1923_COMPANIES_ORDINANCE__1911 — Page 78

2078

No. 58 of 1911.

Modes of winding-up. 8 Edw. 7,

c. 69, s. 122.

Liability as contributories

of present and

c. 69, s. 123.

COMPANIES.

interested, and on such terms and conditions as seem to the court just and expedient, order that the company be relieved from such consequences as aforesaid.

PART IV.

WINDING-UP.

Preliminary.

123.-(1) The winding-up of a company may be either--

(i) by the court; OT

(ii) voluntary; or

(ii) subject to the supervision of the court.

(2) The provisions of this Ordinance with respect to winding-up apply, unless the contrary appears, to the winding-up of a company in any of those modes.

Contributories.

124.-(1) In the event of a company being wound up every present and past member shall, subject to the provisions past members. of this section, be liable to contribute to the assets of the 8 Edw. 7.

company to an amount sufficient for payinent of its debts and liabilities and the costs, charges, and expenses of the winding-up, and for the adjustment of the rights of the contributories among themselves, with the qualifications following:

(i) a past member shall not be liable to contribute if he has ceased to be a member for one year or upwards before the commencement of the winding-up;

(ii) a past member shall not be liable to contribute in respect of any debt or liability of the company contracted after he ceased to be a member;

(iii) a past member shall not be liable to contribute unless it appears to the court that the existing members are unable to satisfy the contributions required to be made by them in pursuance of this Ordinance ;

(iv) in the case of a company limited by shares, no contribution shall be required from any member exceeding the amount, if any, unpaid on the shares in respect of which he is liable as a present or past member;