https://www.taxtmi.com/caselaws?id=97326 A petitioner who is an executor, administrator and present member sought to set off claimed dividends and interest against contributory liability in a company winding up. The articles of association were held to forfeit earlier dividends and to preclude interest on unpaid dividends, and the statutory scheme limits members' claims to any surplus after payment of creditors. Consequently, sums payable as dividends do not rank for set off against contributory calls and cannot reduce contributory liability; the petition to set off dividends and interest was dismissed and the petitioner remains a contributory. en-us Thu, 07 Apr 1955 00:00:00 +0530 Mon, 16 Jan 2012 12:53:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=97326 A petitioner who is an executor, administrator and present member sought to set off claimed dividends and interest against contributory liability in a company winding up. The articles of association were held to forfeit earlier dividends and to preclude interest on unpaid dividends, and the statutory scheme limits members' claims to any surplus after payment of creditors. Consequently, sums payable as dividends do not rank for set off against contributory calls and cannot reduce contributory liability; the petition to set off dividends and interest was dismissed and the petitioner remains a contributory. Case-Laws Companies Law Thu, 07 Apr 1955 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=97326