Liquidator's power to recover uncalled capital and unpaid contributions during liquidation, subject to charge-holder rights. The liquidator must realize amounts due from a contributory and may call and recover uncalled capital and arrears on prior calls by notice requiring payment within fifteen days, subject to the rights of any charge-holder. No distribution can be made to a contributory unless the contributory first makes the required contribution to uncalled or unpaid capital under the constitutional documents. For liquidation and Schedule I, assets include the asset, assets, set of assets, or parcel of assets being sold.
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's power to recover uncalled capital and unpaid contributions during liquidation, subject to charge-holder rights.
The liquidator must realize amounts due from a contributory and may call and recover uncalled capital and arrears on prior calls by notice requiring payment within fifteen days, subject to the rights of any charge-holder. No distribution can be made to a contributory unless the contributory first makes the required contribution to uncalled or unpaid capital under the constitutional documents. For liquidation and Schedule I, assets include the asset, assets, set of assets, or parcel of assets being sold.
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