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Home Bare Acts Phrase: contributoryCompanies Act, 2013, Section 285
Title: Settlement of List of Contributories and Application of Assets
State: Central
Year: 2013
.....for the preceding one year or more before the commencement of the winding up; (b) a person who has been a 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) no person who has been a member shall be liable to contribute unless it appears to the Tribunal that the present members are unable to satisfy the contributions required to be made by them in pursuance of this Act; (d) in the case of a company limited by shares, no contribution shall be required from any person, who is or has been a member exceeding the amount, if any, unpaid on the shares in respect of which he is liable as such member; (e) in the case of a company limited by guarantee, no contribution shall be required from any person, who is or has been a member exceeding the amount undertaken to be contributed by him to the assets of the company in the event of its being wound up but if the company has a share capital, such member shall be liable to contribute to the extent of any sum unpaid on any shares held by him as if the company were a company limited by shares.
View Complete Act List Judgments citing this sectionCompanies Act, 1956 Section 467
Title: Settlement of List of Contributories and Application of Assets
State: Central
Year: 1956
(1) As soon as may be after making a winding up order, the 1 [Tribunal] shall settle a list of contributories, with power to rectify the register of members in all cases where rectification is required in pursuance of this Act, and shall cause the assets of the company to be collected and applied in discharge of its liabilities: Provided that, where it appears to the 1 [Tribunal] that it will not be necessary to make calls on, or adjust the rights of, contributories, the 1 [Tribunal] may dispense with the settlement of a list of contributories. (2) In settling the list of contributories, the 1 [Tribunal] shall distinguish between those who are contributories in their own right and those who are contributories as being representatives of, or liable for the debts of, others. _____________________ 1. Substituted by Act 11 of 2003, Section 73, for "Court".
View Complete Act List Judgments citing this sectionCompanies Act, 1956 Section 430
Title: Contributories in Case of Death of Member
State: Central
Year: 1956
(1) If a contributory dies either before or after he has been placed on !he list of contributories, his legal representatives shall be liable in a due course of administration, to contribute to the assets of the company in discharge of his liability, and shall be contributories accordingly. (2) If the legal representatives make default in paying any money ordered to be paid by them, proceedings may be taken for administering the estate of the deceased contributory and compelling payment thereout of the money due. (3) For the purposes of this section, where the deceased contributory was a member of a Hindu joint family governed by the Mitakshara School of Hindu Law, his legal representatives shall be deemed to include the surviving coparceners.
View Complete Act List Judgments citing this sectionCompanies Act, 1956 Section 585
Title: Contributories in Winding Up of Unregistered Company
State: Central
Year: 1956
(1) In the event of an unregistered company being wound up, every person shall be deemed to be a contributory, who is liable to pay, or contribute to the payment of, (a) any debt or liability of the company; or (b) any sum for the adjustment of the rights of the members among themselves; or (c) the costs, charges and expenses of winding up the company. (2) Every contributory shall be liable to contribute to the assets of the company all sums due from him in respect of any liability to pay or contribute as aforesaid. (3) In the event of the death or insolvency of any contributory, the provisions of this Act with respect to the legal representatives of deceased contributories, or with respect to the assignees of insolvent Contributories, as the case may be, shall apply.
View Complete Act List Judgments citing this sectionCompanies Act, 1956 Section 469
Title: Payment of Debts Due by Contributory and Extent of Set-off
State: Central
Year: 1956
.....dealing or contract with the company, but not any money due to him as a member of the company in respect of any dividend or profit; and (b) in the case of a limited company, make to any director,2[***] or manager whose liability is unlimited, or to hi s estate, the like allowance. ( 3 ) In the case of any company, whether limited or unlimited, when all the creditors have been paid in full, any money due on any account whatever to a contributory from the company may be allowed to him by way of set-off against any subsequent call. _____________________ 1. Substituted by Act 11 of 2003, Section 73, for "Court". 2. The words "managing agent, secretaries and treasurers," omitted by Act 53 of 2000, Section 190 (w.e.f. 13-12-2000).
