Companies Act, 1862

Nature of liability of contributory.

75. The liability of any person to contribute to the assets of a company under this Act in the event of the same being wound up shall be deemed to create a debt (in England and Ireland of the nature of a specialty) accruing due from such person at the time when his liability commenced, but payable at the time or respective times when calls are made as herein-after mentioned for enforcing such liability; and it shall be lawful in the case of the bankruptcy of any contributory to prove against his estate the estimated value of his liability to future calls, as well as calls already made.