Section 412 of The Companies Act No. 17 of 2015: Liability of members following reduction of capital
(1) If a company’s share capital is reduced, a member of the company (past orpresent) is not liable in respect of any share to any call or contribution exceeding the amount of difference (if any) between—
(a) the nominal amount of the share as notified to the Registrar in the statement of capital delivered under section 411; and
(b) the amount paid on the share, or the reduced amount (if any), that is treated as having been paid on it.
(2) This section is subject to section 411.
(3) This section does not affect the rights of the contributories among themselves.
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