Modes of winding up. 19 & 20 Geo.
5, c. 23, B. 156.
of present and past members.
1596
PART V.
WINDING UP.
(1) PRELIMINARY,
Modes of Winding Up.
155.-(1) The winding up of a company may be
either-
(a) by the court; or
(b) voluntary; or
(c) subject to the supervision of the court.
(2) The provisions of this Ordinance with respect to winding up apply, unless the contrary appears, to the winding up of a company in any of those modes.
Contributories.
Liability as
156.-(1) In the event of a company being wound contributories up, every present and past member shall be liable to contribute to the assets of the company to an amount sufficient for payment of its debts and liabilities, and the costs, charges, and expenses of the winding up, and for the adjustment of the rights of the con- tributories among themselves, subject to the provi- sions of subsection (2) of this section and the following qualifications:-
19 & 20 Geo. 5, c. 23, s. 157.
(a) a past member shall not be liable to contribute if he has ceased to be a member for one year or upwards before the commencement of the winding up:
(b) a past member shall not be liable to contribute in respect of any debt or liability of the com- pany contracted after he ceased to be a member:
(c) a past member shall not be liable to contribute unless it appears to the court that the existing members are unable to satisfy the con- tributions required to be made by them in pursuance of this Ordinance:
(d) in the case of a company limited by shares no contribution shall be required from ary member exceeding the amount, if any, unpaid on the shares in respect of which he is liable as a present or past member: (e) in the case of a company limited by guaranteė, no contribution shall, subject to the provisions of subsection (3) of this section, be required from any member exceeding the amount undertaken to be contributed by him to the assets of the company in the event of its being wound up:
in
(f) nothing in this Ordinance shall invalidate any provision contained in any policy of insurance or other contract whereby the liability of individual members on the policy or contract is restricted, or whereby the funds of the company are alone made liable in respect of the policy or contract: (g) a sum due to any member of a company,
his character of a member, by way of dividends, profits or otherwise, shall not be deemed to be a debt of the company, payable to that member in a case of competition between himself and any other creditor not a member of the company, but any such sum may be taken into account for the purpose of the final adjustment of the rights of the con- tributories among themselves.
(2) In the winding up of a limited company, any director or manager, whether past or present, whose liability is, under the provisions of this Ordinance, unlimited, shall, in addition to his liability (if any) to contribute as an ordinary member, be liable to make a further contribution as if he were at the commence- ment of the winding up a member of an unlimited company:
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