be wound up by this Court under the
provisions of the Companies Act, and that the Official Receiver be constituted
Provisional Liquidator of the affairs of the Company.

AND IT IS ORDERED that the costs of .....................................................................
of the said petition be taxed and paid out of the assets of the said Company.
NOTE: It will be the duty of such of the persons as are liable to make out or to concur in making
out a statement of Affairs as the Official Receiver may require to attend on the Official Receiver
at such time and place as the Official Receiver may appoint and to give him all information he
may require.

The Companies Winding Up Rules
382 Chap. 81:01 Companies

LAWS OF TRINIDAD AND TOBAGO

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FORM 17
[Rule 34(2)]

ORDER FOR WINDING UP, SUBJECT TO SUPERVISION

..................... day, the ................. day of .................................... 20......
(Title same as Form 2)

UPON the petition, etc., this Court doth order that the voluntary winding up of the said
................................................................. Company Limited, be continued, but subject to
the supervision of this Court; and any of the proceedings under the said voluntary
winding up may be adopted as the Court shall think fit; and it is ordered that the
Liquidator appointed in the voluntary winding up of the said Company, or other
Liquidator for the time being do on the ................. day of .................... next, and
thenceforth every three months file with the Registrar a report in writing as to the position
of, and the progress made with, the winding up of the said Company, and with the
realisation of the assets thereof, and as to any other matters connected with the winding
up as the Court may from time to time direct.

AND IT IS ORDERED that no bills of costs, charges or expenses, or special
remuneration of any Attorney-at-law, employed by the Liquidator of the said Company,
or any remuneration, charges, or expenses of such liquidator, or of any manager,

................................................................
Official Receiver and
Provisional Liquidator

FORM 16
[Rule 34(1)(c)]

NOTICE OF ORDER TO WIND UP (FOR NEWSPAPER)

In the Matter of ..........................................................

Winding up Order made ........................................... 20......
Date and place of first meetings:

Creditors .................................... 20......., at ....................................................................

Contributories ............................ 20......., at ....................................................................

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FORM 18
(Rule 36)

AFFIDAVIT BY SPECIAL MANAGER
VERIFYING ACCOUNT
(Title same as Form 2)

I, .......................................................................................................................................
of ......................................................................................................................................
make oath and say as follows:

1. The account hereunto annexed, marked with the letter “A”, produced and shown to
me at the time of swearing this my affidavit, and purporting to be my account as special
manager of the estate or business of the above-named company, contains a true account
of all and every sums and sum of money received by me or by any other person or
persons by my order or to my knowledge or belief for my use on account or in respect
of the said estate or business.

2. The several sums of money mentioned in the said account hereby verified to have
been paid or allowed have been actually and truly so paid and allowed for the several
purposes in the said account mentioned.

3. The said account is just and true in all and every the items and particulars therein
contained, according to the best of my knowledge and belief.

Sworn,

(Insert here any directions as to allowance of costs of petitioners and of persons appearing)

accountant, auctioneer, broker, or other person, be paid out of the assets of the said
Company, unless such costs, charges, expenses, or remuneration, shall have been taxed
or allowed by the Registrar.

AND IT IS ORDERED that all such costs, charges, expenses, and remuneration, be
taxed and ascertained accordingly.

AND IT IS ORDERED that the costs of the petitioner and of ........................................
..........................................................................................................................................

AND the creditors, contributories, and Liquidator of the said Company, and all
other persons interested, are to be at liberty to apply generally as there may
be occasion.

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L.R.O.

The nominal amount of unpaid capital liable to be called up is $—which is [available to meet above deficiency] or [charged to
debenture holders] or as the case may be.

$

$

$

$

$

$

$

$

$

$$$ (a) Property as per List “H”,viz.:
(a) Cash at Bankers................................
(b) Cash in hand.....................................
(c) Stock in trade....................................

(Estimated cost, $___)
(d) Machinery.........................................
(e) Trade fixtures, fittings,
utensils, etc.

(f) Investments in shares, etc.................
(g) Loans on mortgage...........................
(h) Other property, viz.:

(b) Book debts (___debtors) as per
List “I”, viz.:

Good....................................................
Doubtful..............................................
Bad......................................................

Estimated to produce..............................
(c) Bills of exchange, or other similar
securities on hand
as per List “J”.............................................

Estimated to produce............................
(d) Surplus from securities in the
hands of creditors fully secured (per
contra)(b).....................................................
(e) Unpaid calls (___debtors),
as per List “K”............................................

Estimated to produce ..........................
Estimated total assets..................................
Deduct preferential

creditors as per contra (f)............................
Estimated amount available
to meet claims of
debenture holders........................................
Deduct loans on debenture bonds

secured on the assets of the company as
per contra (g)..............................................
Estimated amount available to meet
unsecured creditors, subject to cost of
liquidation...................................................
Estimated deficiency of assets to meet
liabilities of the company, subject to cost
of liquidation...............................................

Debts and liabilities, viz:
(a) Unsecured Creditors as per List “A”
(State number)

(b) Creditors fully secured (not
including debenture holders),
as per List “B”.........................................
Estimated value of securities..

Estimated surplus
Carried to List “C”..................................
Balance to contra (d)...............................

(c) Creditors partly secured,
as per List “C”........................................
Less estimated value of securities.

Estimated to rank for dividend................

(d) Liabilities on bills discounted
other than company’s own
acceptances for value as
List “D”...................................................

Of which it is expected
will rank for dividend.............................

(e) Other liabilities, as per List
“E”...........................................................

Of which it is expected
will rank for dividend..............................

(f) Preferential creditors for rates, taxes,
wages, etc., as per
List “F” deducted contra...........$

(Loans on debenture bonds, as
per List “G” deducted
contra(___holders)....................$

Estimated surplus (if any) after meeting
liabilities of company, subject to cost of
liquidation

Estimated to
produce

AssetsExpected to
rank

LiabilitiesGross
Liability

FORM 19
(Rule 37)

STATEMENT OF AFFAIRS
(Title same as Form 2)

STATEMENT OF AFFAIRS on the ................ day of ................. 20....., the date of the Winding up Order
(or such other date as the Official Receiver has for special reasons directed).

I—As regards Creditors

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(a) Where the Official Receiver has directed any date other than the date of the winding up order, substitute such
other date.

===

$$

(a)Where
capital is issued
as partly paid
up the form
should be
altered accord-
ingly.

(b) Add parti-
culars of any
other capital.

$ $$

Estimated Surplus as above (if any)
subject to cost of Liquidation....................

Total deficiency as explained in
Statement “O”..........................................

Capital issued and allotted, viz:
Founders’ Shares of $ – per share.
(–––Shareholders)
(a) Issued as fully paid.
Amount called up at $––per share,
as per List “L”................................
Ordinary Shares of $–––per share.
(–––Shareholders)
(a) Issued as fully paid.
Amount called up at $––per share,
as per List “M”................................
Preference Shares of $––per share,
(––Shareholders)
(a) Issued as fully paid.
Amount called up at $––per share,
as per List ‘N’
.....................................
(b) Amount, if any, paid in
advance of call.................................

Less unpaid calls estimated to be
irrevocable ......................................

Add deficiency to meet liability as
above................................................

I, ......................................of ............................. make oath and say that the foregoing Statement and the Several
Lists hereunto annexed marked ..................... are, to the best of my knowledge and belief, a full, true and
complete statement of the affairs of the above-named Company, on
the ...................... day of ................................. 20......, the date of the winding up order. (a).
Signature ......................................................................

Sworn at .......................................................................
this .............. day of ......................................... 20.......

Before me,
A Commissioner, etc.
NOTE: The Commissioner is particularly requested, before swearing the Affidavit, to ascertain that the full name,
address and description of the Deponent are stated, and to initial all crossings out or other alterations on the printed
form. A deficiency in the Affidavit in any of the above respects will entail its refusal by the Court, and will
necessitate its being re-sworn.

