https://www.taxtmi.com/caselaws?id=96760 The note addresses two issues: whether an asserted renunciation by a deceased member extinguished contributory status and whether heirs' failure to be substituted within thirty days engages the Limitation Act. The author concludes the renunciation evidence was insufficient and did not forfeit the deposit-contributory status remained. On substitution the Limitation Act is inapplicable; liability on a member's death passes automatically to legal representatives under the winding up statute, who therefore remain liable in the liquidation. The practical effect is that unproven renunciation does not relieve contributory liability and substitution timing does not create a limitation bar. en-us Tue, 25 Jan 1938 00:00:00 +0530 Tue, 10 Jan 2012 18:08:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=96760 The note addresses two issues: whether an asserted renunciation by a deceased member extinguished contributory status and whether heirs' failure to be substituted within thirty days engages the Limitation Act. The author concludes the renunciation evidence was insufficient and did not forfeit the deposit-contributory status remained. On substitution the Limitation Act is inapplicable; liability on a member's death passes automatically to legal representatives under the winding up statute, who therefore remain liable in the liquidation. The practical effect is that unproven renunciation does not relieve contributory liability and substitution timing does not create a limitation bar. Case-Laws Companies Law Tue, 25 Jan 1938 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=96760