321. Investment of surplus funds on general account Flashcards
1
Q
- Investment of surplus funds on general account
A
General overview
[321.01] Under this section, it is provided that where a company in liquidation has any cash balance standing to its credit in excess of the amount which, in the opinion of the committee of inspection (or the liquidator himself where there is no committee), is required for the time being to answer demands in respect of the estate of the company, the liquidator may, if so directed by the committee (or the liquidator himself where there is no committee), invest the sum or any part thereof in securities issued by the Singapore or Malaysian government or place it on deposit at interest with any bank. Any interest received shall form part of the assets of the company.
