Payments of liquidator into bank

(1) Every liquidator of a company which is being wound- up by the court shall pay the money received by him to the Companies Liquidation Account at the Belize Branch of the Royal Bank of Canada or any other bank approved by the Minister. (2) If any such liquidator at any time retains for more than ten days a sum exceeding two hundred and fifty dollars, or such other amount as the court in any particular case authorises him to retain, then, unless he explains the retention to the satisfaction of the court, he shall pay interest on the amount so retained in excess at the rate of twenty per centum per annum, and shall be liable to disallowance of all or such part of his remuneration as the court may think just, and to be removed from his office by the court, and shall be liable to pay any expenses occasioned by reason of his default. (3) A liquidator of a company which is being wound-up by the court shall not pay any sums received by him as liquidator into his private banking account.