Section 37. In the event of a Company formed under this Act being wound up,

37. In the event of a Company formed under this Act being wound up, Liability of pre~ent[every present and past member of such Company shall be ] and past members of liable to contribute to the assets of the Company to ' an Company. amount sufficient for payment of the debts and liabilities of the^ Company, and the costs, charges and expenses of the winding-up and for the payment of such sums as m y be required for the adjustment of the rights of the contributories amongst themselves, wit11 the qualifications following; (that is to say)- `(1.)`[No past member shall be liable to contribute to the assets of the Com- ] pany if he has ceased to be a member for a period of one year or upwards prior to the commencement of the winding-up : I (2.)[No past member sllall be liable to contribute ][in ][respect of any ][' ][debt ] br liability of the Company contracted after t11e time at which he ceased to be s member : `F` * (3.) Nopast member shall be lial~le to contribnte to the assets of the C o m ~ a ~ y , unless it allpears to the Court that the existing members are unable to satisfy the contributions required to be satisfy the contributions required to be made `by` then1 in pursual~ce of this Act : to satisfy the contributions required to be satisfy the contributions required to be made `by` then1 in pursual~ce of this . `(4.)`[In ][tllc ][cage ][of ] [n ][Coinl~sny ][li~nitccl ] 1 ~ shares, ~ 7 no oontributioil sliall required from ally rnrn~~be~ csc~cding tho amount, if ally, respect of mhicll lie is lial~le as a lircsent or ynst member: shares, ~ 7 no oontributioil sliall ha csc~cding tho amount, if tho amount, if amount, if if ally, unpaid on tlie shares (5.) 111 d such sum may be taken into account for the purposes of the fi~la~l adj ~~stinent of the rights of tlze coiitributories amongst tlzemselves.