INDUSTRIAL AND PROVIDENT SOCIETIES ACT (NORTHERN IRELAND) 1969 - SECT 66 Liability of members in winding-up.

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INDUSTRIAL AND PROVIDENT SOCIETIES ACT (NORTHERN IRELAND) 1969 - SECT 66

Liability of members in winding-up.

66. Where a registered society is wound up by virtue of section 64(a), the
liability of a present or past member of the society to contribute for payment
of the debts and liabilities of the society, the expenses of winding-up, and
the adjustment of the rights of contributories amongst themselves, shall be
qualified as follows, that is to say

(a)no person who ceased to be a member not less than one year before the
beginning of the winding-up shall be liable to contribute;

(b)no person shall be liable to contribute in respect of any debt or liability
contracted after he ceased to be a member;

(c)no person who is not a member shall be liable to contribute unless it
appears to the court that the contributions of the existing members are
insufficient to satisfy the just demands on the society;

(d)no contribution shall be required from any person exceeding the amount, if
any, unpaid on the shares in respect of which he is liable as a past or
present member;

(e)in the case of a withdrawable share which has been withdrawn, a person
shall be taken to have ceased to be a member in respect of that share as from
the date of the notice or application for withdrawal.

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Northern Irish Legislation

INDUSTRIAL AND PROVIDENT SOCIETIES ACT (NORTHERN IRELAND) 1969 - SECT 66