Subs. by Act 1 of 2018, s. 75, for “seven or more members” (w.e.f. 15-8-2018). — THE COMPANIES ACT, 2013

Subs. by Act 1 of 2018, s. 75, for “seven or more members” (w.e.f. 15-8-2018).

1. Subs. by Act 1 of 2018, s. 75, for “seven or more members” (w.e.f. 15-8-2018). (vi) where a company is about to register as a company limited by guarantee, the assent to its being so registered shall be accompanied by a resolution declaring 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 payment of the debts and liabilities of the company or of such debts and liabilities as may have been contracted before he ceases to be a member, and of the costs, charges and expenses of winding up, and for the adjustment of the rights of the contributories among themselves, such amount as may be required, not exceeding a specified amount.

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