Liability of membersE+W
This
adran has no associated
Memorandwm Esboniadol
7. The liability of each member is limited to £1, being the amount that each member undertakes to contribute to the assets of the company in the event of its being wound up while he is a member or within one year after he ceases to be a member, for—
(a)payment of the company’s debts and liabilities contracted before he ceases to be a member,
(b)payment of the costs, charges and expenses of winding up; and
(c)adjustment of the rights of the contributories among themselves.
Commencement Information
I1Sch. art. 7 in force at 9.11.2009, see reg. 1(1)