2080
No. 58 of 1911.
Definition of contributory. 8 Edw. 7,
COMPANIES.
of its being wound up, to contribute to the extent of any sums unpaid on any shares held by him.
125. The term "contributory" means every person liable to contribute to the assets of a company in the event of its being wound up, and, in all proceedings for determining and in all proceedings prior to the final determination of the persons who are to be deemed contributories, includes any person alleged to be a contributory.
Nature of liability of contributory. 8 Edw. 7,
126. The liability of a contributory shall create a debt of the nature of a specialty accruing due from him at the time when his liability commenced, but payable at the times when calls are made for enforcing the liability.
Contributories in case of death of member. 8 Edw. 7,
127.--(1) If a contributory dies either before or after he has been placed on the list of contributories, his personal representatives and his heirs and devisees, shall be liable in a due course of administration to contribute to the assets of the company in discharge of his liability and shall be contributories accordingly.
c. 69, s. 126.
Contributories in case of bankruptcy of member. 8 Edw. 7,
(2) Where the personal representatives are placed on the list of contributories, the heirs or devisees shall not be added unless the court thinks fit.
(3) If the personal representatives make default in paying any money ordered to be paid by them, proceedings may be taken for administering the personal and real estates of the deceased contributory, or either of them, and of compelling payment thereout of the money due.
128. If a contributory becomes bankrupt, either before or after he has been placed on the list of contributories, then-
(1) his trustee in bankruptcy shall represent him for all the purposes of the winding-up, and shall be a contributory accordingly, and may be called on to admit to proof against the 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.
Page 80
Page 81
2080
No. 58 of 1911.
Definition of contributory. 8 Edw. 7,
COMPANIES.
of its being wound up, to contribute to the extent of any sums unpaid on any shares held by him.
125. The term "contributory" means every person liable to contribute to the assets of a company in the event of its c. 69, s. 124. being wound up, and, in all proceedings for determining and in all proceedings prior to the final determination of the persons who are to be deemed contributories, includes any person alleged to be a contributory.
Nature of liability of contributory. 8 Edw. 7,
126. The liability of a contributory shall create a debt of the nature of a specialty accruing due from him at the time when his liability commenced, but payable at the times when c. 69, s. 125. calls are made for enforcing the liability.
Contribu-
of death of member. 8 Edw. 7,
127.--(1) If a contributory dies either before or after he tories in case has been placed on the list of contributories, his personal representatives and his heirs and devisees, shall be liable in a due course of administration to contribute to the assets of the company in discharge of his liability and shall be con- tributories accordingly.
c. 69, s. 126.
Contribu-
of bank-
ruptcy of
member.
8 Edw. 7,
(2) Where the personal representatives are placed on the list of contributories, the heirs or devisces shall not be added unless the court thinks fit.
(3) If the personal representatives make default in paying any money ordered to be paid by them, proceedings may be taken for administering the personal and real estates of the deceased contributory, or either of them, and of compelling payment thereout of the money due.
128. If a contributory becomes bankrupt, either before or tories in case after he has been placed on the list of contributories, then- (1) his trustee in bankruptcy shall represent him for all the purposes of the winding-up, and shall be a contributory e. 69, s. 127. accordingly, and may be called on to admit to proof against the 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.
Page 80Page 81
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