STATEMENT OF AFFAIRS—Continued

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Signature .............................................................
Dated ...................................................... 20........

Month Year
ConsiderationDate when contractedAmount of Debt

Address and
OccupationNameNo.

LIST ‘A’

UNSECURED CREDITORS
The names to be arranged in alphabetical order and numbered consecutively, Creditors for $48 and
upwards being placed first.
NOTES—1. When there is a contra account against the creditor, less than the amount of his claim
against the Company, the amount of the creditor’s claim and the amount of the contra account should
be shown in the third column, and the balance only be inserted under the heading ‘Amount of Debt’,
thus:
Total amount of claim ........................$
Less: Contra account...........................$
No such set-off should be included in List ‘I’.
2. The particulars of any bills of exchange and promissory notes held by a creditor should be
inserted immediately below the name and address of such creditor.
3. The names of any creditors who are also contributories, or alleged to be contributories, of the
Company must be shown separately, and described as such at the end of the List.

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Signature .............................................................
Dated ...................................................... 20........

Balance of
Debt

Unsecured
Estimated
value of
Security

Month and
Year when
given

Particulars
of Security

Month Year

Consider-
ation

Date when
contractedAmount ofDebt

Address and
Occupation

Name of
CreditorNo.

LIST ‘C’

CREDITORS PARTLY SECURED
(State whether also Contributories of the Company)

Signature .............................................................
Dated ...................................................... 20........

LIST ‘B’

CREDITORS FULLY SECURED (NOT INCLUDING
DEBENTURE HOLDERS)

Estimated
surplus from
Security

Estimated
value of
Security

Date when
given

Particulars
of Security

Month Year

Consider-
ation

Date when
contractedAmount ofDebt

Address and
Occupation

Name of
CreditorNo.

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Signature .............................................................
Dated ...................................................... 20........

Signature .............................................................
Dated ...................................................... 20........

LIST ‘E’

OTHER LIABILITIES
FULL PARTICULARS OF ALL LIABILITIES NOT OTHERWISE

SCHEDULED TO BE GIVEN HERE

Amount
expected to
rank for
Dividend

Holder’s Name,
Address and
Occupation
(if Known)

AmountDate when dueWhether liable asDrawer or Indorser
Acceptor’s name, Address

and OccupationNo.

Amount expected to rank
against Assets for dividend

Consider-
ation

Nature of
Liability

Date when
Liability
incurred

Amount of
Liability or
Claim

Address and
Occupation

Name of
Creditor or
Claimant

No.

LIST ‘D’

LIABILITIES OF COMPANY ON BILLS DISCOUNTED OTHER
THAN THEIR OWN ACCEPTANCE FOR VALUE

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Signature .............................................................
Dated ...................................................... 20........

Signature .............................................................
Dated ...................................................... 20........

LIST ‘G’

LIST OF DEBENTURE HOLDERS
The names to be arranged in alphabetical order and numbered consecutively. Separate Lists must be
furnished of holders of each issue of Debentures, should more than one issue have been made.

Difference
ranking for
Dividend

Amount
payable in
full

Amount of
Claim

Date when
due

Period during
which claim
accrued due

Nature of
Claim

Address and
Occupation

Name of
Creditor

No.

Description of Assets over which
security extendsAmountsAddress

Name of
HolderNo.

LIST ‘F’

PREFERENTIAL CREDITORS FOR RATES, TAXES, SALARIES,
WAGES AND OTHERWISE

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Signature .............................................................
Dated ...................................................... 20........

[State
Particulars]
[State
Particulars]

(a) Cash at Bankers..................................................
(b) Cash in hand ......................................................
(c) Stock in Trade, at ...............................................
(d) Machinery, at......................................................
(e) Trade fixtures, fittings, office furniture,
utensils, etc.........................................................
(f) Investments in Stocks or Shares, etc..................
(g) Loans for which Mortgage or other security
held.....................................................................
(h) Other Property, viz. :..........................................

Estimated to produceEstimated CostFull Statement and Nature of Property

LIST ‘H’

PROPERTY
Full particulars of every description of property not included in any other lists

are to be set forth in this List

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No.

Signature .............................................................
Dated ...................................................... 20........

Month Year

Particulars
of any
Securities
held for
Debt

Good Doubtful Bad

Estimated
to

produce

When
Contracted

Folio of
Ledger or
other book
where

Particulars to
be found

Amount
of
Debt

Residence and
OccupationName

LIST ‘I’

DEBTS DUE TO THE COMPANY
The names to be arranged in alphabetical order, and numbered consecutively

NOTE: If any debtor to the Company is also a Creditor, but for a less amount than his indebtedness,
the gross amount due to the Company and the amount of the Contra Account should be shown on the
3rd column, and the balance only be inserted under the heading “Amount of Debt”, thus:
Due to Company .......................$
Less: Contra account ................$
No such claim should be included in sheet ‘A’

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Signature .............................................................
Dated ...................................................... 20........

Estimated to
realise

Total amount
due

Amount of
Calls per
Share
unpaid

No. of Shares
held

Address and
OccupationName of Shareholder

No. in
Share
Register

Consecu-
tive No.

LIST ‘K’

UNPAID CALLS

Signature .............................................................
Dated ...................................................... 20........

LIST ‘J’

BILLS OF EXCHANGE, PROMISSORY NOTES, ETC., ON
HAND AVAILABLE AS ASSETS

No.
Particulars of any
Property held as

security for Payment
of Bill or Note

Estimated to
produce

Date when
due

Amount
of

Bill or NoteAddress, etc.
Name of
Acceptor
of Bill or
Note

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Signature .............................................................
Dated ...................................................... 20........

Total
amount
called up

Amount per
Share
called up

No. of
Shares held

Nominal
amount of
Share

Address Name of ShareholderRegisterNo.
Consecu-
tive No.

Total
amount
called up

Amount per
Share
called up

No. of
Shares held

Nominal
amount of
Share

Address Name of ShareholderRegisterNo.
Consecu-
tive No.

LIST ‘N’

LIST OF PREFERENCE SHARES

Signature .............................................................
Dated ...................................................... 20........

Signature .............................................................
Dated ...................................................... 20........

LIST ‘M’

LIST OF ORDINARY SHARES

Total
amount
called up

Amount per
Share
called up

No. of
Shares held

Nominal
amount of
Share

Address Name of ShareholderRegisterNo.
Consecu-
tive No.

LIST ‘L’

LIST OF FOUNDERS’ SHARES

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Signature .............................................................
Dated ...................................................... 20........

$$

Amount
dis-

charged

Due at date
of Winding
up Order
(1)

$$
I. Expenditure in carrying on business from date

of formation of Company to date of Winding
up Order, (1), viz.:

II. General Expenditure:
Salaries.....................................
Wages not charged in
Trading Account............
Rent..........................................
Rates and Taxes.......................
Law Costs................................
Commission.............................
Interest on Loans.....................
Interest on Debentures
Miscellaneous
expenditure
(as per details annexed)......

III. Directors’ fees from
date of formation of
Company to date of
Winding up Order (1)..............

IV. Dividends declared
during same period..................

V. Losses and depreciation
written off in Company’s books (2):
Bad Debts...........................................................
Losses on Investments.......................................
Depreciation on Property...................................
Preliminary Expenses........................................

VI. Losses and depreciation not written off in
Company’s books now written off by the
Directors(2):

Bad Debts..........................................................
Losses on Investments.......................................
Depreciation on Property...................................
Preliminary Expenses........................................

VII. Other Losses and Expenses
Total amount accounted for (3)..............$

I. Gross profit (if any) arising from carrying
on business from date of formation of
Company to date of Winding up Order (1)
(as per Trading Account annexed).

