the-ordinances-of-the-legislative-counci-1890v3 — Page 161

1444 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 .
Director with 6. In the event of the winding-up of any limited company, the
unlimited
liability may court , if it think fit, may make to any director or manager of such
have set-off as
under s. 98 of company, whose liability is unlimited, the same allowance by way of
No. 1 of 1865
[ sec. 6. ] set-off as under the ninety - eighth section of the principal Ordinance
it may make to a contributory where the company is not limited .
Notice to be 7. In any limited company in which , in pursuance of this Ordinance ,
given to
director on the liability of a director or manager is unlimited , the directors or
his election
that his managers of the company ( if any ), and the member who proposes any
liability will
be unlimited. person for election or appointment to such office , shall add to such
[sec. 7. ]
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 .