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Companies and Allied Matters Act 2020 · Part B · Chapter 20

Section 568Contributories in case of death of member

(1)
If a contributory dies either before or after he has been placed on the list of contributories, his personal representatives, heirs and devisees, are liable in due course of administration to contribute to the assets of the company in discharge of his liability and they are contributories accordingly.
(2)
Where the personal representatives are placed on the list of contributories, the heirs or devisees need not be added but they may be added as and when the Court deems fit.
(3)
If the personal representatives make default in paying any money ordered to be paid by them, proceedings may be taken for administering the whole or any part of the estate of the deceased contributory, and for compelling payment out of it of the money due.
Cite as: Companies and Allied Matters Act 2020, section 568

What this section means

From the guide: Modes of winding up and contributories under CAMA 2020

  • If they default, proceedings can be brought to administer the estate and compel payment (section 568).

Read the whole subject

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.