II. Receipts, if any, during same period from
undermentioned sources:

Interests on Loans .........................
Interests on Deposits......................
Transfer Fees.................................
Amount paid on Shares issued and

subsequently forfeited (as per List
annexed).........................................

III. Other receipts, if any, during same period
not included under any of the above
headings, viz:

IV. Deficiency as per Statement of Affairs—
Part II......................................................

Total amount to be accounted for ......(3)........$

NOTE: (1) Where the Official Receiver has so directed substitute any other date.
(2) Where particulars are numerous they should be inserted in a separate Schedule.
(3) These figures should agree.

LIST ‘O’. (i)

DEFICIENCY ACCOUNT
(i) DEFICIENCY ACCOUNT WHERE WINDING UP ORDER (1) MADE

WITHIN THREE YEARS OF FORMATION OF COMPANY

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Signature .............................................................
Dated ...................................................... 20........

$ $
(1)

Due at date
of Winding
up Order

Amount
dis-

charged

$$
I. Excess of Capital and Liabilities over assets

on the (2) ––day of –––––––20 –– (if any),
as per Company’s Balance Sheet. (This and
any previous Balance Sheets to be annexed
or handed to O.R.)

II. Expenses in carrying on business from the (2)
–––day of –––20 ––– to date of Winding up Order,
(1), viz.:

General Expenditure:
Salaries..........................
Wages not charged in
Trading Account............
Rent...............................
Rates and Taxes.............
Law Costs......................
Commission...................
Interest on Loans...........
Interest on Debentures
Miscellaneous
expenditure
(as per details annexed).......
III. Directors’ fees from
the (2) ––––––20––
to date of Winding
up Order (1)
IV. Dividends declared
during same period
V. Losses and depreciation
from the ––––day of ––20 ––
(2), written off in Company’s books
(3):
Bad Debts
Losses on Investments
Depreciation on Property
Preliminary Expenses
VI. Losses and depreciation not written off in

Company’s books now written off by the
Directors(2):

Bad Debts
Losses on Investments
Depreciation on Property
Preliminary Expenses
VII. Other Losses and Expenses
Total amount accounted for (4)...$

I. Excess of Assets over Capital and Liabilities
on the (2) –––day of ––––––––20 ___(if any),
as per Company’s Balance Sheets (to be
annexed or handed to O.R.)..............................

II. Gross profit (if any) arising from carrying
on business from the (2) ––––day of ––––––
20—, to date of Winding up Order (1) (as
per Trading Account annexed).

III. Receipts, if any, during same period from
undermentioned sources:...........................

Interest on Loans.................................
Interest on Deposits.............................
Transfer Fees.........................................
Amount paid on Shares issued and
subsequently forfeited (as per List
annexed)................................................

IV. Other receipts, if any, during same period
not included under any of the above
headings,....................................................

V. Deficiency as per Statement of Affairs—
(Part II)......................................................

Total amount to be accounted for ......(4)....$

NOTE: (1) Where the Official Receiver has so directed substitute any other date.
(2) Three years before date of Winding up Order or such other date as the Official Receiver has directed.
(3) Where particulars are numerous they should be inserted in a separate Schedule.
(4) These figures should agree.

LIST ‘O’ (ii)

DEFICIENCY ACCOUNT
(i) DEFICIENCY ACCOUNT WHERE WINDING UP ORDER (1) MADE
MORE THAN THREE YEARS AFTER FORMATION OF COMPANY

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

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The Companies Winding Up Rules
Companies Chap. 81:01 397

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

Signature .............................................................
Dated ...................................................... 20........

A
B

C
D

E
F
G
H
I
J
K
L
M
N
O

PARTICULARS, AS PER FRONT SHEET
REMARKS

Unsecured Creditors......................................................
Creditors fully secured (not including debenture

holders)...............................................................
Creditors partly secured................................................
Liabilities on Bills discounted other than the

Company’s own acceptances for value...............
Other Liabilities............................................................
Preferential Creditors for rates, taxes, wages, etc. .......
Loans on Debenture Bonds...........................................
Property.........................................................................
Book Debts...................................................................
Bills of Exchange or other similar securities on hand
Unpaid Calls..................................................................
Founders’ Shares...........................................................
Ordinary Shares............................................................
Preferential Shares........................................................
Deficiency Account ......................................................

Where no particulars are entered on any one or
more of the Lists named 'A' to 'O' the word 'Nil'
should be inserted in this column opposite the

particular List or Lists left blank

LIST

LIST ‘P’

IN SUBSTITUTION FOR SUCH OF THE LISTS NAMED ‘A’ TO ‘O’
AS WILL HAVE TO BE RETURNED BLANK

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

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Chairman

Dated this .................day of ......................... 20........

Signed .......................................................................

FORM 20
(Rule 43)

REPORT OF RESULT OF MEETING OF CREDITORS
OR CONTRIBUTORIES

In the Matter, etc.,

I, .......................................................................................................................................
the Official Receiver, Chairman of a meeting of the creditors [or contributories] of the
above-named company, summoned by advertisement in the newspaper of the ............day
of .................. 20......, and in the Gazette of the ................. day of ....................... 20......, and
by notice dated ......................... 20......, and held on the .............. day of .........................
20......, at ..................................., do hereby report to the Court the result of such meeting
as follows:

The said meeting was attended, either personally or by proxy, by ..............................
................................................. creditors whose proofs of debt against the said
company were admitted for voting purposes, amounting in the whole to the value of
$ ...................................[or by .............................. contributories, holding in the whole
.............................. shares in the said company, and entitled respectively by the
regulations of the company to ............................. votes].

The question submitted to the said meeting was, whether the creditors [or
contributories] of the said company wished that an application should be made to the
Court for appointing (1) a liquidator in the place of the Official Receiver and (2) a
Committee of Inspection [or other proposal submitted to the meeting].

The said meeting was unanimously of opinion that the said proposal should [or should
not] be adopted; or the result of the voting upon such question was as follows:

(Here set out the total number and value of the creditors or the total number and voting
power of the Contributories voting for and against each resolution).

The Companies Winding Up Rules
398 Chap. 81:01 Companies

LAWS OF TRINIDAD AND TOBAGO

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

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The Companies Winding Up Rules
Companies Chap. 81:01 399

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

FORM 21
[Rule 43(5)]

ORDER APPOINTING LIQUIDATOR
(Title same as Form 2)

..................... the ......... day of ......................... 20......

Upon the application of the Official Receiver and Provisional Liquidator of the above-
named company, by summons dated ........................................ and upon hearing the
applicant in person and upon reading the order to wind up the said company dated
................................ 20...... , and the reports of the Official Receiver of the results of
the meetings of creditors and contributories made to the Court and respectively dated
the ................................. 20....., and the affidavit of .......................................................
as to the fitness of the Liquidator hereinafter named filed.

It is ordered that ...............................................................................................................
of ......................................................................................................................................
be appointed Liquidator of the above-named Company.

AND IT IS ORDERED that the following persons be appointed a Committee of
Inspection to act with the said Liquidator, namely: (To be struck out if no Committee of
Inspection appointed).

AND IT IS ORDERED that the said Liquidator do within seven days from the date of
this order give security to the satisfaction of the Court as provided by the Companies
Winding up Rules.

And notice of this order is to be gazetted and advertised in .............................................

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

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The Companies Winding Up Rules
400 Chap. 81:01 Companies

LAWS OF TRINIDAD AND TOBAGO

Registrar of the Supreme Court

FORM 23
(Rule 44)

CERTIFICATE THAT LIQUIDATOR OR SPECIAL
MANAGER HAS GIVEN SECURITY

(Title same as Form 2)

THIS IS TO CERTIFY that ........................................................................................
of ......................................................................................................................................
who was on the ............... day of ................................. 20......, appointed Liquidator
[or Special Manager] of the above-named company, has duly given security to the
satisfaction of the Court.

