Section 192
Liability of members
ActIn forceProvision 192 of 621
Section 192
(1)
A member shall not be liable for an obligation of a company by reason only of being a member of the company.
(2)
The liability of a member of a company is limited to—
(a)
in the case of a company limited by shares, any amount unpaid on a share held by the member;
(b)
in the case of a company limited by guarantee, any amount which the member has undertaken to contribute to the company in the event of it being wound up;
(c)
any liability expressly provided for in the constitution of the company; and
(d)
any liability as provided for under this Act.