Section 66 Liability of members in winding-up.
Northern Ireland
Where a registered society is wound up by virtue of F1section 64(1)(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—
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;
no person shall be liable to contribute in respect of any debt or liability contracted after he ceased to be a member;
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;
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;
in the case of a withdrawable share which has been withdrawn, a person shall be taken to have ceased to be a member in respect of that share as from the date of the notice or application for withdrawal.
Annotations
Textual amendments
- F1
Words in s. 66 substituted (1.10.2009) Companies Act 2006 (Consequential Amendments, Transitional Provisions and Savings) Order 2009 (S.I. 2009/1941), art. 2(1), Sch. 1 para. 21(9) (with art. 10)
Notes on the whole Act
Textual amendments
- F1
Act: "The Industrial and Provident Societies (N.I.) Act 1969 may be cited as The Co-operative and Community Benefit Societies Act (N.I.) 1969" (6.4.2018) by virtue of Credit Unions and Co-operative and Community Benefit Societies Act (NorthernIreland) 2016 (c. 16), ss. 8(2), 17(2) (with Sch. 2 paras. 2, 3); S.R. 2017/217, art. 2(b)
- F2