Dated this ................ day of ................................ 20.......

Signed .........................................................

FORM 22
[Rule 43(6)]

ADVERTISEMENT OF APPOINTMENT
OF LIQUIDATOR

In the Matter of ........................................................................................

By order of the Court, dated the ..................... day of ............................................ 20.....,
Mr. ....................................................................................................................................
of ......................................................................................................................................
has been appointed Liquidator of the above-named company with [or without] a
committee of inspection.

Dated this ................. day of .................................. 20.......

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

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The Companies Winding Up Rules
Companies Chap. 81:01 401

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

THE SCHEDULE REFERRED TO

Name Address Connection with the Company


FORM 24
(Rule 47)

ORDER DIRECTING A PUBLIC EXAMINATION
(Title same as Form 2)

Upon reading the reports of the Official Receiver in the above matter, dated respectively
the ............. day of ......................... 20....., the ............ day of .............................. , 20.....,
and the ............. day of ......................... 20..... .

IT IS ORDERED that the several persons whose names and addresses are set forth in
the Schedule hereto do attend before the Court on a day and at a place to be named for
the purpose, and be publicly examined as to the promotion or formation of the
company, and as to the conduct of the business of the company, and as to their conduct
and dealings as directors or officers of the Company.

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

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FORM 25
(Rule 49)

NOTICE TO ATTEND PUBLIC EXAMINATION
(Title same as Form 2)

WHEREAS by an Order of this Court, made on the ............. day of .........................
20....., it was ordered that you, the undermentioned......................................... should
attend before the Supreme Court on a day and at a place to be named for the purpose, and
be publicly examined as to the promotion or formation of the company, and as to the
conduct of the business of the company, and as to your conduct and dealings as Director
(as Officer).

AND WHEREAS the .............. day of ......................... 20....., at.............. o’clock in
the .................... noon, has been appointed as the time for holding the said examination.

NOTICE IS HEREBY GIVEN that you are required to attend at the said time and
place, and at any adjournments of the examination which may be ordered, and to bring
with you and produce all books, papers, and writings and other documents in your
custody or power in any way relating to the above-named company.

AND TAKE NOTICE that if you fail, without reasonable excuse, to attend at such
time and place, and at the adjournments of the said public examination which may be
ordered, you will be liable to be committed to prison without further notice.

Dated the ............... day of ............................ 20.....

Official Receiver .....................................................

The Companies Winding Up Rules
402 Chap. 81:01 Companies

LAWS OF TRINIDAD AND TOBAGO

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

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The Companies Winding Up Rules
Companies Chap. 81:01 403

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

(Name of person required to attend)

(Name of person required to attend.)

(Name of person required to attend)

(Name of person required to attend)

(Name of person required to attend)

(Name of person required to attend)

(Name of person required to attend)

FORM 26
(Rule 51)

WARRANT AGAINST PERSON WHO FAILS TO
ATTEND EXAMINATION
(Title same as Form 2)

To the Marshal.
WHEREAS BY ORDER of the Court dated .................................................... 20.......
................................................................................................................................... was

ordered to attend before the Court on a day and at a place to be named for the purpose
of being publicly examined.

AND WHEREAS by evidence taken upon oath, it hath been made to appear to the
satisfaction of the Court that the ............ day of ............................ 20....., at ................
o’clock in the .................. noon was appointed as the time for holding the said examination,
and that notice of the said order and of the said time and place so appointed was duly
served upon the said ..........................................................

[AND WHEREAS the said ............................................................................................

did without good cause fail to attend on the said .........day of ............................. 20.....,
for the purpose of being examined, according to the requirements of the said order of
this Court made on the .......... day of ...................... 20..... directing him so to attend.]
[or, and that the said ........................................................................................................

has absconded] [or, and that there is reason to believe that the said..................................
..........................................................................................................................................
is about to abscond] with a view to avoiding examination under the Companies Act.]

THESE ARE THEREFORE to require you the said Marshal to take the said
..........................................................................................................................................

and to deliver him to the Keeper of the Gaol, Port-of-Spain, and you the said Keeper
to receive the said .............................................................................................................

and him safely to keep in the said prison until such time as this Court may order.

Dated this ............. day of .............................. 20......

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

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Officer (or as the case may be), of the above-named Company

Officer (or as the case may be), of the above-named Company

FORM 27
(Rule 52)

NOTES OF PUBLIC EXAMINATION WHERE A
SHORTHAND WRITER IS APPOINTED

(Title same as Form 2)
Public examination of Mr. ................................................................................................

Before ............................. at the Supreme Court, Port-of-Spain, ..................this .............
day of ........................................ 20..... .

The above-named ................................................. being sworn and examined at the
time and place above-mentioned, upon the several questions following being put and
propounded to him, gave the several answers thereto respectively following each
question, that is to say:

A.
These are the notes of the public examination referred to in the memorandum of public
examination of ........................................................ taken before me this ............. day of
............................................................................................... 20.......

FORM 28
(Rule 52)

NOTES OF PUBLIC EXAMINATION WHERE A
SHORTHAND WRITER IS NOT APPOINTED

(Title same as Form 2)
Public examination of ......................................................................................................

Before ............................... at the Supreme Court, Port-of-Spain, ............. this............
day of ......................................... 20......

The above-named .......................................................... being sworn and examined at
the time and place above-mentioned, upon his oath saith as follows:

A.
These are the notes of the public examination referred to in the memorandum of public
examination of............................................................. taken before me this ............ day
of ...................................... 20......

The Companies Winding Up Rules
404 Chap. 81:01 Companies

LAWS OF TRINIDAD AND TOBAGO

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

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The Companies Winding Up Rules
Companies Chap. 81:01 405

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

FORM 29
(Rule 55)

APPLICATION OF APPOINTMENT OF SHORTHAND
WRITER TO TAKE DOWN NOTES OF PUBLIC
EXAMINATION AND ORDER THEREON

(Title same as Form 2)

Ex parte the Official Receiver.

I, .................................................. the Official Receiver, herein, do hereby, pursuant to
rule 55 of the Companies Winding up Rules, apply to the Court for an order for the
appointment of ................................................of .................................................. to
take down in shorthand the notes of examination of ................................................ at
their public examination, the costs of taking such notes, and of making a transcript
thereof, to be paid in accordance with rule 55.

Dated this .................. day of ..................................... 20.......

Official Receiver

Before...............................................................................................................................
Upon the application of the Official Receiver the Court hereby appoints
............................................................... of ................................................................. to
take down in shorthand the notes of examination of the persons mentioned in the
above application at their public examination, or at any adjournment thereof, pursuant
to rule 55 of the Companies Winding up Rules, the costs of taking such notes, and
of making a transcript thereof, to be paid in accordance with rule 55.

Dated this .................. day of ..................................... 20.......

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

(Insert description of the property disclaimed)

FORM 30
(Rule 55)

DECLARATION BY SHORTHAND WRITER
(Title same as Form 2)

Before ..............................................................................................................................

I, ................................................................ of ................................................................
the shorthand writer appointed by the Court to take down the examination of
.............................................................., do solemnly and sincerely declare that I will
truly and faithfully take down the questions and answers put to and given by the said
......................................in this matter, and will deliver true and faithful transcripts
thereof as the Court may direct.
Dated this .................. day of ..................................... 20.......


[Declared before me at the time and place above mentioned]

FORM 31
(Rule 57)

(Title same as Form 2)

Pursuant to an Order of the Court dated the ................ day of ................................ 20.....

I, ...............................the Liquidator of the above-named Company, hereby disclaim all
interest in the lease dated the ..........day of ................................ 20....., whereby the
premises ...........................................................................................................................

were demised to ................................................ at a rent of $ ..........................................

per annum for a term of ....................................................................................................

