Section 309- Effect of voluntary winding up. [Corresponds to Section 487 of the Companies Act, 1956]
Prior to Omission w.e.f 15.11.2016, Section 309 read as under:
Section 309- Effect of voluntary winding up.
In the case of a voluntary winding up, the company shall from the commencement of the winding up cease to carry on its business except as far as required for the beneficial winding up of its business:
Provided that the corporate state and corporate powers of the company shall continue until it is dissolved.