View Complete Act List Judgments citing this sectionCompanies Act, 1956 Section 557
Title: Meetings to Ascertain Wishes of Creditors or Contributories
State: Central
Year: 1956
(1) In all matters relating to the winding up of a company, the1[Tribunal] may - (a) have regard to the wishes of creditors or contributories of the company, as proved to it by any sufficient evidence; (b) if it thinks fit for the purpose of ascertaining those wishes direct meetings of the creditors or contributories to be called, held and conducted in such manner as the1[Tribunal] directors; and (c) appoint a person to act as chairman of any such meeting and to report the result thereof to the1[Tribunal]. (2) When ascertaining the wishes of creditors, regard shall be had to the value of each creditor's debt. (3) When ascertaining the wishes of contributories, regard shall be had to the number of voles which may be cast by each contributory. _____________________ 1. Substituted by Act 11 of 2003, Section 112, for "Court".
View Complete Act List Judgments citing this sectionBanking Regulation Act, 1949 Section 45E
Title: Special Provisions to Make Calls on Contributories
State: Central
Year: 1949
Notwithstanding that the list of the contributories has not been settled under 1[section 467 of the Companies Act, 1956 (1 of 1956)], the High Court may, if it appears to it necessary or expedient so to do, at any time after making a winding up order, make a call on and order payment thereof by any contributory under sub-section (1) of 1[section 470 of the Companies Act, 1956 (1 of 1956)], if such contributory has been placed on the list of contributories by the official liquidator and has not appeared to dispute his liability. _________________________ 1. Substituted by Act 95 of 1956, Section 14 and Schedule, for "section 184 of the Indian Companies Act, 1913 (7 of 1913)" w.e.f. 14-1-1957.
View Complete Act List Judgments citing this sectionCompanies Act, 2013, Section 295
Title: Payment of Debts by Contributory and Extent of Set
State: Central
Year: 2013
(1) The Tribunal may, at any time after passing of a winding up order, pass an order requiring any contributory for the time being on the list of contributories to pay, in the manner directed by the order, any money due to the company, from him or from the estate of the person whom he represents, exclusive of any money payable by him or the estate by virtue of any call in pursuance of this Act. (2) The Tribunal, in making an order, under sub-section (1), may,-- (a) in the case of an unlimited company, allow to the contributory, by way of set-off, any money due to him or to the estate which he represents, from the company, on any independent dealing or contract with the company, but not any money due to him as a member of the company in respect of any dividend or profit; and (b) in the case of a limited company, allow to any director or manager whose liability is unlimited, or to his estate, such set-off. (3) In the case of any company, whether limited or unlimited, when all the creditors have been paid in full, any money due on any account whatever to a contributory from the company may be allowed to him by way of set-off against any subsequent call.
View Complete Act List Judgments citing this sectionCompanies Act, 2013, Section 354
Title: Meetings to Ascertain Wishes of Creditors or Contributories
State: Central
Year: 2013
(1) In all matters relating to the winding up of a company, the Tribunal may-- (a) have regard to the wishes of creditors or contributories of the company, as proved to it by any sufficient evidence; (b) if it thinks fit for the purpose of ascertaining those wishes, direct meetings of the creditors or contributories to be called, held and conducted in such manner as the Tribunal may direct; and (c) appoint a person to act as chairman of any such meeting and to report the result thereof to the Tribunal. (2) While ascertaining the wishes of creditors under sub-section (1), regard shall be had to the value of each debt of the creditor. (3) While ascertaining the wishes of contributories under sub-section (1), regard shall be had to the number of votes which may be cast by each contributory.
View Complete Act List Judgments citing this sectionBombay Non-trading Corporations Act, 1959, (Maharashtra) Section 60
Title: Contributory and Nature of His Liability
State: Maharashtra
Year: 1959
(1) The term "contributory" means every person liable to contribute to the assets of a corporation in the event of its being wound up and includes the holder of any shares which are fully paid 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. (2) The liability of a contributory shall create a debt accruing due from him at the time when his liability commenced, but payable at the times specified in calls made on him for enforcing the liability.
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