Section 78K — Liability of members on reduced shares

Where a company’s share capital is reduced under any provision of this Division, a member of the company (past or present) is not liable in respect of the issue price of any share to any call or contribution greater in amount than the difference (if any) between —

(a)the issue price of the share; and

(b)the aggregate of the amount paid up on the share (if any) and the amount reduced on the share.