Companies.
is, under the provisions of this Ordinance, unlimited, shall, in addition to his liability (if any) to contribute as an ordinary member, be liable to make a further contribution as if he were at the commencement of the winding up a member of an unlimited company: 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 contracted 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 contribution 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.
[156]
156. The term contributory means every person liable to contribute to the assets of a company in the event of its being wound up, and for the purposes of all proceedings for determining, and all proceedings prior to the final determination of, the persons who are to be deemed contributories, includes any person alleged to be a contributory.
[157]
157. 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.
[158]
[CAP. 32]
Definition of contributory.
19 & 20 Geo. 5, c. 23, s. 158.
Nature of contributory liability.
19 & 20 Geo. 5, c. 23, s. 159.
158. (1) If a contributory dies either before or after he has been placed on the list of contributories, his personal representatives (and his heirs or other inheritors in countries where property does not pass to personal representatives)
19 & 20 Geo. 5, c. 23, s. 160.
member.
119
Companies.
is, under the provisions of this Ordinance, unlimited, shall, in addition to his liability (if any) to contribute as an ordinary member, be liable to make a further contribution as if he were at the commencement of the winding up a member of an unlimited company: 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 com- mencement 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 contracted 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 contribution 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 under- taken 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. [156
156. The term contributory means every person liable to contribute to the assets of a company in the event of its being wound up, and for the purposes of all proceedings for determining, and all proceedings prior to the final determina- tion of, the persons who are to be deemed contributories, includes any person alleged to be a contributory.
[157
157. 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.
[158
[CAP. 32
Definition of 19 & 20 Geo. 5,
contributory.
c. 23, s. 158.
Nature of contributory. c. 23, s. 159.
liability of
19 & 20 Geo. 5,
tories in case of death of
158. (1) If a contributory dies either before or after he Contribu- has been placed on the list of contributories, his personal representatives (and his heirs or other inheritors in countries where property does not pass to personal representatives) c. 23, s. 160.
member.
19 & 20 Geo. 5,
119
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