Act Number: 19

Act Name: The Joint-stock Companies Act, 1857

Year: 1857

Enactment Date: 1857-07-10

Long Title: An Act to make better provision for the order and good government of the Suburbs of Calcutta and of the station of Howrah.

Ministry: Ministry of Corporate Affairs

Department:

Section LX: Liability of present shareholders in respect of debts.
    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.
Scroll to Top