Notice of this disclaimer has been given to .....................................................................
Dated this .................. day of ..................................... 20.......

Liquidator

The Companies Winding Up Rules
406 Chap. 81:01 Companies

LAWS OF TRINIDAD AND TOBAGO

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

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The Companies Winding Up Rules
Companies Chap. 81:01 407

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

Insert description of the property disclaimed

FORM 32
(Rule 57)

NOTICE OF DISCLAIMER OF LEASE
(Title same as Form 2)

TAKE NOTICE that, pursuant to an Order of the Court, dated the ........ day of
............................ 20....., I, .................................................... the Liquidator of the
above-named company, by writing under my hand bearing date the.............
day of.............................. 20....., disclaimed all interest in the lease dated the
............. day of .................................. 20......, whereby the premises ...................................

..........................................................................................................................................

were demised to ......................................... at a rent of $ .......................... per annum for

a term of ...........................................................................................................................

The above-mentioned disclaimer has been filed at the office of the Registrar of the
Supreme Court.
Dated this .................. day of ..................................... 20.......

Liquidator

To:

Name .................................................

Address.................................................

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

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FORM 33
(Rule 61)

NOTICE BY LIQUIDATOR REQUIRING PAYMENT OF
MONEY OR DELIVERY OF BOOKS, ETC.,

TO LIQUIDATOR
(Title same as Form 2)

TAKE NOTICE that I, the undersigned ....................................................... have been

appointed Liquidator of the above-named Company and that you the undermentioned
.................................................................................. are required, within ............... days

after service hereof, to pay to me [or deliver, convey, surrender, or transfer to or into
my hands] ..............................as Liquidator of the said company at my office, situate at
..........................................................................................................................................

the sum of $ ........................................ being the amount of debt appearing to be due
from you on your account with the said company [or any money, property, books or
papers], [or specifically describe the property] now being in your hands, and to which
the said Company is entitled [or otherwise as the case may be].

Dated this .................. day of ..................................... 20.......

(Signed) ..........................................


To:

Name .............................................

Address ..........................................

Liquidator

Address of liquidator’s office

Name of person to whom notice is addressed

Name of liquidator

The Companies Winding Up Rules
408 Chap. 81:01 Companies

LAWS OF TRINIDAD AND TOBAGO

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

The Companies Winding Up Rules
Companies Chap. 81:01 409

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

Amount called
up at date of

commencement
of winding up

SECOND PART—CONTRIBUTORIES AS BEING REPRESENTATIVES OF,
OR LIABLE TO THE DEBTS OF, OTHERS

Serial
No.

Amount paid up at date
of commencement of

winding up
Amount called up atdate of commencementof winding up

Description Number of Shares
[or extent of

Interest]

AddressName

FORM 34
(Rule 62)

PROVISIONAL LIST OF CONTRIBUTORIES TO BE MADE OUT
BY LIQUIDATOR
(Title same as Form 2)

The following is a list of members of the company liable to be placed on the list of contributories of
the said company, made out by me from the books and papers of the said company, together with their
respective addresses and the number of shares [or extent of interest] to be attributed to each and the
amount called up and the amount paid up in respect of such shares [or interest] so far as I have been
able to make out or ascertain the same.

In the First Part of the List, the persons who are contributories in their own right are distinguished.

In the Second Part of the List, the persons who are contributories as being representatives of, or being
liable to the debts of others, are distinguished.

FIRST PART—CONTRIBUTORIES IN THEIR OWN RIGHT

Amount paid up
at date of

commencement
of winding up

Serial
No.

Amount called
up at date of

commencement
of winding up

Description In what character
included

AddressName

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Amount called
up at date of

commencement
of winding up

Amount paid up
at date of

commencement
of winding up

Serial
No.

Amount called
up at date of

commencement
of winding up

Description In what characterincludedAddressName

NOTE: Contributories are under no obligation to attend the appointment referred to in the above Notice
if they are satisfied that the particulars contained in the notice are correct.
A shareholder’s name cannot be omitted from the list of contributories on account of his inability to pay
calls; this question will be dealt with when application is made for payment of the calls.
A change of address may be notified by giving notice by post BEFORE the date fixed for the appointment.

(Insert place of appointment)

FORM 35
(Rule 63)

NOTICE TO CONTRIBUTORIES OF APPOINTMENT TO SETTLE
LIST OF CONTRIBUTORIES

(Title same as Form 2)

TAKE NOTICE that I, ....................................... the Liquidator of the above-named Company, have
appointed the .............. day of ............................ 20...... at ...................... o’clock in the
.............................. noon, at ........................................................................................................................

to settle the list of contributories of the above-named company, made out by me, pursuant to the
Companies Act, and the rules thereunder, and that you are included in such List. The character and the
number of shares [or extent of interest] in and for which you are included and the amount called up and
the amount paid up in respect of such shares [or interest] is stated below; if no sufficient cause is shown
by you to the contrary at the time and place aforesaid, the list will be settled, including you therein.
Dated this .................. day of ..................................... 20.......

.........................................................................
(Liquidator)

To: Mr. ............................................................

(and to Mr. ........................................................ his Attorney-at-law)

The Companies Winding Up Rules
410 Chap. 81:01 Companies

LAWS OF TRINIDAD AND TOBAGO

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

FORM 36
(Rule 63)

AFFIDAVIT OF POSTAGE OF NOTICES OF
APPOINTMENT TO SETTLE LIST OF CONTRIBUTORIES

(Title same as Form 2)
I, ..................................................................... a ..............................................................

make oath and say as follows:

1. THAT I DID on the ............. day of ....................................... 20....., send to each
contributory mentioned in the list of contributories made out by the [Official Receiver
and] Liquidator on the .............. day of .................................... 20......, and now on the
file of proceedings of the above-named Company, at the address appearing in such list,
a notice of the time and place of the appointment to settle the list of contributories in
the form hereunto annexed, marked “A”, except that in the tabular form at the foot of
such copies respectively I inserted the number, name, address, description, in what
character included, .............................................................................. the amount called

up, and the amount paid up, in respect of the shares [or interest] of the person on whom
such copy of the said notice was served.

2. THAT I SENT the said notices by putting the same prepaid into the post office
at .................................................... before the hour of ......... o’clock in the ..................
noon on the said day.

Sworn, etc.

The Companies Winding Up Rules
Companies Chap. 81:01 411

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

State here number of shares or extent of interest

Name of Deponent Description of Deponent

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

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FORM 37
(Rule 64)

CERTIFICATE OF LIQUIDATOR OF FINAL
SETTLEMENT OF THE LIST OF CONTRIBUTORIES

(Title same as Form 2)
Pursuant to the Companies Act, and to the rules made thereunder, I, the undersigned,
being the liquidator of the above-named company, hereby certify that the result of the
settlement of the list of the contributories of the above-named company, so far as the
said list has been settled, up to the date of this certificate, is as follows:

1. The several persons whose names are set forth in the second column of the First
Schedule hereto have been included in the said list of contributories as contributories
of the said company in respect of the ...............................................................................

set opposite the names of such contributories respectively in the said schedule.

I have, in the first part of the said Schedule, distinguished such of the said several
persons included in the said list as are contributories in their own right.

I have, in the second part of the said Schedule, distinguished such of the said several
persons included in the said list as are contributories in their own right.

2. The several persons whose names are set forth in the second column of the Second
Schedule hereto, were included in the provisional list of contributories, and have been
excluded from the said list of contributories.

3. I have, in the sixth column of the first part of the First Schedule and in the seventh
column of the second part of the First Schedule and in the same column of the Second
Schedule, set forth opposite the name of each of the several persons respectively the
date when such person was included in or excluded from the said list of contributories.

