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[Cites 0, Cited by 21] [Entire Act]

Union of India - Section

Section 429 in 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 thetime when his liability commenced, but payable at the times specified in callsmade 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.