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Section 54 Companies and Allied Matters Act 2020

Section 54 CAMA 2020

Section 54 Companies and Allied Matters Act is about Limitation of liability to contribute to share capital if memorandum, etc., altered. It is under Chapter 1 (Capacity and Powers of Companies) of PART B (INCORPORATION OF COMPANIES AND INCIDENTAL MATTERS) of the Act.

Limitation of liability to contribute to share capital if memorandum, etc., altered

Except to the extent to which a member of a company agrees in writing at any time to be bound thereby, and anything to the contrary in the memorandum or articles notwithstanding, the member shall not be bound by any alteration made in the memorandum or articles of the company requiring him on or after the date of the alteration to—

(a) take or subscribe for more shares than he held at the date on which he became a member ;
(b) increase his liability to contribute to the share capital of the company; or
(c) pay money by any other means to the company.

See also  Section 166 Companies and Allied Matters Act 2020

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