10. Liability of members for debts of body corporate

The payment of any expenditure lawfully incurred by the body corporate in the course of the exercise of any of its powers or functions or the carrying out of its duties or obligations shall, by virtue of this section, be guaranteed by the persons who, for the time being and from time to time, are the members of the body corporate, and a member shall only be liable to pay such amount which he would have to pay if contributions were levied by the body corporate pursuant to section 8 to raise the necessary sum for the payment of the expenditure.