Abuse of corporate entity status 

74. Notwithstanding the distinct legal entity status acquired by a company as stated in section 15 of this Act the court deserves the right to issue and order holding liable personally the directors of the company who have used the corporate entity status to commit the following acts in the name of the company. 

 (a) Using the corporate entity status to carry out an illegal activity. 

 (b) Using the corporate entity status to commit fraud. 

 (c) Using the corporate entity status to defraud or mislead the creditors or past or present clients of the company. 

 (d) In addition to those specified in sub-section (a), (b) and (c) by the operation of the law. 

Winding up of a company 

75. A company registered under this Act may only be dissolved in the following two ways: 

 (a) the company decided to dissolve itself. 

 (b) by order of the court. 
 
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