74 Liability as contributories of present and past members
74 Liability as contributories of present and past members

(1)     When a company is wound up, every present and past member is liable to contribute to its assets to any amount sufficient for payment of its debts and liabilities, and the expenses of the winding up, and for the adjustment of the rights of the contributories among themselves.

(2)     This is subject as follows—

(a)     a past member is not liable to contribute if he has ceased to be a member for one year or more before the commencement of the winding up;

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