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Central Government Act
Section 511 in The Companies Act, 1956
511. Distribution of property of company. Subject to the provisions of this Act as to preferential payments, the assets of a company shall, on its winding up, be applied in satisfaction of its liabilities pari passu and, subject to such application, shall, unless the articles otherwise provide, be distributed among the members according to their rights and interests in the company.
Application of section 454 to voluntary winding up.