Settlement of list of contributories and application of assets.

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....ation of register of members in all cases where rectification is required in pursuance of this Act and shall cause the assets of the company to be applied for the discharge of its liability:           Provided that where it appears to the Tribunal that it would not be necessary to make calls on or adjust the rights of contributories, the Tribunal may....

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....      (a) a person who has been a member shall not be liable to contribute if he has ceased to be a member for the preceding one year or more before the commencement of the winding up;            (b) a person who has been a member shall not be liable to contribute in respect of any debt or liability of the company c....