Victorian Consolidated Legislation

Co-operative Housing Societies Act 1958 - SECT 60

Liability of members and past members in winding up

60. Liability of members and past members in winding up



(1) Where a society is being wound up, every present and past member of the
society shall be liable to contribute to the assets of the society up to the
amount, if any, unpaid on the shares in respect of which he is liable as a
present or past member together with any charges payable by him to the
society, for payment of the debts and liabilities of the society and the costs
charges and expenses of the winding up and for payment of such sums as may be
required for the adjustment of the rights of the contributories among
themselves, with the qualifications set out in this section:

Provided that in the winding up of any society a member shall not be liable to
pay the amount unpaid on the shares in respect of which he is liable except at
the time or times and subject to the conditions expressed in the rules of the
society relating to the payment of share capital by instalments and, where an
advance has been made, in the mortgage securing the advance.

(2) A past member shall not be liable to contribute to the assets of the
society if he has ceased to be a member for one year or upwards before the
commencement of the winding up.

(2A) A past member is not liable to contribute to the assets of the society in
respect of any debt or liability to the society under a mortgage given by the
member to the society that has been assigned or transferred by the society.

(3) A past member shall not be liable in respect of any debt or liability of
the society contracted after the time at which he ceased to be a member.

(4) A past member shall not be liable to contribute unless it appears that the
existing members are unable to make the contributions required to be made by
them in order to satisfy all just demands upon the society.



* * * * *

_______________