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TMI BlogLiability as contributories of present and past members.X X X X Extracts X X X X X X X X Extracts X X X X ..... 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, subject to the provisions of section 427 and subject also to the following qualifications, namely: ____ (a) a past member shall not be liable to contribute if he has ceased to be a member for one year or upwards before the commencem ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... amount undertaken to be contributed by him to the assets of the company in the event of its being wound up; (f) nothing in this Act shall invalidate any provision contained in any policy of insurance or other contract whereby the liability of individual members on the policy or contract is restricted, or whereby the funds of the company are alone made liable in respect of the policy or cont ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... npaid on any shares held by him as if the company were a company limited by shares. ----------------------------------- Notes:- [1] Substituted for "Court" by the Companies (Second Amendment) Act, 2002, w.e.f. a date yet to be notified. [2] Substituted by the Companies (Amendment) Act, 1960, Act 65 of 1960, section 161, for words ,any other creditor who is not a past o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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