Section 126: Death or bankruptcy of contributory

126. Death or bankruptcy of contributory (1) Where a contributory dies, before or after he has been placed on the list of contributories, every heir who has taken possession of his estate shall be liable to contribute to the assets of the company in discharge of his liability and shall accordingly be a contributory to the extent of the inheritance or legacy received by him. (2) Nothing in subsection (1) shall affect the right of any heir to renounce the estate of a deceased contributory or to accept it under benefit of inventory. (3) Where a contributory becomes bankrupt or assigns his estate for the benefit of his creditors, before or after he has been placed on the list of contributories— (a) the trustee in bankruptcy or his assignee shall represent him for all the purposes of the winding up and shall accordingly be a contributory; and (b) there may be proved against his estate the estimated value of his liability to future calls as well as calls already made.