Section 124(2)

Except as mentioned below, a contributory is not entitled to present a winding-up petition unless either— the number of members is reduced below 2, or the shares in respect of which he is a contributory, or some of them, either were originally allotted to him, or have been held by him, and registered in his name, for at least 6 months during the 18 months before the commencement of the winding up, or have devolved on him through the death of a former holder.

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Source: legislation.gov.uk · retrieved 2026-09-04