Clause 46
Liability of a member limited by shares or by guarantee
of Co-operative Societies Bill
BillNot in forceProvision 62 of 105
Clause 46
(1)
Notwithstanding the provisions of any by-laws, the liability of a member, present or past, of a society shall extend to the nominal value of any shares held or subscribed for by him.
(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 him, then the liability of such member shall extend to such greater amount.