The term, “contributory” means every person liable to contribute to the assets of a company in the event of its being wound up, and for the purposes of all proceedings prior to the final determination of the persons who are to be deemed contributories, the expression includes any person alleged to be a contributory.
Companies and Allied Matters Act 2020 · Part B · Chapter 20
Section 566Definition of contributory
Cite as: Companies and Allied Matters Act 2020, section 566
What this section means
From the guide: Modes of winding up and contributories under CAMA 2020
- In a winding up, present and past members are contributories who can be made to contribute to the assets (sections 565 and 566).
- Before the final list is settled, the term includes anyone alleged to be a contributory (section 566).
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Source: Companies and Allied Matters Act 2020 (Act No. 3 of 2020), Official Gazette No. 124, Lagos, 10 August 2020. General information, not legal advice.