Members severally liable for debts where business carried on with fewer than seven, or in the case of a private company, two members. https://www.taxtmi.com/acts?id=12321 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. en-us Fri, 06 May 2011 12:12:09 +0530 Fri, 06 May 2011 12:12:09 +0530 TaxTMI RSS Generator Members severally liable for debts where business carried on with fewer than seven, or in the case of a private company, two members. https://www.taxtmi.com/acts?id=12321 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. Act-Rules Companies Law Fri, 06 May 2011 12:12:09 +0530 https://www.taxtmi.com/acts?id=12321