240 (1) A credit union may be wound up by order of the court if, (a)  the members, by a special resolution passed at a general meeting called for that purpose, authorize an application to be made to the court to wind up the credit union; (b)  proceedings have been started to wind up the credit union voluntarily and it appears to the court that it is in the interest of contributories and creditors that the proceedings should be continued under the supervision of the court; (c)  it is proved to the satisfaction of the court that the credit union, though it may be solvent, cannot by reason of its liabilities continue its business and that it is advisable to wind it up; or (d)  in the opinion of the court it is just and equitable for some reason other than the bankruptcy or insolvency of the credit union that it should be wound up. If more than one class of shares (2) If the credit union has more than one class of issued shares, the special resolution referred to in clause (1) (a) shall be in the form of a special resolution passed by the holders of each class of shares. Applicants (3) A winding-up order may be made upon the application of, (a)  the credit union; (b)  if the credit union is being wound up voluntarily, the liquidator or a contributor; or (c)  the Chief Executive Officer. Notice to credit union (4) Except if the application is made by the credit union, four days notice of the application must be given to the credit union. Notice to Chief Executive Officer (5) Except if the application is made by the Chief Executive Officer, four days notice of the application must be given to the Chief Executive Officer. Power of court (6) The court may, (a)  make the order applied for; (b)  dismiss the application with or without costs; (c)  adjourn the hearing conditionally or unconditionally; (d)  make an interim or such other order as it considers appropriate; or (e)  refer the proceedings for the winding-up to an officer of the court for inquiry and report and authorize the officer to exercise such powers of the court as are necessary for the reference. Appointment of liquidator (7) The court making the winding-up order may appoint one or more persons as liquidator of the estate and effects of the credit union for the purpose of winding up its affairs and distributing its property. Remuneration (8) The court may at any time fix the remuneration of the liquidator and the costs, charges and expenses of the winding-up. Vacancy (9) If a liquidator who is appointed by the court dies or resigns or the office becomes vacant for any reason, the court may fill the vacancy. Removal (10) The court may, by order for cause, remove a liquidator appointed by it and appoint another liquidator in the stead of the removed liquidator. Notice of court order (11) A liquidator appointed by the court shall give notice to the Chief Executive Officer of the court order respecting the winding up promptly after the liquidator’s appointment. Notice of appointment (12) The Chief Executive Officer shall publish a notice of the liquidator’s appointment on the website of the Authority. Proceedings in winding-up after order (13) If a winding-up order has been made by the court, proceedings for the winding up of the credit union must be taken in the same manner and with the like consequences as are provided for a voluntary winding-up, except that, (a)  the list of contributories shall be settled by the court unless it has been settled by the liquidator before the winding-up order; and (b)  all proceedings in the winding-up are subject to the order and direction of the court. Review by court (14) If the list of contributories has been settled by the liquidator before the winding-up order, it is subject to review by the court. Meeting of members may be ordered (15) If a winding-up order has been made by the court, the court may direct meetings of the members of the credit union to be called, held and conducted in such manner as the court thinks fit for the purpose of ascertaining their wishes, and may appoint a person to act as chair of the meeting and to report the results of it to the court. Order for delivery of property (16) If a winding-up order has been made by the court, the court may require any contributory for the time being settled on the list of contributories, or any director, employee, trustee, receiver, banker, agent or officer of the credit union, to pay, deliver, convey, surrender or transfer promptly, or within such time as the court directs, to the liquidator any money, record, document, estate or effects that are in any such person’s hands and to which the credit union is apparently entitled. Inspection of documents and records (17) If a winding-up order is made by the court, the court may make an order for the inspection of the records and documents of the credit union by its creditors and contributories, and any records and documents in the possession of the credit union may be inspected in conformity with the order. No proceedings against credit union without leave (18) After a winding-up order is made, no suit, action or other proceeding shall be proceeded with or commenced against the credit union, except with the leave of the court and subject to such terms as the court imposes. Attachments, etc., void (19) Every attachment, sequestration, distress or execution put in force against the estate or effects of a credit union after a winding-up order is made is void. Provision for discharge of liquidator and distribution by the court (20) If the realization and distribution of the property of a credit union being wound up under an order of the court has proceeded so far that, in the opinion of the court it is expedient that the liquidator should be discharged and that the property of the credit union remaining in the liquidator’s hands can be better realized and distributed by the court, the court may make an order discharging the liquidator and for payment, delivery and transfer into court, or to such officer or person as the court directs, of such property, and it shall be realized and distributed by or under the direction of the court among the persons entitled thereto in the same way as nearly as may be as if the distribution were being made by the liquidator and the court may make an order directing how the documents and records of the credit union and of the liquidator are to be disposed of, and may order that they be deposited in court or otherwise dealt with as the court considers appropriate. Order for dissolution (21) The court at any time after the affairs of the credit union have been fully wound up may, upon the application of the liquidator or any other interested person, make an order dissolving it, and it is dissolved on the date fixed in the order. Notice to Chief Executive Officer (22) The person on whose application the order was made shall, within 10 days after it was made, file with the Chief Executive Officer a certified copy of the order and the Chief Executive Officer shall publish notice of the dissolution on the website of the Authority.