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PART VWinding Up.

(iii) VOLUNTARY WINDING UP

Provisions applicable to every Voluntary Winding Up.

302Distribution 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 in satisfaction of its liabilities pari passu, and, subject to such application, shall, unless the articles otherwise provide, be distributed among the members according to their rights and interests in the company.