17817-1910-Supplementary-Bills-read-a-first-time--Companies — Page 48

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124. The term 'contributory ' ineans every person Definition of 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 of the persons who are to be deemed contributories, includes any person alleged to be a contributory.

69 s. 124.

125. The liability of a contributory shall create a Nature of debt of the nature of a specialty accrning due from him at liability of the time when his liability commenced, hit payable at the contributory, times when calls are made for enforcing the liability.

Tb. s. 125.

of death of member. 78, s. 126.

123. -(1) If a contributory dies either before or after Contribu- he has been placed on the list of contributories, his personal tories in case representatives and his heirs and devisees, shall be liable in a due course of administration to contribute to the assets 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 devisees 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 them, and of compelling payment thereont of the money due.

127. If a contributory becomes bankrapt, either before Contribu- or after be has been placed on the list of contributories, tories in case then-

(1) his trustee in bankruptey shall represent him for all the purposes of the winding up, and shall be 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 ont 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 (2) there may be proved against the estate of the bankrupt the estimated value of his liability to future calls as well as calls already made.

of bank- ruptcy of member. Ib. s. 127.

128.-(1) The husband of af emale contributory married Provision as before the first day of January, 1883, shall, during the to married continuance of the marriage, be liable, as respects any Women. liability attaching to any shares acquired by her before 16. s. 128. that date, to contribute to the assets of the company the same sum as she would have becu liable to contribute if she had not married, and he shall be a contributory accordingly.

(2) Subject as aforesaid, nothing in this Ordinance shall affect the provisions of the Married Women's Property Ordinance, 1906, Or the Married Women's Property Amendment Ordinance, 1907.

Winding up by Court,

129. A company may be wound up by the court-----

() if the company has by special resolution resolved

that the company be wound by the court; (ii) if default is made in filing the statutory report

or in holding the statutory meeting : (ii) if the company does not commence its business within a year from its incorporation, or suspends its business for a whole year;

(iv) if the number of members is reduced, in the case of a private company, below two, or, in

•

the case of any other company, below seven :

(v) if the company is able to pay its debts :

(vi) if the court is of opinion that it is just and equi-

table that the company should be wound up.

Circum-

stances in which com- pany may be wound court. Ib. s. 129.

up by

130. A company shall be deemed unable to pay its Company debts-

when

deemed un- able to pay

(i) if a creditor, by assigument or otherwise to

whom the company is indebted in a sum ex- its debts. ceeding five hundred dollars then due, has 1b. s. 130.