Commonwealth Repealed Acts
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This legislation has been repealed.
CORPORATIONS LAW- SECT 586
Contributories in winding up of Part 5.7 body
- (1)
- On a Part 5.7 body being wound up, every person
who:
- (a)
- in any
caseis liable to pay or contribute to the payment of:
- (i)
- a debt
or liability of the Part 5.7 body;
- (ii)
- any sum for the adjustment of the rights of the members among
themselves; or
- (iii)
- the costs and expenses of winding up; or
- (b)
- if the
Part 5.7 body has been dissolved or deregistered in its place of
originwas so liable immediately before the dissolution or
deregistration;
is a contributory and every contributory is liable to
contribute to the property of the Part 5.7 body all sums due from the
contributory in respect of any such liability.
- (2)
- On
the death or bankruptcy of a contributory, the provisions of this Law with
respect to the personal representatives of deceased contributories or the
assignees and trustees of bankrupt contributories, as the case may be, apply.
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