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No. 58 of 1911.
COMPANIES.
(3) Where two or more persons hold one or more shares in a company jointly they shall, for the purposes of this section, be treated as a single member.
Modes of winding up. 8 Edw. 7 c. 69 s. 122.
PART IV.
WINDING UP.
Preliminary.
123. (1) The winding up of a company may be either-
(i) by the Court; or
(ii) voluntary; or
(iii) 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.
Liability as contributories of present and past members.
ib. s. 128.
Contributories.
124. (1) In the event of a company being wound up every present and past member shall, subject to the provisions of this section, 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 contributories among themselves, with the qualifications following:
(i) 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;
(ii) a past member shall not be liable to contribute in respect of any debt or liability of the company contracted after he ceased to be a member;
(iii) a past member shall not be liable to contribute unless it appears to the Court that the existing members are unable to satisfy the contributions required to be made by them in pursuance of this Ordinance;
(iv) in the case of a company limited by shares no contribution shall be required from any member exceeding the amount, if any, unpaid on the shares in respect of which he is liable as a present or past member;
* As amended by No. 50 of 1911.