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TMI Blog1930 (5) TMI 7X X X X Extracts X X X X X X X X Extracts X X X X ..... Oil Mills Co. Ltd., seeks to place upon the list of contributories of the company the heirs of one Syed Alay Nabi, who the liquidators allege, was a singnatory to the memorandum of association of the company, and a subscriber thereunder to the extent of 50 shares in the company. The memorandum of association was signed by Syed Alay Nabi and others on the 23rd June, 1920. It is admitted that he d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e to the Registrar, Joint Stock Companies, a letter informing him that because of the failure of Syed Alay Nabi to pay for his shares he had in law ceased to be a director, and asking the Registrar to strike his name off the list of directors. Previously to this, however, the company had informed Syed Alay Nabi himself on the 5th November, 1920, by a letter of that date that he was no longer a dir ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... am to assume anything or infer anything in this case, I think the only inference I can possibly arrive at is that Syed Alay Nabi had subscribed 50 shares which according to the articles of association subsequently adopted by the company, was the qualification for a director, solely for the reason that he was being made a director. When he was struck off the list of directors owing to his default, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... der that Syed Alay Nabi being dead, his heirs should be included in the list of contributories, and I order accordingly. However, this is a hard case. Syed Alay Nabi undoubtedly thought that he had ceased to be a member. The managing agents undoubtedly thought the same. There was no demand after the letters to which I have alluded, made upon him to contribute to the company the price of his shares ..... X X X X Extracts X X X X X X X X Extracts X X X X
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