State Act
60
Section 60. Contributory and nature of his liability.
The Maharashtra Non-trading Corporations Act
Act no. 26 of 19591959In forceMaharashtra (State Act)
60. Contributory and nature of his liability.— (1) The term “contributory” means every person liable to contribute to the assets of a corporation in the event of its being wound up and includes the holder of any shares which are fully paid up; and for the purposes of all proceedings for determining, and all proceedings prior to the final determination of, the persons who are to be deemed contributories, includes any person alleged to be a contributory. (2) The liability of a contributory shall create a debt accruing due from him at the time when his liability commenced, but payable at the times specified in calls made on him for enforcing the liability.