Liability .
contribu-
tories of
present and
past
members.

Ch. 31. No. 1.] Com panties.

(2) The provisions of this Ordinance with respect to
winding up apply, unle. the contrary appears, to the
winding up of a company in any of those modes.

Contributories.

155. (1) In the event of a company being wound up,
every present and past member shall be liable to contribute
to the assets of the company to an amount sufficient for
payment of its debts and liabilitie. and the costs, charges,
and expenses of the winding up, and for the adjustment of
the rights of the contributories among themselve. subject
to the provisions of subsection (2) of this section and the
following qualifications-—

(a) a past member shall not be lable to contribute
if he has ceased to be a member for one year or
upwards before the commencement of the winding up;

(6) a past member shall not be liable to contribute
in respect of any debt or liability of the company
contracted after he ceased to be a member;

(c) a past member shall not be Hable to contribute
unless It appears to the Court that the existing members
are unable to satisfy the contributions required to be
made by them in pursuance of this Ordinance ;

(¢7) in the case of —§ company limited by shares no
contribution shall be required from) any member
exceeding the amount, if any, unpaid on the shares in
Tespect of which he is lable as a present or past
member ;

(c) in the case of a company limited by guarantee, no
contribution shall, subject to the provisions of sub-
section (3) of this section, be required from any member
exceeding the amount undertaken to be contributed by
him to the assets of the c company in the event of its
being wound up;

(f) nothing in this Ordinance 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 cenipany are alone made liable in respect
of the policy or contract ;