High Court of Australia
SOLICITO
42 C.L.R.] OF AUSTRALIA.
(HIGH COURT OF AUSTRALIA.]
PERMANENT TRUSTEE COMPANY OF ' APPELLANT ;
NEW SOUTH WALES LIMITED . si RESPONDENT, AND PALMER, J d s : ResponveEnt. APPLICANT,
ON APPEAL FROM THE SUPREME COURT OF NEW SOUTH WALES.
Company—Foint holders of shares—Hach a " member" of company—Voluntary 14,0, op A. liquidation—« Past member" —Personal representatives of deceased joint holder
1928-1929, of shares—Liability to be placed on list of contributories—Companies Act 1899 (W.S.W.) (No. 40 of 1899), secs. 33*, 137. Sypnry, A joint holder of shares in a company is a member of that company; and, ¢r., 21. in the event of the company going into voluntary liquidation after his death, ayq7ep 27, his personal representatives are liable to be placed upon a list of contributories 1929.
Isaacs, Higgins, Powers and Starke JJ.
to the assets of the company, as personal representatives of a " past member" within the meaning of sec, 33 of the Companies Act 1899 (N.S.W.).
Decision of the Supreme Court of New South Wales (Long Innes J.): In re
Wool Trading Co. Ltd. [No. 2}, (1928) 28 S.R. (N.S.W.) 435, affirmed.
*The Companies Act 1899 (N.S.W.).
by sec. 33, provides that " In the event of a company formed or registered under this Part of this Act being wound up, every present and past member of such company shall be liable to contri- bute to the assets of the company to an amount sufficient for payment of the debts and liabilities of the company, and the costs, charges, and expenses of the winding-up, and for the payment of such sums as may be required for the adjustment of the rights of the contributories amongst themselves with the qualifications following (that is to
VoL, XLII.
say) :—(a) No. past_member shall be liable to contribute if he has ceased to be a member for a period of one year or upwards prior to the commencement of the winding-up. (b) No past mem- ber shall be liable to contribute in respect of any debt or liability of the company contracted after the time at which he ceased to be a member. . . « (d) In the case of a company limited by shares no contribution shall be required from any member exceeding the amount (if any) unpaid on the shares in respect of which he is liable ag a present or past member."
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