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[Cites 0, Cited by 0] [Section 426(1)] [Section 426] [Entire Act]

Union of India - Subsection

Section 426(1)(g) in The Companies Act, 1956

(g)a sum due to any past or present member of the company in hischaracter as such, by way of dividends, profits or otherwise, shall not bedeemed to be a debt of the company payable to that member, in a case ofcompetition between himself and [any creditor claiming otherwise than in the character of a past or present member of the company] [ Substituted by Act 65 of 1960, Section 161, for certain words (w.e.f. 28.12.1960).] ; but any suchsum shall be taken into account for the purpose of the final adjustment of the rights of the contributories among themselves.