(1) While a company is being wound up in insolvency or by the Court, a person cannot perform or exercise, and must not purport to perform or exercise, a function or power as an officer of the company, except:

(a)

as a liquidator appointed for the purposes of the winding up; or

(b)

as an administrator appointed for the purposes of an administration of the company beginning after the winding up order was made; or

(c)

with the liquidator's written approval; or

(d)

with the approval of the Court.

(2) While a provisional liquidator of a company is acting, a person cannot perform or exercise, and must not purport to perform or exercise, a function or power as an officer of the company, except:

(a)

as a provisional liquidator of the company; or

(b)

as an administrator appointed for the purposes of an administration of the company beginning after the provisional liquidator was appointed; or

(c)

with the provisional liquidator's written approval; or

(d)

with the approval of the Court.

(3) This section does not remove an officer of a company from office. (4) For the purposes of this section, a person is not an officer of a company merely because he or she is:

(a)

a receiver and manager, appointed under a power contained in an instrument, of property of the company; or

(b)

an employee of the company.