(1) All the rights and duties of the liquidator to be exercised by the liquidator in accordance with the existing law relating to marriage may be exercised and observed by the liquidator appointed under this Act with the necessary modifications (mutatis mutandis).
(2) It shall be the duty of the liquidator to do the following without prejudice to the validity of sub-section (1):-
(a) To prepare and submit to the office an account of the income and expenses related to liquidation of the company every six months after the appointment of the liquidator,
(b) To inform the shareholders of the company about the progress of the proceedings related to liquidation of the company every six months after the appointment of the liquidator,
(c) To collect all the assets to be received or the amount to be recovered on behalf of the company and pay off the debts and other liabilities of all the creditors of the company,
(d) After the completion of the work according to clause (c), the proposed report and details regarding the distribution of the remaining assets of the company to the shareholders shall be submitted to the shareholders at the general meeting.
(e) If there is approval of the shareholders who take at least seventy-five percent of the paid-up share capital in the statement as per clause (d), to pay the amount to the shareholders accordingly,
(f) After completion of the proceedings related to liquidation, prepare a report on the assets collected on behalf of the company, payments made to creditors and distributions made to shareholders and submit such report to the office along with the auditor's report certifying that the company has been liquidated.