PART IFormation and Registration of Companies ; Juridical Status and Membership

CHAPTER ICompany Formation

A company's membership

24Minimum membership for carrying on business

If a company carries on business without having at least two members and does so for more than 6 months, a person who, for the whole or any part of the period that it so carries on business after those 6 months—

a

is a member of the company, and

b

knows that it is carrying on business with only one member,

is liable (jointly and severally with the company) for the payment of the company's debts contracted during the period or, as the case may be, that part of it.