Members severally liable for debts where business carried on with fewer than seven, or in the case of a private company, two members.

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....TO<br>Companies Law<br>Section 45 of the Companies Act, 1956 - (Repealed)<br>Reduction of number of members below legal minimum Members severally liable for debts where business carried on with few....

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.... on business after those six months and is cognizant of the fact that it is carrying on business with fewer than seven members or two members, as the case may be, shall be severally liable for the pay....