Lawgist3AMembers severally liable in certain cases
1[3A. Members severally liable in certain cases.-- If at any time the number of members of a company is reduced, in the case of a public company, below seven, in the case of a private company, below two, and the company carries on business for more than six months while the number of members is so reduced, every person who is a member of the company during the time that it so carries on business after those six months and is cognisant of the fact that it is carrying on business with less than seven members or two members, as the case may be, shall be severally liable for the payment of the whole debts of the company contracted during that time, and may be severally sued therefor.]
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1. Ins. by Act 1 of 2018, s. 3 (w.e.f. 9-2-2018).
- 3 Formation of company
- 3A Members severally liable in certain cases
- 4 Memorandum
- 5 Articles
- 6 Act to override memorandum, articles, etc
- 7 Incorporation of company
- 8 Formation of companies with charitable objects, etc
- 9 Effect of registration
- 10 Effect of memorandum and articles
- 11 [Omitted]
- 12 Registered office of company
- 13 Alteration of memorandum
- 14 Alteration of articles
- 15 Alteration of memorandum or articles to be noted in every copy
- 16 Rectification of name of company
- 17 Copies of memorandum, articles, etc., to be given to members
- 18 Conversion of companies already registered
- 19 Subsidiary company not to hold shares in its holding company
- 20 Service of documents
- 21 Authentication of documents, proceedings and contracts
- 22 Execution of bills of exchange, etc
