State Act
Section 43. Circumstances in which corporation may be wound up voluntarily.
The Maharashtra Non-trading Corporations Act
43. Circumstances in which corporation may be wound up voluntarily.— (1) A corporation may be wound up voluntarily— (a) when the period, if any, fixed for the duration of the corporation by the articles has expired, or the event, if any, has occurred, on the occurrence of which the articles provide that the corporation is to be dissolved, and the corporation in general meeting passes a resolution requiring the corporation to be wound up voluntarily; (b) if the corporation passes a special resolution that the corporation be wound up voluntarily. (2) A voluntary winding up shall be deemed to commence at the time when the resolution for voluntary winding up is passed under clause (a) or (b) of sub-section (1).