Member liability for reduced membership: members severally liable if company continues business below legal minimum membership for prescribed period. Where a company's membership falls below the statutory minimum and the company carries on business beyond the statutory continuation period, every person who is a member during that continued period and is aware that the company is operating with insufficient members shall be severally liable for the whole debts contracted by the company during that time and may be severally sued for them.
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Provisions expressly mentioned in the judgment/order text.
Member liability for reduced membership: members severally liable if company continues business below legal minimum membership for prescribed period.
Where a company's membership falls below the statutory minimum and the company carries on business beyond the statutory continuation period, every person who is a member during that continued period and is aware that the company is operating with insufficient members shall be severally liable for the whole debts contracted by the company during that time and may be severally sued for them.
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