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The Joint-stock Companies Act, 1857

LXII. Liability of former shareholders in a limited Company with respect to debts and liabilities.-

In the event of any limited Company being wound-up by the Court, any person who has ceased to be a holder of any share or shares within the period of one year prior to the commencement of the winding-up shall be liable in respect of such share or shares to contribute towards payment of the debts and liabilities of the Company, and the costs, charges, and expenses of winding-up the same, and shall have in all respects the same rights and be subject to the same liabilities to creditors in respect of such share or shares as if he had not so ceased to be a shareholder.

Joint-Stock Companies Act, 1857 Back

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