(1) In the event of a company being wound up, every present and past member shall, subject to the provisions of this section, be liable to contribute to the assets of the company to an amount sufficient for payment of its debts and liabilities and the costs, charges, and expenses of the winding up, and for the adjustment of the rights of the contributories among themselves, with the qualifications following (that is to say):
(i) A past member shall not be liable to contribute if he has ceased to be a member for one year or upwards before the commencement of the winding up:
(ii) A past member shall not be liable to contribute in respect of any debt or liability of the company contracted after he ceased to be a member:
(iii) A past member shall not be liable to contribute unless it appears to the court that the existing members are unable to satisfy the contributions required to be made by them in pursuance of this Act:
(iv) In the case of a company limited by shares no contributi