193704-1932-Supplementary-Bill-read-a-second-time--Companies — Page 71

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Provided that-

(a) a past director or manager shall not be liable to make such further contribution if he has ceased to hold office for a year or upwards before the commencement of the winding up: (b) a past director or manager shall not be liable to make such further contribution in respect of any debt or liability of the company con- tracted after he ceased to hold office: (c) subject to the articles of the company,

a

director or manager shall not be liable to make such further contribution unless the court deems it necessary to require that con- tribution in order to satisfy the debts and liabilities of the company, 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 undertaken to be contributed by him to the assets of the company in the event of its being wound up, to contribute to the extent of any sums unpaid on any shares held by him.

157. The term "contributory" means every person Definition of liable to contribute to the assets of a company in the contributory. event of its being wound up, and for the purposes of all 19 & 20 Geo. proceedings for determining, and all proceedings prior 5, c. 23, to the final determination of, the persons who are to be deemed contributories, includes any person alleged to be a contributory.

s. 158.

158. The liability of a contributory shall create a Nature of debt of the nature of a specialty accruing due from liability of him at the time when his liability commenced, but contributory. payable at the times when calls are made for enforcing 19 & 20 Geo. the liability.

5, c. 23, s. 159.

death of

159.—(1) If a contributory dies either before or Contribu- after he has been placed on the list of contributories, tories in his personal representatives (and his heirs or other case of inheritors in countries where property does not pass member. to personal representatives) shall be liable in due 19 & 20 Geo. course of administration to contribute to the assets of 5, c. 23, the company in discharge of his liability and shall be s. 160. contributories accordingly.

(2) Where the personal representatives are placed on the list of contributories, such heirs or inheritors need not be added, but they may be added as and when the court thinks fit.

(3) If the personal representatives make default in paying any money ordered to be paid by them, pro- ceedings may be taken for administering the estate of the deceased contributory, and for compelling payment thereout of the money due.

160. If a contributory becomes bankrupt, either Contribu- before or after he has been placed on the list of con- tories in tributories-

case of

bankruptcy

(1) his trustee in bankruptcy shall represent him of member.

for all the purposes of the winding-up, and 19 & 20 Geo. shall be a contributory accordingly, and may 5, c. 23, be called on to admit to proof against the s. 161. 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

(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. 161.-(1) The husband of a female contributory Provision as married before the first day of January, 1883, shall to married during the continuance of the marriage, be liable, as women. respects any liability attaching to any shares acquired 19 & 20 Geo. by her before that date, to contribute to the assets s. 162.

5, c. 23,

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