Liability of members in respect of
reduced
shares.
1550-
(2) On the registration of the order and minute, and not before, the resolution for reducing share capital as confirmed by the order so registered shall take effect.
(3) Notice of the registration shall be published in such manner as the court may direct.
(4) The registrar shall certify under his hand the registration of the order and minute, and his certificate shall be conclusive evidence that all the requirements of this Ordinance with respect to reduction of share capital have been complied with, and that the share capital of the company is such as is stated in the minute.
(5) The minute when registered shall be deemed to be substituted for the corresponding part of the memorandum, and shall be valid and alterable as if it had been originally contained therein.
(6) The substitution of any such minute as aforesaid for part of the memorandum of the company shail be deemed to be an alteration of the memorandum within the meaning of section twenty-six of this Ordinance.
61.--(1) In the case of a reduction of share capital, a member of the company, past or present, shall not be liable in respect of any share to any call or contribution exceeding in amount the difference, if 19 & 20 Geo. any, between the amount of the share as fixed by the minute and the amount paid, or the reduced amount, if any, which is to be deemed to have been paid, on the share, as the case may be:
5, c. 23,
8. 59.
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Fenalty on
Provided that, if any creditor, entitled in respect of any
debt or claim to object to the reduction of share capital, is, by reason of his ignorance of the proceedings for reduction, or of their nature and effect with respect to his claim, not entered on the list of creditors, and, after the reduction, the company is unable, within the meaning of the provisions of this Ordinance with respect to winding up by the court, to pay the amount of his debt or claim, then--- (a) every person who was a member of the com- pany at the date of the registration of the order for reduction and minute, shall be liable to contribute for the payment of that debt or claim an amount not exceeding the amount which he would have been liable to contribute if the company had commenced to be wound up on the day before the said date; and (b) if the company is wound up, the court, on the application of any such creditor and proof of his ignorance as aforesaid, may, if it thinks fit, settle accordingly a list of persons so liable to contribute, and make and enforce calls and orders on the contributories settled on the list, as if they were ordinary contribu- tories in a winding up.
(2) Nothing in this section shall affect the rights of the contributories among themselves.
62. If any director, manager, secretary or other concealment officer of the company- of name of creditor.
19 & 20 Geo. 5, c. 23,
■. 60.
(1) wilfully conceals the name of any creditor
entitled to object to the reduction; or
(2) wilfully misrepresents the nature or amount of the debt or claim of any creditor; or (3) aids, abets or is privy to any such concealment
or misrepresentation as aforesaid,
he shall be guilty of a misdemeanour.
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