Part 7AConversion to company
113GLiability of members of company
No shares in the capital of a company into which a society has become converted pursuant to this Part that are issued in respect of shares held by a person as a member of the society shall require a contribution from that person to the assets of the company in the event of the company being put into liquidation that exceeds the amount undertaken to be contributed by that person in respect of that person's shares in the capital of the society to the assets of the society in the event of the society being dissolved.
Notes
- Section 113G: inserted, on , by section 26 of the Building Societies Amendment Act 1987 (1987 No 175).
- Section 113G: amended, on , by section 4 of the Building Societies Amendment Act 1993 (1993 No 111).