(1)
Where the winding-up continues for more than one year, the liquidator shall summon a general meeting of the company and a meeting of the creditors 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 year, or such longer period as the Commission may allow, and shall lay before the meetings an account of his acts and dealings and of the conduct of the winding-up during the preceding year.
(2)
If the liquidator fails to comply with the provisions of this section, he is liable to a penalty in such amount as the Commission shall specify in its regulations.