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COMPANIES ACT (NORTHERN IRELAND) 1960 - SECT 379

Enforcement of duty of company to make returns to registrar.

379.(1) Subject to sub-section (2), a bank of issue registered under this Act
as a limited company shall not be entitled to limited liability in respect of
its notes, and the members thereof shall be liable in respect of its notes in
the same manner as if it had been registered as unlimited.

(2) If, in the event of the company being wound up, the general assets are
insufficient to satisfy the claims of both the note-holders and the general
creditors, then the members, after satisfying the remaining demands of the
note-holders, shall be liable to contribute towards payment of the debts of
the general creditors a sum equal to the amount received by the note-holders
out of the general assets.

(3) For the purposes of this section, "the general assets" means the funds
available for payment of the general creditor as well as the note-holder.

(4) Any bank of issue registered under this Act as a limited company may state
on its notes that the limited liability does not extend to its notes, and that
the members of the company are liable in respect of its notes in the same
manner as if it had been registered as an unlimited company.][

© 1960 Crown Copyright

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