Bank of Ireland Act, 1935

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Continuance of liability for notes.

3.—In the event of the Bank being wound up every present and past member shall subject to the provisions of this section be liable to contribute without limit, rateably in proportion to their respective interests in the stock of the Bank towards payment of the bank notes of and the consolidated bank notes issued by the Bank and the costs, charges and expenses of and incidental to the getting in and collection of the various contributions and of the adjustment of the rights of the contributories among themselves with the qualifications following that is to say:—

(1) a past member shall not be liable to contribute if he has ceased to be a member for one year or upwards before the commencement of the winding up,

(2) a past member shall not be liable to contribute in respect of any bank note or consolidated bank note issued after he ceased to be a member,

(3) a past member shall not be liable to contribute unless it appears to the Court that the existing members are unable to satisfy the contributions required in respect of bank notes and consolidated bank notes.