60Liability of members and past members in winding up

60 Liability of members and past members in winding up

(1) Where a society is being wound up, every present and past member of the society shall be liable to contribute to the assets of the society up to the amount, if any, unpaid on the shares in respect of which he is liable as a present or past member together with any charges payable by him to the society, for payment of the debts and liabilities of the society and the costs charges and expenses of the winding up and for payment of such sums as may be required for the adjustment of the rights of the contributories among themselves, with the qualifications set out in this section:

Provided that in the winding up of any society a member shall not be liable to pay the amount unpaid on the shares in respect of which he is liable except at the time or times and subject to the conditions expressed in the rules of the society relating to the payment of share capital by instalments and, where an advance has been made, in the mortgage securing the advance.

(2) A past member shall not be liable to contribute to the assets of the society if he has ceased to be a member for one year or upwards before the commencement of the winding up.

S. 60(2A) inserted by No. 37/1999 s. 58(Sch. 2 Pt 2 item 9).

(2A) A past member is not liable to contribute to the assets of the society in respect of any debt or liability to the society under a mortgage given by the member to the society that has been assigned or transferred by the society.

(3) A past member shall not be liable in respect of any debt or liability of the society contracted after the time at which he ceased to be a member.

(4) A past member shall not be liable to contribute unless it appears that the existing members are unable to make the contributions required to be made by them in order to satisfy all just demands upon the society.

S. 61
repealed by No. 37/1999 s. 58(Sch. 2 Pt 2 item 10).

Part IV—Administration

Division 1—Registry

S. 62 amended by Nos 6821 s. 8(a)(b), 10087 s. 3(1)(Sch. 1 item 18), repealed by No. 48/1992 s. 99(a),
new s. 62 inserted by No. 37/1999 s. 58(Sch. 2 Pt 1 item 9), amended by No. 108/2004 s. 117(1) (Sch. 3 item 42).