https://www.taxtmi.com/caselaws?id=96535 Heirs of a deceased memorandum subscriber remain liable as contributories where the subscriber's membership was never validly terminated. Subscription to the memorandum creates continuing membership unless the company validly accepts an authorised surrender of shares or the subscriber pays for and validly transfers them. Non-payment, removal from the register of directors, and a mistaken belief that membership ended do not constitute surrender or repudiation. The heirs should therefore be included in the list of contributories. Interest on unpaid share amounts is not appropriate where no subsequent lawful demand was made and there was no refusal or neglect to comply with such a demand. en-us Tue, 06 May 1930 00:00:00 +0530 Mon, 09 Jan 2012 10:53:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=96535 Heirs of a deceased memorandum subscriber remain liable as contributories where the subscriber's membership was never validly terminated. Subscription to the memorandum creates continuing membership unless the company validly accepts an authorised surrender of shares or the subscriber pays for and validly transfers them. Non-payment, removal from the register of directors, and a mistaken belief that membership ended do not constitute surrender or repudiation. The heirs should therefore be included in the list of contributories. Interest on unpaid share amounts is not appropriate where no subsequent lawful demand was made and there was no refusal or neglect to comply with such a demand. Case-Laws Companies Law Tue, 06 May 1930 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=96535