1444
Director with unlimited liability may have set-off as under s. 98 of No. 1 of 1865 [sec. 6.]
Notice to be given to director on his election that his liability will be unlimited. [sec. 7.]
ORDINANCE No. 1 OF 1877.
Companies.
addition to his liability (if any) to contribute as an ordinary member, be liable to contribute as if he were at the date of the commencement of such winding-up a member of an unlimited company:
(2.) No contribution required from any past director or manager who has ceased to hold such office for a period of one year or upwards prior to the commencement of the winding-up shall exceed the amount (if any) which he is liable to contribute as an ordinary member of the company:
(3.) No contribution required from any past director or manager in respect of any debt or liability of the company contracted after the time at which he ceased to hold such office shall exceed the amount (if any) which he is liable to contribute as an ordinary member of the company:
(4.) Subject to the provisions contained in the regulations of the company, no contribution required from any director or manager shall exceed the amount (if any) which he is liable to contribute as an ordinary member unless the court deems it necessary to require such contribution in order to satisfy the debts and liabilities of the company, and the costs, charges, and expenses of the winding-up.
6. In the event of the winding-up of any limited company, the court, if it think fit, may make to any director or manager of such company, whose liability is unlimited, the same allowance by way of set-off as under the ninety-eighth section of the principal Ordinance make to a contributory where the company is not limited.
7. In any limited company in which, in pursuance of this Ordinance, the liability of a director or manager is unlimited, the directors or managers of the company (if any), and the member who proposes any person for election or appointment to such office, shall add to such proposal a statement that the liability of the person holding such office will be unlimited, and the promoters, directors, managers, and secretary (if any) of such company, or one of them, shall, before such person accepts such office or acts therein, give him notice in writing that his liability will be unlimited.
it may
1444
Director with unlimited liability may have set-off as under s. 98 of No. 1 of 1865 [sec. 6.]
Notice to be given to
director on his election that his liability will be unlimited. [sec. 7.]
ORDINANCE No. 1 OF 1877.
Companies.
addition to his liability (if any) to contribute as an ordinary member, be liable to contribute as if he were at the date of the commencement of such winding-up a member of an unlimited company:
(2.) No contribution required from any past director or manager who has ceased to hold such office for a period of one year or upwards prior to the commencement of the winding-up shall exceed the amount (if any) which he is liable to contribute as an ordinary member of the
company:
(3.) No contribution required from any past director or manager in respect of any debt or liability of the company contracted after the time at which he ceased to hold such office shall exceed the amount (if any) which he is liable to contribute as an ordinary member of the
company:
(4.) Subject to the provisions contained in the regulations of the company, no contribution required from any director or manager shall exceed the amount (if any) which he is liable to contribute as an ordinary member unless the court deems it necessary to require such contribution in order to satisfy the debts and liabilities of the company, and the costs, charges, and expenses of the winding-up. 6. In the event of the winding-up of any limited company, the court, if it think fit, may make to any director or manager of such company, whose liability is unlimited, the same allowance by way
of set-off as under the ninety-eighth section of the principal Ordinance make to a contributory where the company is not limited. 7. In any limited company in which, in pursuance of this Ordinance, the liability of a director or manager is
mited, the directors or managers of the company (if any), and the member who proposes any person for election or appointment to such office, shall add to such proposal a statement that the liability of the person holding such office will be unlimited, and the promoters, directors, managers, and secretary (if any) of such company, or one of them, shall, before such person accepts such office or acts therein, give him notice in writing that his liability will be unlimited.
it
may
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