2028
Liability of members in respect of reduced shares. 8 Edw. 7, c. 69, s. 53.
Penalty on concealment of name of creditor. 8 Edw. 7, c. 69, s. 54. No. 58 of 1911.
COMPANIES.
54. 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 any) between the amount paid, or (as the case may be) the reduced amount, if any, which is to be deemed to have been paid, on the share and the amount of the share as fixed by the minute :
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-----
(i) every person who was a member of the company 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 that registration; and
(ii) 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 contributories in a winding-up.
Nothing in this section shall affect the rights of the contributories among themselves.
55. Every director, manager, or officer of the company who wilfully conceals the name of any creditor entitled to object to the reduction, or wilfully misrepresents the nature or amount of the debt or claim of any creditor, and every director or manager of the company who aids or abets in or is privy to any such concealment or misrepresentation as aforesaid, shall be guilty of a misdemeanor.
c. 69, s. 54.
Publication of reasons for reduction. 8 Edw. 7, c. 69, s. 55.
56. In any case of reduction of share capital, the court may require the company to publish as the court directs the reasons for reduction, or such other information in regard thereto as the court thinks fit.
As amended by Law Rev. Ord., 1921.
2028
Liability of
members in
respect of reduced
shares. 8 Edw. 7,
c. 69, s. 53.
Penalty on
of name of creditor. 8 Edw. 7,
No. 58 of 1911.
COMPANIES.
54. 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 any) between the amount paid, or (as the case may be) the reduced amount, if any, which is to be deemed to have been paid, on the share and the amount of the share as fixed by the minute :
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-----
(i) every person who was a member of the company 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 that registration; and
(ii) if the company is wound up, the court, on the applica- tion 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 contributories in a winding-up.
Nothing in this section shall affect the rights of the cou- tributories among themselves.
55. Every director, manager, or officer of the company concealment who wilfully conceals the name of any creditor entitled to object to the reduction, or wilfully misrepresents the nature or amount of the debt or claim of any creditor, and every director or manager of the company who aids or abets in or is privy to any such concealment or misrepresentation as aforesaid, shall be guilty of a misdemeanor.
c. 69, s. 54.
Publication
of reasons for
reduction. 8 Edw. 7, c. 69, s. 55.
56. In any case of reduction of share capital, the court may require the company to publish as the court directs the reasons for reduction, or such other information in regard
As amended by Law Rev. Ord., 1921.
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