Joint Stock Companies Act, 1850, 43 of 1850 (Rep., Act 10 of 1866)

Section 28. All unpaid capital to be a debt to the Company, &c

Repealed or not in force · As amended up to 2026-08

28. All unpaid capital to be a debt to the Company, &c. 29, 30, 31, 32. Registered Company committing an Act of Insolvency to be liable to Insolvent Court, &c. but (30) adjudication of insolvency against the Company not to be deemed insolvency of individual members; but (31) to pass property of the Company to the assignee; who (32) may compromise debts, &c.

Source: India Code