341. Power of Court to assess damages against delinquent officers, etc. Flashcards
1
Q
- Power of Court to assess damages against delinquent officers, etc.
A
General overview
[341.01] This section provides that if, in the course of winding up, it appears that any person who has taken part in the formation or promotion of the company or any past or present liquidator or officer has misapplied or retained or become liable or been guilty of any misfeasance or breach of trust or duty in relation to the company, the court may compel him to repay or restore the money or property or any part thereof with interest, or to contribute such sum to the assets of the company by way of compensation in respect of the misapplication.
