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(ri) A sum duo to any member of a company, in 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 com- pany but any such sum may be taken into account for the purpose of the final adjustment of the rights of the contributories among them- selves.
(2) In the winding up of a limited company, any director or manager, whether past or prosent, whose liability is, in pursuance 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 commencement of the winding up a member of an unlimited company: Provided that--
(1) A past director or manager shall not be liable to make such further contribution if he has censed to hold office for a year or upwards before the commencement of the winding up: (ii) A past director or manager shall not be liable to make such further contribution in respect of any debt or liability of the company contracted after he ceased to hold office :
(iii) Subject to the articles of the company, a direc- for or manager shall not be liable to make such further contribution unless the court deems it necessary to require that contribution in order to satisfy the debts and liabilities of the com- pany, and the costs, charges, and expenses of the winding up,
(3) In the winding up of a company limited by guarantee which has a share capital, every member of the company shall be liable, in addition to the amount under- taken to be contributed by him to the assets of the com- pany in the event of its being wound up, [to the extent to contri- of any sums unpaid on any shares held by him.
bute
Definition of
125. The term contributory means every person liable to contribute to the assets of a company in the event contributory. of its being wound up, and, in all proceedings for determin- 8 Edw.7 c. ing and in all proceedings prior to the final determination 69 s. 124. of the persons who are to be deemed contributories, includes any person alleged to be a contributory,
126. The liability of a contributory shall create a debt of the nature of a specialty accruing due from him at the time when his liability commenced, but payable at the times when calls are made for enforcing the liability.
Nature of liability of contributory.
Ib. s. 125.
Contribu-
127.-(1) If a contributory dies either before or after he has been placed on the list of contributories, his personal tories in case representatives and his heirs and devisees, shall be liable in of death of a due course of administration to contribute to the assers of the company in discharge of his liability and shall be contributories accordingly.
(2) Where the personal representatives are placed on the list of contributories, the heirs or devisens shall not be added unless the court thinks fit.
(3) If the personal representatives make default in paying any money ordered to be paid by them, proceedings may be taken for administering the personal and real estates of the deceased contributory, or either of thein, and of compelling payment thereont of the money due.
member.
b. s. 126.
128. If a contributory becomes bankrupt, either before contribu- or after he has been placed on the list of contributories, tories in case
of bank- then-
ruptcy of
(1) his trustee in bankruptcy shall represent him for member.
all the purposes of the winding up, and shall be 7b. s. 127. a contributory accordingly, and may be called on to admit to proof against the estate of the bankrupt, or otherwise to allow to be paid out of his assets in due course of law, any money due from the bankrupt in respect of his liability to contribute to the assets of the company; and