Distributing surplus Sample Clauses

Distributing surplus. Subject to these articles and the rights or restrictions attached to any shares or class of shares: (a) if the Company is wound up and the property of the Company available for distribution among the members is more than sufficient to pay: (1) all the debts and liabilities of the Company; and (2) the costs, charges and expenses of the winding up, the excess must be divided among the members in proportion to the number of shares held by them, irrespective of the amounts paid or credited as paid on the shares; (b) for the purpose of calculating the excess referred to in article 12.1(a), any amount unpaid on a share is to be treated as property of the Company; (c) the amount of the excess that would otherwise be distributed to the holder of a partly paid share under article 12.1(a) must be reduced by the amount unpaid on that share at the date of the distribution; and (d) if the effect of the reduction under article 12.1(c) would be to reduce the distribution to the holder of a partly paid share to a negative amount, the holder must contribute that amount to the Company.