Part 10 — Dissolution Division 1 Cancellation of Incorporation
210 Contributories Liability as contributories
and past member is, subject to this Act, liable to contribute to the
assets of the company to an amount sufficient for payment of its
debts and liabilities and the costs, charges, and expenses of the
winding-up, and for the adjustment of the rights of the
contributories among themselves, with the qualifications following:
RSA 2000
(a) a past member is not liable to contribute if the past memb er
has ceased to be a member for one year or upwards before
the commencement of the winding-up;
(b) a past member is not liabl e to contribute in respect of any
debt or liability of the company contracted after the past
member ceased to be a member;
(c) a past member is not liabl e to contribute unless it appears to
the Court that the existing members are unable to satisfy the
contributions required to be made by them pursuant to this
Act;
(d) in the case of a company lim ited by shares, or a company
incorporated by Special Act of the Legislature and having
share capital, no contribution shall be required from any
member exceeding the amount, if any, unpaid on the shares
in respect of which the member is liable as a present or past
member;
(e) repealed 2020 c25 s2(90);
(f) in the case of a company limited by guarantee, no
contribution shall be required from any member exceeding
the amount undertaken to be contributed by the member to
the assets of the company in the event of its being wound
up;
(g) a sum due to any member o f a company, in the member's
character as a member, by way of dividends, profits, or
otherwise, shall not be deemed to be a debt of the company
and payable to that member in a case of competition
between himself or herself and any other creditor not a
member of the company, but any such sum may be taken
into account for the purpose of the final adjustment of the
rights of the contributories among themselves.
(2) In the winding-up of a company limited by guarantee and
having a share capital, every member of the company is, in addition
to the amount undertaken to be contributed by the member to the
assets of the company in the event of its being wound up, liable to
contribute to the extent of any sums unpaid on any shares held by
the member.
RSA 2000 cC-21 s210;2020 c25 s2(90)