Section 1266.- If the liquidators find that after the whole of the contributions or shares has been paid up, the assets are insufficient to meet the liabilities, they must apply at once to the Court to have the partnership or company declared bankrupt.

 

Section 1267.- The liquidators must deposit every three months at the Registration Office a report of their activities, showing the situation of the accounts of the liquidation. Such report shall be open gratuitously for inspection to the partners, shareholders or creditors.

 

Section 1268.- If the liquidation continues for more than one year, the liquidators must summon a general meeting at the end of each year from the beginning of the liquidation and must lay before this meeting a report of their activities and a detailed account of the situation.

 

Section 1269.- Only so much of the property of the partnership or company may be divided among the partners or shareholders as is not required for performing all the obligations of the partnership or company.

 

Section 1270.- As soon as the affairs of the partnership or company are fully liquidated, the liquidators shall make up an account of the liquidation showing how the liquidation has been conducted and the property of the partnership or company has been disposed of ; and they thereupon shall call a general meeting for the purpose of laying before it the account and giving any explanation thereof.

After the account is approved, the proceedings of the meeting must be registered within fourteen days from its date by the liquidators. Such registration is taken as being the end of the liquidation.

 

Section 1271.- After the liquidation, the books, accounts and documents of the liquidated partnership or company shall be deposited within the fourteen days provided by the foregoing Section at the Register Office where they shall be kept for ten years after the end of the liquidation.

All such books, accounts and documents shall be gratuitously open for inspection by any interested person.

 

Section 1272.- No action for payment of debts due from the partnership or company or from the partners, shareholders or liquidators as such can be entered later than two years after the end of the liquidation.

 

Section 1273.- The provisions of Sections 1172 to 1193, Section 1195 and Section 1207 apply to general meetings held during the liquidation mutatis mutandis.

 

TITLE XXIII

ASSOCIATIONS

 

Section 1274.- … to Section 1297.- … (Repealed).