Bare ActsCompanies Act, 1956

Section 430

Contributories in case of death of member

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

(1) If a contributory dies either before or after he has been placed on the list of contributories, his legal representatives shall be liable in due course of administration, to contribute to the assets of the company in discharge of his liability, and shall be contributories accordingly. (2) If the legal representatives make default in paying any money ordered to be paid by them, proceedings may be taken for administering the estate of the deceased contributory and compelling payment thereout of the money due. (3) For the purposes of this section, where the deceased contributory was a member of a Hindu joint family governed by the Mitakshara School of Hindu Law, his legal representatives shall be deemed to include the surviving coparceners.

Section 430 – Companies Act, 1956 | DailyLaw.ai