Section LXXXV

Power of Court to adjust rights of contributories

The Joint-stock Companies Act, 1857

  • Act 19 of 1857
  • Ministry of Corporate Affairs
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.

All sections
    contributories. As soon as the creditors are satisfied, the Court shall proceed to themselves, and to distribute any surplus that may remain amongst the parties entitled thereto ; and for the ceed to adjust the rights of the contributories amongst purposes of such adjustment it may make calls on the contributories to the extent of their liability for payment of such sums as it deems necessary and it may, in making a call, take into consideration the probability that some of the contributories upon whom the same is made may partly or wholly fail to pay their respective portions of the same. Nothing in this Section shall preclude any former shareholder entitled to indemnity under Section LXV of this Act from enforcing such indemnity by due course of law.
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