Section LX
Liability of present shareholders in respect of debts.
The Joint-stock Companies Act, 1857
About this Act
An Act to make better provision for the order and good government of the Suburbs of Calcutta and of the station of Howrah.
In the event of any Company being
wound-up by the Court or voluntarily, the existing shareholders shall be liable to contribute to the
assets of the Company to an amount sufficient to pay the debts and liabilities of the Company, and the
costs, charges, and expenses of winding-up the same , with this qualification, that if the Company is
limited, no contribution shall be required from any shareholders exceeding the amount, if any, unpaid
on the shares hold by him.