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TMI Blog1959 (9) TMI 27X X X X Extracts X X X X X X X X Extracts X X X X ..... the proceeds credited to the company. Section 467 of the Companies Act is one of the most important sections of the said Act. This section corresponds to section 184 of the previous Act and section 257 of the English Act of 1948. As recommended by the Company Law Committee at page 317 of their report, the proviso to section 257(1) of the English Act has been embodied in this section. This section deals with the list of contributories. A contributory has been defined in section 428 of the Act, which corresponds to section 168 of the old Act and section 213 of the English Act. The English section makes it clear that the term includes all the persons who have fully paid their share amounts and embodies the effect of the decisions in the matt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed from denying the same. In settling the list of contributories the court is not bound by the register of shareholders, and has authority to rectify the register and may go into all questions of law and fact in order to determine the question as to who is the real owner of the shares. The power to rectify the register is not limited to the time when the court is settling the list of contributories. The court may resettle the list of contributories at any time before the dissolution of the company, and, if necessary, for that purpose, rectify the register. There is nothing in the Act, which prevents the court even after the list of contributories is settled to resettle it. The. court is competent to alter the list at any time whenever it f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ever an application is made by the official liquidator for exercising the powers contained in the proviso to section 467, it must be scrutinised with great care as the consequences are very large. Bearing these principles in mind, if we examine the facts of this case, we find that the official liquidator has made out a case. In this liquidation practically all the assets consisting of printing plant and machinery and outstandings have been realised and a dividend has been declared. There are a few small outstanding debts which are being realised. The company is a private limited company and the management changed hands in or about May, 1953, by the previous directors transferring their shares which were fully paid up to the new set of dire ..... X X X X Extracts X X X X X X X X Extracts X X X X
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