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The RTM Companies (Model Articles) (England) Regulations 2009
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- UK Statutory Instruments
- 2009 No. 2767
- SCHEDULE
- THE COMPANIES ACT 2006
- PART 1
- LIMITATION OF LIABILITY
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LIMITATION OF LIABILITY
Liability of members
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.
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