(1) Subject to subsection (2), if a society that is being wound up and that is unable to pay all of its debts has contravened section 76, and the Court considers that such contravention has contributed to the society's inability to pay all of its debts or has resulted in substantial uncertainty as to the assets and liabilities of the society or has substantially impeded its orderly winding up the Court, on the application of the liquidator or the Central Bank or any creditor or contributory of the society may, if it thinks it proper to do so, declare that any one or more of the officers and former officers of the society who is or are in default shall be personally liable, without any limitation of liability, for all, or such part as may be specified by the Court, of the debts and other liabilities of the society.
(2) On the hearing of an application under subsection (1), the person bringing the application may himself give evidence or call witnesses.
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