Sri Lanka Consolidated Acts

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Companies Act (No. 17 of 1982) - Sect 71

Liability of members in respect of reduced shares

71.
(1) In the case of a reduction of share capital, a member of the company, past or present, shall not be liable in respect of any share to any call or contribution exceeding in amount the difference, if any, between the amount of the share as fixed by the minute and the amount paid, or the reduced amount, if any, which is to be deemed to have been paid, on the share, as the case may be:
(2) Nothing in this section shall affect- the right of the contributories among themselves.

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