Powers of liquidator
129. (1) A liquidator may, (a) bring or defend any action, suit or prosecution, or other legal proceedings, civil or criminal, in the name and on behalf of the credit union; (b) carry on the business of the credit union so far as may be necessary for the beneficial winding up of the credit union; (c) sell the real and personal property of the credit union by public auction or private sale; (d) borrow money on behalf of the credit union as may be necessary for the winding up of the credit union; (e) draw, accept, make and endorse any bill of exchange or promissory note in the name and on behalf of the credit union; (f) raise upon the security of the property of the credit union such money as may be required; (g) take out in the liquidator’s official name, letters of administration of the estate of any deceased contributory and in that official name, do any other act that may be necessary for obtaining payment of any money due from a contributory or from his or her estate that cannot conveniently be done in the name of the credit union; (h) do and perform all acts and other things and execute under the corporate seal or otherwise all documents in the name and on behalf of the credit union as may be necessary for winding up the affairs of the credit union and distributing its property; (i) engage the services of a solicitor to assist in the performance of the liquidator’s duty; (j) employ an agent to do any business that the liquidator is unable to do directly; (k) claim and, where necessary, prove any claim against the estate of a contributory for any debt or liability to the credit union; (l) receive dividends in the distribution of an estate of a contributory in respect of any debt or liability mentioned in clause (k); (m) compromise all calls, and liabilities to call, debts and liabilities capable of or resulting in debts, and all claims, whether present or future, certain or contingent, liquidated or unliquidated, subsisting or alleged as subsisting between the credit union and any other person; (n) do and execute all such other things as are necessary for winding up the affairs of the credit union and distributing its property. Bills of exchange deemed drawn in the course of business (2) The execution, endorsement or making of all agreements, contracts, bills of exchange or other documents by a liquidator on behalf of a credit union has the same effect with respect to the rights and liabilities of the credit union as if the agreements, contracts or bills of exchange or other documents had been executed, endorsed or made by or on behalf of the credit union in the course of carrying on its business. Where approval required (3) The liquidator shall not exercise power granted under clause (1)(a), (d), (f), (m) or (n), (a) in the case of a voluntary winding up, unless the liquidator has obtained the approval in writing of the Director; or (b) in the case of a winding up by order of the court, unless the liquidator has obtained the approval of the court. Exception to cl.(3)(a) (4) Clause (3)(a) does not apply where the Ontario Share and Deposit Insurance Corporation is the liquidator. Notice of liability of contributory (5) The liability of a contributory is a debt accruing due from the contributory at the time when the contributory’s liability commenced, but payable at the time when calls are made for enforcing the liability. Who liable in case of death (6) Where a contributory dies before or after he or she is placed on the list of contributories, his or her personal representative, in administering the estate of the contributory, is liable to contribute to the property of the credit union in discharge of the liability of the deceased contributory and shall be a contributory accordingly. Examination of persons as to estate (7) The court may, at any time after the commencement of the winding up, summon to appear before the court or liquidator, any director, manager, employee or officer of the credit union, or any other person known or suspected to have possession of any of the estate or effects of the credit union, or alleged to be indebted to the credit union, or any person whom the court thinks capable of giving information concerning the dealings, estate or effects of the credit union. Damages against delinquent directors, etc. (8) Where, in the course of the winding up of a credit union, it appears that a person who has taken part in the formation or promotion of the credit union or any past or present director, manager, officer, employee, liquidator or receiver of the credit union has misapplied or retained in the person’s own hands, or become liable or accountable for money of the credit union, or has committed any misfeasance or breach of trust in relation to the credit union, the court may, on the application of a creditor, member, director, liquidator, or contributory, inquire into the conduct of that person and order the person to restore the money so misapplied or retained, or for which the person has become liable or accountable together with interest at such rate as the court considers just or to contribute such sum to the property of the credit union by way of compensation in respect of the misapplication, retention, misfeasance or breach of trust as the court considers just. Disposal of records (9) Where a credit union has been wound up under this Act and is about to be dissolved, the books, registers and other records and papers of the credit union and of the liquidator may be disposed of in such manner as the Director may order, in the case of voluntary winding up, or as the court may order in the case of winding up under court order. Regulations (10) The Lieutenant Governor in Council may make regulations respecting the procedure to be followed in a winding up, and, unless otherwise provided by this Act or by those regulations, the practice and procedure in a winding up under the Winding-up Act (Canada) apply. R.S.O. 1980, c.102, s.128.