Part 2 — Provincial Companies Subpart 1 Status and Powers of Provincial Companies
205 Limitations on liability
the heirs and personal representatives of a shareholder or
incorporator.
(2) Despite the dissolution of a provincial company, a shareholder
or incorporator to whom any of its property has been distributed is
liable to any person claiming under section 204(1) to the extent of
the amount received by that shareholder or incorporator on the
distribution.
(3) An action to enforce liability under subsection (2) must not be
commenced after 2 years from the date of the dissolution of the
provincial company.
(4) The Court may order an action referred to in subsections (2)
and (3) to be brought against the persons who were shareholders or
incorporators as a class, subject to the conditions the Court thinks
fit.
(5) If the plaintiff establishes a claim in an action under subsection
(4), the Court may refer the proceedings to a referee or other officer
of the Court, who may
(a) add as a party to the pro ceedings each person found by the
plaintiff to have been a shareholder or incorporator,
(b) determine, subject to subs ection (2), the amount that each
person who was a shareholder or incorporator must
contribute toward satisfaction of the plaintiff's claim, and
(c) direct payment of the amounts so determined.
1999 cI-5.1 s205
RSA 2000