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Section 429 – The Companies Act,1956

The Companies Act, 1956

429. Nature of liability of contributory.

(1) The liability of a contributory shall create a debt accruing due from him at the time when his liability commenced, but payable at the times specified in calls made on him for enforcing the liability.

(2) No claim founded on the liability of a contributory shall be cognizable by any Court of Small Causes sitting outside the presidency-towns.

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The Companies Act, 1956

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