This is the original version (as it was originally made).
7.77.—(1) Where the Act or these Rules require permission for the liquidator to exercise a power any permission given must not be a general permission but must relate to a particular proposed exercise of the liquidator’s power.
(2) A person dealing with the liquidator in good faith and for value is not concerned to enquire whether any such permission has been given.
(3) Where the liquidator has done anything without such permission, the court or the liquidation committee may, for the purpose of enabling the liquidator to meet the liquidator’s expenses out of the assets, ratify what the liquidator has done; but neither must do so unless satisfied that the liquidator has acted in a case of urgency and has sought ratification without undue delay.
(4) In this rule “permission” includes “sanction”.
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