(1) In the event of a corporation being wound up, every present and past member shall be liable to contribute to the assets of the corporation 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 subject to the provisions of section 59 and subject also to the following qualifications, namely :—
(a) 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;
(b) a past member shall not be liable to contribute in respect of any debt or liability of the corporation contracted after he ceased to be a member;
(c) no past member shall be liable to contribute unless it appears to the liquidator that the present members are unable to satisfy the contributions required to be made by them in pursuance of this Act;
22 The Maharashtra Non-Trading Corporation Act [1959 : XXVI
(d) no contribution shall be required from any past or present member exceeding the amount, if any, unpaid on the shares in respect of which he is liable as such member;
(e) in the case of a corporation limited by guarantee, no contribution shall, subject to the provisions of sub-section (2), be required from any past or present member exceeding the amount undertaken to be contributed by him to the assets of the corporation in the event of its being wound up.
(2) In the winding up of a corporation limited by guarantee every member of the corporation shall be liable, in addition to the amount undertaken to be contributed by him to the assets of the corporation in the event of its being wound up, to contribute to the extent of any sums unpaid on any shares held by him as if the corporation were a corporation limited by shares.