Lawgist286Obligations of directors and managers
In the case of a limited company, any person who is or has been a director or manager, whose liability is unlimited under the provisions of this Act, shall, in addition to his liability, if any, to contribute as an ordinary member, be liable to make a further contribution as if he were at the commencement of winding up, a member of an unlimited company:
Provided that--
(a) a person who has been a director or manager shall not be liable to make such further contribution, if he has ceased to hold office for a year or upwards before the commencement of the winding up;
(b) a person who has been a director or manager shall not be liable to make such further contribution in respect of any debt or liability of the company contracted after he ceased to hold office;
(c) subject to the articles of the company, a director or manager shall not be liable to make such further contribution unless the Tribunal deems it necessary to require the contribution in order to satisfy the debts and liabilities of the company, and the costs, charges and expenses of the winding up.
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- 271 Circumstances in which company may be wound up by Tribunal
- 272 Petition for winding up
- 273 Powers of Tribunal
- 274 Directions for filing statement of affair
- 275 Company Liquidators and their appointment
- 276 Removal and replacement of liquidato
- 277 Intimation to Company Liquidator, provisional liquidator and Registra
- 278 Effect of winding up order
- 279 Stay of suits, etc., on winding up order
- 280 Jurisdiction of Tribunal
- 281 Submission of report by Company Liquidato
- 282 Directions of Tribunal on report of Company Liquidator
- 283 Custody of company‘s propertie
- 284 Promoters, directors, etc., to cooperate with Company Liquidator
- 285 Settlement of list of contributories and application of assets
- 286 Obligations of directors and managers
- 287 Advisory Committee
- 288 Submission of periodical reports to Tribunal
- 289 Power of Tribunal on application for stay of winding up
- 290 Powers and duties of Company Liquidator
- 291 Provision for professional assistance to Company Liquidato
- 292 Exercise and control of Company Liquidator‘s powers
- 293 Books to be kept by Company Liquidato
- 294 Audit of Company Liquidator‘s accounts
- 295 Payment of debts by contributory and extent of set-off
- 296 Power of Tribunal to make calls
- 297 Adjustment of rights of contributories
- 298 Power to order costs
- 299 Power to summon persons suspected of having property of company, etc
- 300 Power to order examination of promoters, directors, etc
- 301 Arrest of person trying to leave India or abscond
- 302 Dissolution of company by Tribunal
- 303 Appeals from orders made before commencement of Act
