The Joint-stock Companies Act, 1857

LXXXI. Calls may be made upon former shareholders in respect of shares.-

The Court may at any time make calls upon any former holder of a share who is liable under Section LXI or LXII of this Act in respect of such share as well as upon the existing holder of that share; but any payment made or obtained from any contributory in respect of a share shall operate for the benefit of every other contributory in respect of such share.