Assignee of a Contributory (Section 431).

Assignee of a Contributory (Section 431). If a contributory is adjudged insolvent, either before or after he bas been placed on the list of contributories, his assignee in

insolvency shall represent him for all the purposes of the winding-up, and shall be contributories accordingly.

5. Liquidator of a Body Corporate which is a Member (Section 432). If a body corporate which is a contributory is ordered to be wound-up, either before or after it has been placed on the list of contributories, the liquidator of the body corporate shall represent it for all the purposes of the winding up of the company and shall be a contributory accordingly.

6. Subscribers to the Memorandum. Subscribers to the Memorandum are deemed to be members of the company even though their names mayor may not be entered in the Register of members. Accordingly, in the event of winding-up, in spite of the fact that their names are not entered in the Register of members, they shall be deemed as contributories for the amount remaining unpaid on the shares they agreed to subscribe for.

In f.H. Chandler and Co. Ltd., In re (1926) 48 All. 580, a person agreed to purchase shares in a company and subscribed to the Memorandum of Association, but later asked the promoter to cancel his “requirements”. His name was never entered in the register of members. It was held that he was liable as a contributory.

Even allotment of shares is not necessary to create liability On the part of the persons who have subscribed to the Memorandum. [Babulal Vs. Narayana Sugar and General Mills Ltd. (1958) 28 Compo Cas. 155 (Punj.); Universal Transport Company Ltd. Vs. S. fagjit Singh (1958) 26 Compo Cas. 36 (Punj.)].