Singapore legislation
Clause 264
Clause 264
Distribution of property of company
Subject to the provisions of this Act as to preferential payments the property of a company shall, on its winding up, be applied pari passu in satisfaction of its liabilities, and subject to that application shall unless the articles otherwise provide be distributed among the members according to their rights and interests in the company. [U.K. s. 302.][Aust. s. 264.]