Bare ActsCompanies Act, 1956

Section 429

Nature of liability of contributory

Amendment status not verified — confirm the current text below against the official source.

(1) 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. (2) No claim founded on the liability of a contributory shall be cognizable by any Court of Small Causes sitting outside the presidency towns.

Section 429 – Companies Act, 1956 | DailyLaw.ai