427. Obligations of directors , [* * *] [ The words " managing agent, secretaries and treasurers" omitted by Act 53 of 2000, Section 187 (w.e.f. 13.12.2000).]and managers whose liability is unlimited.-.
In the winding up of a limited company, any director, [* * *] [Substituted by Act 65 of 1960, Section 161, for certain words (w.e.f. 28.12.1960). ] or manager, whether past orpresent, whose liability is, under the provisions of this Act, unlimited, shall, inaddition to his liability, if any, to contribute as an ordinary member, be liable tomake a further contribution as if he were, at the commencement of the windingup, a member of an unlimited company :Provided that -(a)a past director, [* * *] [ The words " managing agent, secretaries and treasurers" omitted by Act 53 of 2000, Section 187 (w.e.f. 13.12.2000).] or manager shall not be liable to make suchfurther contribution, if he has ceased to hold office for a year orupwards before the commencement of the winding up ;(b)a past director, [* * *] [ The words " managing agent, secretaries and treasurers" omitted by Act 53 of 2000, Section 187 (w.e.f. 13.12.2000).] or manager shall not be liable to make suchfurther contribution in respect of any debt or liability of thecompany contracted after he ceased to hold office ;(c)subject to the articles of the company, a director, [* * *] [ The words " managing agent, secretaries and treasurers" omitted by Act 53 of 2000, Section 187 (w.e.f. 13.12.2000).] or managershall not be liable to make such further contribution, unless the [Tribunal] [ Substituted by Act 11 of 2003, Section 49, for " Court" .] deems it necessary to require the contribution in order tosatisfy the debts and liabilities of the company, and the costs,charges and expenses of the winding up.
