Question
If number of members falls below specified number, and
if business is carried out for more than ____________months, every member who was cognisant of the fact will be severally liable for payment of whole debts of the company contracted during that time-Solution
Section 3A is being inserted in Companies Act, 2013 to clarify that if number of members falls below specified number, and if business is carried out for more than six months, every member who was cognisant of the fact will be severally liable for payment of whole debts of the company contracted during that time.
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