Obligations of directors and managers.
Updated: Oct 3, 2022
Section 286. Obligations of directors and managers
In the case of a Ld., any individual who is or has been a director or manager, whose liability is unlimited under the provisions of this Act, shall, additionallyto his liability, if any, to contribute as a normal member, be at risk of make an additional contribution as if he were at the commencement of effecting, a member of a limiteless company :
Provided that —
(a) someone who has been a director or manager shall not be vulnerable tomake such further contribution, if he has ceased to carry office for a year or upwards before the commencement of the winding up;
(b) an individual who has been a director or manager shall not be susceptible to make such further contribution in respect of any debt or liability of the corporate contracted after he ceased to carry office;
(c) subject to the articles of the corporate, a director or manager shall not be at risk of make such further contribution unless the Tribunal deems it necessary to need the contribution so as to satisfy the debts and liabilities of the corporate, and also the costs, charges and expenses of the concluding.