Section LXII
Liability of former shareholders in a limited Company with respect to debts and liabilities.
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 limited Company being wound-up by the Court, any person who has
ceased to be a holder of any share or share within the period of one year prior to the commencement
of the winding-up shall be liable in respect of such share or shares to contribute towards payment of
the debts and liabilities of the Company, and the costs, charges, payment and expenses of winding-up
the same, and shall have in all respects the same rights and be subject to the same liabilities to
creditors in respect of such share or shares as if he had not so ceased to be a shareholders.