100Liability for calls

1. Where a share renders its holder liable to calls, or otherwise imposes a liability on its holder, that liability attaches to the holder of the share for the time being, and not to a prior holder of the share, whether or not the liability became enforceable before the share was registered in the name of the current holder.

2. Where—

3. all or part of the consideration payable in respect of the issue of a share remains unsatisfied; and
4. the person to whom the share was issued no longer holds that share,—
liability in respect of that unsatisfied consideration does not attach to subsequent holders of the share, but remains the liability of the person to whom the share was issued, or of any other person who assumed that liability at the time of issue.