(1) This section applies where, in the case of a creditors' voluntary winding up, a liquidator has been nominated by the company.
(2) The powers conferred on the liquidator by section 276 of the Principal Act shall not be exercised, except with sanction of the court, during the period before the holding of the creditors' meeting under section 266 of that Act.
(3) Subsection (2) does not apply in relation to the power of the liquidator -
(a) to take into his custody or under his control all the property to which the company is or appears to be entitled;
(b) to dispose of perishable goods and other goods the value of which is likely to diminish if they are not immediately disposed of;
(c) to do all such other things as may be necessary for the protection of the company's assets.
(4) The liquidator shall attend the creditors' meeting held under section 266 of the Principal Act and shall report to the meeting on any exercise by him of his powers (whether or not under this section or u