• Section 627 general powers: legal proceedings, carrying on business etc.; payment of certain creditors, compromise of certain claims etc.; ascertainment of debts and liabilities, sale of property etc.; execution of certain documents, drawing of negotiable instruments, proving claim in the case of a contributory’s bankruptcy etc.; obtaining credit, taking out letters of administration, otherwise obtaining payment from a contributory or a debtor etc.; security for costs and appointment of agents; custody and control of property and disposal of perishables etc.; and residual powers (all other things necessary to wind up the affairs of the co and to distribute its property).