What are the Liabilities of the subscriber in case of One Person Company?
The liability of the member of the OPC may be limited or unlimited, and the Memorandum of Association of the OPC shall state,—
(i) in the case of a company limited
by shares, that liability of its member is limited to the amount unpaid, if
any, on the shares held by them; and
(ii) in the case of a company
limited by guarantee, the amount up to which 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 payment of the debts and liabilities of the company
or of such debts and liabilities as may have been contracted before he ceases
to be a member, as the case may be; and
· to the costs, charges and expenses
of winding-up and for adjustment of the rights of the
contributories among themselves