https://www.taxtmi.com/caselaws?id=97538 Subscription to the memorandum effects statutory membership and share-taking without a separate allotment; therefore a person entered on the register at the commencement of winding up incurs an ex lege liability to contribute. The analysis applies statutory construction of the Companies Act provisions and precedent establishing that signature and registration create the contractual and statutory basis for membership; prior contractual objections do not defeat contributory liability where no timely rectification or removal from the register occurred before winding up. Outcome: the persons whose names remained on the register are properly listed as contributories. en-us Tue, 20 Aug 1957 00:00:00 +0530 Tue, 17 Jan 2012 11:47:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=97538 Subscription to the memorandum effects statutory membership and share-taking without a separate allotment; therefore a person entered on the register at the commencement of winding up incurs an ex lege liability to contribute. The analysis applies statutory construction of the Companies Act provisions and precedent establishing that signature and registration create the contractual and statutory basis for membership; prior contractual objections do not defeat contributory liability where no timely rectification or removal from the register occurred before winding up. Outcome: the persons whose names remained on the register are properly listed as contributories. Case-Laws Companies Law Tue, 20 Aug 1957 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=97538