Singapore legislation
Section 46
Section 46
Liability of member limited by shares or by guarantee
(1)
Despite the provisions of any by-laws, the liability of a member, present or past, of a society extends to the nominal value of any shares held or subscribed for by the member.
(2)
Where in the by-laws of a society the amount of the liability of a member is expressed to be greater than the nominal value of any shares held or subscribed for by the member, then the liability of the member extends to that greater amount.