Liability as contributories of present and past members.

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....or payment of its debts and liabilities and the costs, charges and expenses of the winding up, and for the adjustment of the rights of the contributories among themselves, subject to the provisions of section 427 and subject also to the following qualifications, namely:^____      (a) a past member shall not be liable to contribute if he has ceased to be a member for one year....

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....n shall, subject to the provisions of sub-section (2), be required from any past or present member exceeding the amount undertaken to be contributed by him to the assets of the company in the event of its being wound up;      (f) nothing in this Act shall invalidate any provision contained in any policy of insurance or other contract whereby the liability of individual membe....