Western Australian Consolidated Acts Western Australian Consolidated Acts (1) If the capital of
a company is reduced a member of the company past or present shall not be
liable in respect of any share to any call or contribution exceeding in amount
the difference (if any) between the amount of the share as fixed by the minute
and the amount paid or the reduced amount (if any) which is to be deemed to
have been paid on the share, as the case may be:
Provided that if any
creditor entitled in respect of any debt or claim to object to the reduction
of share capital is, by reason of his ignorance of the proceedings for
reduction or of their nature and effect with respect to his claim, not entered
on the list of creditors, and after the reduction the company is unable,
within the meaning of the provisions of this Act with respect to winding-up by
the Court, to pay the amount of his debt or claim, then —
(a)
every person who was a member of the company at the date of the registration
of the order for reduction and minute shall be liable to contribute for the
payment of that debt or claim an amount not exceeding the amount which he
would have been liable to contribute if the company had commenced to be wound
up on the day before the said date; and
(b) if
the company is wound up in any manner provided by this Act the Court, on the
application of any such creditor and proof of his ignorance as aforesaid, may,
if it thinks fit, settle accordingly a list of persons so liable to
contribute, and make and enforce calls and orders on the contributories
settled on the list as if they were ordinary contributories in a winding-up.
(2) Nothing in this
section shall affect the rights of the contributories among themselves.