Liquidator authority to call uncalled capital requires contributories to pay outstanding contributions before any distribution is made. The liquidator may call and realise amounts due from contributories, including the uncalled capital, and collect arrears on prior calls notwithstanding any charge or encumbrance; realized funds are held subject to holders' rights. No distribution may be made to a contributory unless that contributory first makes the required contribution to the uncalled or unpaid capital as per the corporate person's constitutional documents.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Liquidator authority to call uncalled capital requires contributories to pay outstanding contributions before any distribution is made.
The liquidator may call and realise amounts due from contributories, including the uncalled capital, and collect arrears on prior calls notwithstanding any charge or encumbrance; realized funds are held subject to holders' rights. No distribution may be made to a contributory unless that contributory first makes the required contribution to the uncalled or unpaid capital as per the corporate person's constitutional documents.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.