4. I have, in the seventh and eighth columns of the first part of the First Schedule
hereto, and in the eighth and ninth columns of the second part of the said Schedule, set
forth opposite the names of each of the said persons respectively the amount called up
at the date of the commencement of the winding up and the amount paid up at such date
in respect of their shares [or interest].

5. Before settling the said list, I was satisfied by the affidavit of ....................................
clerk to ................................................................duly filed with the proceedings herein,
that notice was duly sent by post to each of the persons mentioned in the said list,
informing him that he was included in such list in the character and for the ...................
..........................................................................................................................................

stated therein, and of the amount called up and the amount paid up in respect of such
shares [or interest] and of the day appointed for finally settling the said list.
Dated this .................. day of ..................................... 20.......

State here “number of shares” or “extent of interest”.

State here number of shares or extent of interest.

The Companies Winding Up Rules
412 Chap. 81:01 Companies

LAWS OF TRINIDAD AND TOBAGO

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

The Companies Winding Up Rules
Companies Chap. 81:01 413

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

In the Matter of ...............................................................Limited
SECOND PART — CONTRIBUTORIES AS BEING REPRESENTATIVE OF,

OR LIABLE TO THE DEBTS OF, OTHERS

In the Matter of ............................................................... Limited

THE FIRST SCHEDULE ABOVE REFERRED TO
FIRST PART—CONTRIBUTORIES IN THEIR OWN RIGHT

In the Matter of .............................................................. Limited.

THE SECOND SCHEDULE ABOVE REFERRED TO

Serial
No.

in List
Date when

excluded from
the List

Number of
Shares [or
extent of
Interest]

Description
In what
character

proposed to be
included

AddressName

Amount paid
up at date of

commencement
of winding up

Amount
called up at

date of
commencement
of winding up

Serial
No.

Date when
included in
the List

Number of
Shares [or
extent of
Interest]

Description
In what
character
included

AddressName

Amount paid up
at date of

commencement
of winding up

Serial
No.

Amount called
up at date of

commencement
of winding up

Date when
included in the

List
Description

Number of Shares
[or extent of

Interest]
AddressName

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

FORM 38
(Rule 65)

NOTICE TO CONTRIBUTORY OF FINAL SETTLEMENT OF LIST
OF CONTRIBUTORIES AND THAT HIS NAME IS INCLUDED

(Title same as Form 2)
TAKE NOTICE that I, ...........................................................................................................................
the liquidator of the above-named Company, have, by certificate, dated the
............... day of ........................................... 20....., under my hand, finally settled the list of
contributories of the said company, and that you are included in such list. The character and the number
of shares [or extent of interest] in and for which you are included and the amount called up and the
amount paid up in respect of such shares [or interest] is stated below.

Any application by you to vary the said list of contributories, or that your name may be excluded therefrom,
must be made by you to the Court within twenty-one days from the service on you of this notice, or the
same will not be entertained.

The said list may be inspected by you at the office of the Registrar of the Supreme Court on any day
between the hours of ................................ and .................... .

Dated this .................. day of ..................................... 20.......
Signed ..................................................................

To: Mr. ...........................................................................

[or to Mr. ................................... (his Attorney-at-law)]

(Liquidator)

Amount paid
up at date of

commencement
of winding up

No.
in
List

Amount
called up at date

of
commencement
of winding up

Number of
Shares [or
extent of
Interest]

Description
In what

Character
included

AddressName

The Companies Winding Up Rules
414 Chap. 81:01 Companies

LAWS OF TRINIDAD AND TOBAGO

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

FORM 39
(Rule 65)

AFFIDAVIT OF SERVICE OF NOTICE
TO CONTRIBUTORY
(Title same as Form 2)

I, .......................................................................................................................................

of ......................................................................................................................................
make oath and say as follows:

1. I did on the ............... day of ................................ 20....., in the manner hereinafter
mentioned, serve a true copy of the notice now produced and shown to me and marked
“A”, upon each of the respective persons whose names, addresses, and descriptions appear
in the second, third and fourth columns of the First Schedule to the list of contributories of
the said Company made out by the [Official Receiver and] Liquidator of the Company on
the .............day of............................. 20....., and now on the file of proceedings of the said
Company. In the tabular form at the foot of such copies, respectively, I inserted the number
on list, name, address, description, in what character included, and
..........................................................................................................................................

and the amount paid up and the amount called up in respect of the shares [or interest]
of the person on whom such copy of the said notice was served, in the same words and
figures as the same particulars are set forth in the said Schedule.

2. I served the said respective copies of the said notice, by putting such copies,
respectively, duly addressed to such persons, respectively, according to their respective
names and addresses appearing in the said Schedule, and by placing the same prepaid
in the Post Office at ................................... before the hour of ............... o’clock in the
..................noon of the said ............... day of ............................................. 20........

Sworn, etc.

The Companies Winding Up Rules
Companies Chap. 81:01 415

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

State“number of shares” or “extent of interest”

State Name and full description of deponent

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

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FORM 40
(Rule 66)

ORDER ON APPLICATION TO VARY LIST
OF CONTRIBUTORIES
(Title same as Form 2)

Upon the application of ....................................................................................................

by summons dated the ...........day of .............................. 20....., for an order that the list
of contributories of the Company and the liquidator’s certificate finally settling the
same be varied by excluding the name of the applicant therefrom [or,
................................., as the case may be], and upon hearing, etc., and upon reading, etc.,
IT IS ORDERED, that the list of contributories of the company and the liquidator’s
certificate finally settling the same be varied by excluding the name of the said
..........................................................................................................................................

from the said list of contributories, or by including the name of the said
..........................................................................................................................................

as a contributory in the said list for ........................... shares [or, as the case may be] [or the
Court does not think fit to make any order on the said application, except that the said
..........................................................................................................................................
DO PAY to ...................................................................................................the
liquidator of the said Company, his costs of this application, such costs to be taxed].

Name of Applicant

FORM 41
(Rule 67)

SUPPLEMENTAL LIST OF CONTRIBUTORIES
(Title same as Form 2)

1. The following is a list of persons who, since making out the list of contributories
herein, dated the ..............day of ................................. 20....., I have ascertained are, or
have been, holders of shares in [or members of] the above-named company, and to the
best of my judgment are contributories of the said Company.
2. The said supplemental list contains the names of such persons together with their
respective addresses and the number of shares [or extent of interest] and the amount
called up at the commencement of the winding up and the amount paid up at such date
in respect of the shares [or interest] to be attributed to each.
3. In the first part of the said list, such of the said persons as are contributories in their
own right are distinguished.
4. In the second part of the said list, such of the said persons as are contributories as
being representatives of, or being liable to the debts of others, are distinguished.
[The supplemental list is to be made out in the same form as the original list].

Name of Applicant

Name of Applicant

The Companies Winding Up Rules
416 Chap. 81:01 Companies

LAWS OF TRINIDAD AND TOBAGO

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

FORM 42
[Rule 68 (2)]

NOTICE TO EACH MEMBER OF COMMITTEE OF
INSPECTION OF MEETING FOR SANCTION OF

PROPOSED CALL
(Title same as Form 2)

TAKE NOTICE that a meeting of the Committee of Inspection of the above
Company will be held at ..............................................................................................
on the .............. day of ......................... 20......,* at .........o’clock in the ...................noon,
for the purpose of considering and obtaining the sanction of the Committee to a call of
$........................... per share proposed to be made by the liquidator on the contributories.

ANNEXED HERETO is a statement showing the necessity for the proposed call and
the amount required.

Dated this .................. day of ..................................... 20.......

Signed ....................................................................

