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The Joint-stock Companies Act, 1857

LXXXV. Power of Court to adjust rights of contributories.-

As soon as the creditors are satisfied, the Court shall proceed to adjust the rights of the contributories amongst themselves, and to distribute any surplus that may remain amongst the parties entitled thereto ; and for the purposes of such adjustment if may make calls on purposes of such adjustment it may make calls on the contributories to the extent of their liability for payment of such sums as it deems necessary ; and it may, in making a call, take into consideration the probability that some of the contributories upon whom the same is made may partly or wholly fail to pay their respective portions of the same. Nothing in this Section shall preclude any former shareholder entitled to indemnity under Section LXV of this Act from enforcing such indemnity by due course of law.

Joint-Stock Companies Act, 1857 Back

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