https://www.taxtmi.com/caselaws?id=97467 Directors who were allowed to act temporarily without qualification shares were not liable as contributories where the articles and the statute required them to acquire the shares within a fixed time, failing which their office automatically vacated. That requirement was treated as a time limit for qualification, not as a continuing contractual promise to purchase shares. Because the company never allotted the shares and winding up occurred before any concluded acceptance could be inferred from the articles or conduct, no express or implied contract to take qualification shares arose, and the directors were not placed on the list of contributories. en-us Wed, 20 Mar 1957 00:00:00 +0530 Mon, 16 Jan 2012 17:57:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=97467 Directors who were allowed to act temporarily without qualification shares were not liable as contributories where the articles and the statute required them to acquire the shares within a fixed time, failing which their office automatically vacated. That requirement was treated as a time limit for qualification, not as a continuing contractual promise to purchase shares. Because the company never allotted the shares and winding up occurred before any concluded acceptance could be inferred from the articles or conduct, no express or implied contract to take qualification shares arose, and the directors were not placed on the list of contributories. Case-Laws Companies Law Wed, 20 Mar 1957 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=97467