Alteration of constitution: members not bound by changes increasing shares or liability without written consent or association exception. An alteration to a company's memorandum or articles that requires a member to take or subscribe for more shares than held at the date of alteration, or increases his liability to contribute to share capital or otherwise pay money to the company, does not bind that member. This immunity is subject to two exceptions: the member's written agreement to be bound by the alteration, and where the company is a club or similar association and the alteration raises recurring or periodical subscriptions or charges.
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Provisions expressly mentioned in the judgment/order text.
Alteration of constitution: members not bound by changes increasing shares or liability without written consent or association exception.
An alteration to a company's memorandum or articles that requires a member to take or subscribe for more shares than held at the date of alteration, or increases his liability to contribute to share capital or otherwise pay money to the company, does not bind that member. This immunity is subject to two exceptions: the member's written agreement to be bound by the alteration, and where the company is a club or similar association and the alteration raises recurring or periodical subscriptions or charges.
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