(1)
Subject to the provisions of section 632 of this Act, in the event of the winding-up continuing for more than one year, the liquidator shall summon a general meeting of the company at the end of the first year from the commencement of the winding-up, and of each succeeding year, or at the first convenient date within three months from the end of the year or such longer period as the Commission may allow, and shall lay before the meeting an account of his acts and dealings and of the conduct of the winding-up during the preceding year : Provided that the account shall be sent to all the members of the company not later than 14 days before the date of the meeting.
(2)
If the liquidator fails to comply with this section, he is liable to a penalty in such amount as the Commission shall specify in its regulations.