STATEMENT

1. The amount due in respect of proofs admitted against the Company, and the
estimated amount of the costs, charges and expenses of the winding up, form in the
aggregate the sum of ............................................... or thereabouts.
2. The assets of the Company are estimated to realise the sum of $...................... There
are no other assets, except the amounts due from certain of the contributories to the
company, and in my opinion it will not be possible to realise in respect of the said
amounts more than $.................................
3. The list of contributories has been duly settled, and ................................ persons
have been settled on the list in respect of the total number of ...............................shares.
4. For the purpose of satisfying the several debts and liabilities of the Company, and
of paying the costs, charges, and expenses of the winding up, I estimate that a sum of
$ ......................will be required in addition to the amount of the company’s assets
hereinbefore mentioned.
5. In order to provide the said sum of $ ..........................it is necessary to make a call
on the contributories, and having regard to the probability that some of them will partly
or wholly fail to pay the amount of the call, I estimate that, for the purpose of realising
the amount required, it is necessary that a call of $........................per share should be
made.
(Annex tabular statement showing amount of debts, costs, etc., and of assets).

The Companies Winding Up Rules
Companies Chap. 81:01 417

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

(Liquidator)

* To be a date not less than seven days from the date when the notice will in course of post reach
the person to whom it is addressed.

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

(Liquidator)

Insert address

Members of the Committee of Inspection

FORM 44
[Rules 68(4) and 71]

RESOLUTION OF COMMITTEE OF INSPECTION
SANCTIONING CALL

RESOLVED, that a call of $ .................................... per share be made by the
liquidator on all the contributories of the company [or as the case may be].

Signed ...........................................................................

Dated this .................. day of ..................................... 20.......

FORM 43
[Rule 68(2)]

ADVERTISEMENT OF MEETING OF COMMITTEE OF
INSPECTION TO SANCTION PROPOSED CALL

(Title same as Form 2)
NOTICE IS HEREBY given that the undersigned liquidator of the above-named
Company proposes that a call should be made “on all the contributories of the said
company”, [or, as the case may be], ...................................of $ ...........................per share,
and that he has summoned a meeting of the Committee of Inspection of the company,
to be held at ..........................on the ............... day of .......................... 20....., at ..........
o’clock in the ........................noon, to obtain their sanction to the proposed call.

Each contributory may attend the meeting, and be heard or make any communication
in writing to the liquidator or the members of the Committee of Inspection in reference
to the intended call.

A statement showing the necessity of the proposed call and the purpose for which it is
intended may be obtained on application to the liquidator at his office at
..........................................................................................................................................

Dated this .................. day of ..................................... 20.......

Signed ..............................................................

The Companies Winding Up Rules
418 Chap. 81:01 Companies

LAWS OF TRINIDAD AND TOBAGO

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

The Companies Winding Up Rules
Companies Chap. 81:01 419

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

Number of List Name and Address In what character included

FORM 45
(Rule 69)

SUMMONS FOR LEAVE TO MAKE A CALL
(Title same as Form 2)

LET THE SEVERAL PERSONS whose names and addresses are set forth in the
second column of the Schedule hereto, being contributories of the above-named
Company, as shown in the third column of the said Schedule, attend
at ......................................................... on ............... the .......... day of ............................
at ............... o’clock in the ..........noon, on the hearing of an application on the part of
the [Official Receiver and] Liquidator of the Company for an order that he may be at
liberty to make a call to the amount of .................. per share on all the contributories
[or as the case may be] of the said Company.

Dated this .................. day of ..................................... 20.......

This summons was taken out by ....................................of ....................................
Attorney-at-law for the [Official Receiver and] Liquidator.

To .....................................................................................................................................

NOTE—If you do not attend either in person or by your Attorney-at-law, at the time
and place above-mentioned, such order will be made and proceedings taken as the
Court may think just and expedient.

SCHEDULE

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

FORM 46
(Rule 69)

AFFIDAVIT OF LIQUIDATOR IN SUPPORT OF
PROPOSAL FOR CALL
(Title same as Form 2)

I, .......................................................................................................................................

of,.......................................................................................................... the liquidator of
the above-named Company, make oath and say as follows:

1. I have in the Schedule now produced and shown to me, and marked with the letter
“A”, set forth a statement showing the amount due in respect of the debts proved and
admitted against the said company, and the estimated amount of the costs, charges and
expenses of and incidental to the winding up the affairs thereof, and which several
amounts form in the aggregate the sum of $................................................................. or
thereabouts.

2. I have also in the said Schedule set forth a statement of the assets in hand belonging
to the said company, amounting to the sum of $............................. and no more. There
are no other assets belonging to the said company, except the amounts due from certain
of the contributories of the said company, and, to the best of my information and belief,
it will be impossible to realise in respect of the said amounts more than the sum of
$ ...................................... or thereabouts.

3. .............................................. persons have been settled by me on the list of
contributories of the said Company in respect of the total number of...................shares.

4. For the purpose of satisfying the several debts and liabilities of the said company
and of paying the costs, charges and expenses of and incidental to the winding up the
affairs thereof, I believe the sum of $.................................... will be required in addition
to the amount of the assets of the said company mentioned in the said Schedule A, and
the said sum of $ ...................................

5. In order to provide the said sum of $................................... it is necessary to make a
call upon the several persons who have been settled on the list of contributories as before
mentioned, and, having regard to the probability that some of such contributories will
partly or wholly fail to pay the amount of such call, I believe that, for the purpose of
realising the amount required as before mentioned, it is necessary that a call of
$...................................per share should be made.

Sworn, etc.

The Companies Winding Up Rules
420 Chap. 81:01 Companies

LAWS OF TRINIDAD AND TOBAGO

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

FORM 47
(Rule 69)

ADVERTISEMENT OF APPLICATION FOR LEAVE TO
MAKE A CALL

In the Matter of .................................................................................................................

NOTICE IS HEREBY given that the Court has appointed .........................................
the ........... day of ................................ 20......, at ........... o’clock in the ..................noon,
at ......................................................................................................................................

to hear an application for leave to make a call on all the contributories of the said
company [or as the case may be] and that the liquidator of the said company proposes
that such call shall be for $ ............................... per share. All persons interested are
entitled to attend at such day, hour, and place, to offer objections to such call.

Dated this .................. day of ..................................... 20.......

Signed ............................................................

The Companies Winding Up Rules
Companies Chap. 81:01 421

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

(State place of appointment)

FORM 48
(Rules 69 and 71)

ORDER GIVING LEAVE TO MAKE A CALL
The ................. day of ................................................ 20......

(Title same as Form 2)
UPON THE APPLICATION by summons dated .............................................., of the
[Official Receiver and] Liquidator of the above-named company, and upon reading the
order to wind up the above-named company, the list of contributories of the said company
and the liquidator’s certificate of the final settlement of the same filed the ............day of
................................ 20......., the affidavit of the said [Official Receiver and] Liquidator,
filed the ............ day of ................................ 20..... and the exhibit marked “A” therein
referred to, and an affidavit of ..................... filed the ........... day of ........................ 20......

IT IS ORDERED that leave be given to the [Official Receiver and] Liquidator to make
a call of $ ........................................ per share on all the contributories of the said
Company (or as the case may be).

AND IT IS ORDERED that each such contributory do on or before the ........... day
of ............................. 20......, pay to the Official Receiver and the Liquidator of the
.................................................................................. Company, the amount which will
be due from him or her in respect of such call.

(Liquidator)

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

FORM 50
(Rule 71)

NOTICE OF CALL SANCTIONED BY COMMITTEE OF
INSPECTION TO BE SENT TO CONTRIBUTORY

(Title same as Form 2)
TAKE NOTICE that the Committee of Inspection in the winding up of this Company
have sanctioned a call of ...................................... per share on all the contributories of
the Company.

The amount due from you in respect of the call is the sum of $ .....................................
This sum shall be paid by you direct to me at my office
..........................................................................................................................................

on or before the ............ day of .................................. 20......

