1916. Present  : De Sampayo J.

SANKARA AYAR v. BECKET.

33-C. R. Colombo, 47,802.

Joint Stock company-Call made by directors from shareholders-Compulsory winding-up proceedings-Prescription.

The directors of a joint stock company registered in India under the Indian Companies Act, 1382. made a call in 1908 for the balance due on defendants shares, but the defendant did not pay it. In 1911 an order was made for the compulsory winding up of the company by the District Court of Tinnevelly (India). On October 9. 1912, the Court made order that the defendant should pay the balance due on his shares within four days of the service of the order, The defendant not having paid the amount, this action was instituted on October 7, 1915.

Held, that the claim was not barred by prescription. The ordinary liability of a shareholder to contribute his share of capital arises under the articles, but on a winding up it is converted into a statutory liability under section 63. of the Indian Companies Act, 1882.

The amount of contribution ordered by the Court can be re-covered, though the claim on the basis of sails originally made by the directors may h