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Companies Act, 1956

Sec 432 - Contributories in case of winding up of a body corporate which is a member.

If a body corporate which is a contributory is ordered to be wound up, either before or after it has been placed on the list of contributories,

(a) the liquidator of the body corporate shall represent it for all the purposes of the winding up of the company and shall be a contributory accordingly, and may be called on to admit to proof against the assets of the body corporate, or otherwise to allow to be paid out of its assets in due course of law, any money due from the body corporate in respect of its liability to contribute to the assets of the company ; and

(b) there may be proved against the assets of the body corporate the estimated value of its liability to future calls as well as calls already made.

Companies Act, 1956 Back

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