Dated this .................. day of ..................................... 20.......

Signed ............................................................

To Mr. ..............................................................................................................................

NOTE: If you do not pay the sum due from you by the date mentioned, interest will be claimed
on such sum at the rate of six per cent per annum from the said date until payment.

(Liquidator)

(Address)

Address

(State whether an order of Court, or resolution of the Committee of Inspection.)

FORM 49
(Rule 70)

DOCUMENT MAKING A CALL
(Title same as Form 2)

I, ..................................................................................................................................the
[Official Receiver and] Liquidator of the above-named Company, in pursuance of
..........................................................................................................................................

made [or passed] this ............. day of ............................. 20......, hereby make a call of
.................................... per share on all the contributories of the company, which sum is

to be paid at my office .....................................................................................................

on the ............ day of ......................................... 20......
Dated this .................. day of ..................................... 20.......

The Companies Winding Up Rules
422 Chap. 81:01 Companies

LAWS OF TRINIDAD AND TOBAGO

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

FORM 51
(Rule 71)

NOTICE TO BE SERVED WITH THE ORDER
SANCTIONING A CALL
(Title same as Form 2)

The amount due from you, ............................................................................................... in
respect of the call made pursuant to leave given by the above [or within] order is the sum
of $ ....................................... which sum is to be paid by you to me as the Liquidator of
the said Company at my office, .........................................................................................

In default of payment interest at the rate of six per cent per annum will be charged upon
the amount unpaid from the ................ day of ............................... 20...... until payment.

Dated this .................. day of ..................................... 20.......

Signed ..............................................................................

To: Mr. ..............................................................................................................................

The Companies Winding Up Rules
Companies Chap. 81:01 423

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

FORM 52
(Rule 72)

AFFIDAVIT IN SUPPORT OF APPLICATION FOR
ORDER FOR PAYMENT OF CALL

(Title same as Form 2)
I, .................................................. of ................................................................................

the Liquidator of the above-named Company, make oath and say as follows:

1. None of the contributories of the said company, whose names are set forth in the
Schedule hereto annexed, marked “A”, have paid or caused to be paid the sums set
opposite their respective names in the said Schedule, which sums are the amounts
now due from them respectively under the call of ................................ per share, duly
made under the Companies Act, dated the ................ day of ................................. 20......

2. The respective amounts or sums set opposite the names of such contributories
respectively in such Schedule are the true amounts due and owing by such
contributories respectively in respect of the said call.

(Liquidator)

(Address)

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

Amount dueIn what Character
included

DescriptionAddressNameNo. on
List

FORM 53
(Rule 72)

ORDER FOR PAYMENT OF CALL DUE FROM
A CONTRIBUTORY

The ..................... day of ........................................... 20.......
(Title same as Form 2)

UPON THE APPLICATION of the Liquidator of the above-named Company and
upon reading an affidavit of ....................................................................................filed
the ......... day of ...................................... 20....., and an affidavit of the Liquidator, filed
the ............... day of ....................................... 20............., IT IS ORDERED that
....................................................... of ........................................ [or ...............................
of, ......................................... the legal personal representative of ................................
late of .......................................... deceased], one of the contributories of the said Company
[or, if against several contributories, the several persons named in the second column of

FORM 52—Continued

A.
THE SCHEDULE ABOVE REFERRED TO

Sworn, etc.

NOTE: In addition to the above affidavit, an affidavit of the service of the application for the call
will be required in cases in which the Committee of Inspection or the Court has authorised a call
to be made.

The Companies Winding Up Rules
424 Chap. 81:01 Companies

LAWS OF TRINIDAD AND TOBAGO

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

The Companies Winding Up Rules
Companies Chap. 81:01 425

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

Address

Total amount
payable

exclusive of
Interest

No.
on
List

Proportion of
Costs

Amount dueDescription In what
character
included

AddressName

NOTE: The copy for service of the above order must be endorsed as follows:
“If you, the undermentioned .................................................................... neglect to obey this order by

the time mentioned therein, you will be liable to process of execution, for the purpose of compelling
you to obey the same”.

THE SCHEDULE REFERRED TO IN THE FOREGOING ORDER

the Schedule to this order, being respectively contributories of the said Company], do, on or before the ............
day of .................................. 20..... or subsequently within four days after service of this order, pay
to.......................the Liquidator of the said Company at his office, .......................................................

the sum of $ ........................... [if against a legal personal representative add, out of the assets of the
said .......................................... deceased, in his hands as such legal personal representative as aforesaid,
to be administered in due course of administration, if the said ..........................................has in his hands
so much to be administered, or, if against several contributories, the several sums of money set opposite
to the respective names in the sixth column of the said Schedule hereto], such sum [or sums] being the
amount [or amounts] due from the said .......................................... [or .....................................] [or the
said several persons respectively] in respect of the call of ................................. per share duly made,
dated the ............. day of .................................... 20.......

AND IT IS ORDERED that the said several persons do within the like period and at the place
aforesaid pay to the said .......................................................................... as such Liquidator as aforesaid,
interest at the rate of six per cent per annum on the amounts specified in the sixth column of the said
Schedule from the .......................... to the date of payment.

AND IT IS ORDERED that the said several persons do within the like period and at the place aforesaid
pay to the said ........................................................ as such Liquidator as aforesaid, the several sums set
opposite their respective names in the seventh column of the said Schedule, such sum being the
proportion of the applicant’s costs of the said application payable by such several persons respectively.

[Add appropriate paragraphs as to amounts payable by married women and legal personal
representatives (if any)]

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

FORM 55
(Rules 73–78)

PROOF OF DEBT/GENERAL FORM
(Title same as Form 2)

I, .......................................................................................................................................

of ......................................................................................................................................

make oath and say:

(a) That I am in the employ of the undermentioned creditor, and that I am duly
authorised by .................................................................... to make this affidavit, and
that it is within my own knowledge that the debt hereinafter deposed to was incurred
and for the consideration stated, and that such debt, to the best of my knowledge and
belief, still remains unpaid and unsatisfied.

(b) That I am duly authorised, under the seal of the Company hereinafter named, to
make proof of debt on its behalf.

(Fill in Address of deponent)

(Fill in full Name and Occupation of deponent)

FORM 54
(Rule 72)

AFFIDAVIT OF SERVICE OF ORDER FOR PAYMENT
OF CALL

(Title same as Form 2)
I, ......................................................... of, .................................................... make oath
and say as follows:

1. I did on the .................. day of ...................................... 20...... personally serve
....................................................of ............................................... with an order made in
this matter by this Court, dated the ....................... day of ............................ 20....,
whereby it was ordered [set out the order] by delivering to and leaving with, the said
........................................ at ........................................... an office copy of the said order.

2. There was endorsed on the said copy when so served the following words, that is to
say, “If you, the undermentioned ............................................. neglect to obey this order
by the time mentioned therein, you will be liable to process of execution for the
purpose of compelling you to obey the same”.

Sworn, etc.

The Companies Winding Up Rules
426 Chap. 81:01 Companies

LAWS OF TRINIDAD AND TOBAGO

UNOFFICIAL VERSION


UPDATED TO DECEMBER 31ST 2014

MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt

The Companies Winding Up Rules
Companies Chap. 81:01 427

LAWS OF TRINIDAD AND TOBAGO

L.R.O.

FORM 55—Continued

1. That the above-named Company was, at the date of the (*) order for winding up the
same, viz: the .............. day of ........................................ 20...... and still is justly and
truly indebted to (c) ......................................... in the sum of $ ....................................
for (d) ................................................. as shown by the account endorsed hereon, or by
the following account, viz.: ..............................................................................................

..........................................................................................................................................

for which sum or any part thereof I say that I have not nor hath (e)
.............................................. or any person by (f) ...............................