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2. Liability of members
The liability of each member is limited to £1, being the amount that each
member undertakes to contribute to the assets of the company in the event of
its being wound up while he is a member or within one year after he ceases to be
a member, for—
(a) payment of the company's debts and liabilities contracted before he
ceases to be a member,
(b) payment of the costs, charges and expenses of winding up, and
(c) adjustment of the rights of the contributories among themselves.