—(1) A company may be wound up voluntarily —
when the period, if any, fixed for the duration of the company by the memorandum or articles expires or the event, if any, happens, on the occurrence of which the memorandum or articles provide that the company is to be dissolved and the company in general meeting has passed a resolution requiring the company to be wound up voluntarily; or
if the company so resolves by special resolution.
(2) A company shall —
within 7 days after the passing of a resolution for voluntary winding up, lodge a copy of the resolution with the Registrar; and
within 10 days after the passing of the resolution, give notice of the resolution in one or more newspapers circulating in Singapore.
(3) If the company fails to comply with subsection (2), the company and every officer of the company who is in default shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $1,000 and also to a default penalty.
[UK, 1948, ss. 278, 279; Aust., 1961, s. 254]