Liability of a member definition

Liability of a member means, the extent of liability of every member and is limited to the Shares held by him towards contribution of the capital of the Society;
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Liability of a member means the extent to which a member may be obliged to contribute money to meet the debts of a society on liquidation thereof;
Sample 1
Liability of a member means the extent to which a member may be obliged to contribute money to meet the debts of a society on liquidation thereof;
Sample 1

Examples of Liability of a member in a sentence

  • Liability of a member is limited to the amount unpaid on the shares held by them.

  • Liability of a member or other person who acts for the nonprofit association is governed by other law of the jurisdiction.

  • Liabilities to be limited: (1) Liability of a member in terms of transaction of a Cooperative Organization shall be limited only up to the maximum limit of the shares he/she has subscribed or agreed to subscribe.

  • Liability of Members Liability of a member including Directors shall be two times of the share Capital contributed by him/her.

  • Rossouw (2009) offers two hypotheses for why this may be the case: first, corporate governance regimes are embedded in larger socio-cultural systems, and, as such, reflect the values and norms of these systems.

  • Liability, of a member of the Association, or person as described in sub rule 7.11.1 & 7.11.2 of this rule will be limited to a sum of Fifty dollars ($50.00).

  • The excess of the Tax Liability of a member determined on a separate company basis over the allocable portion of the Tax Liability of such member as determined under the immediately preceding sentence shall be paid by such member to the other member or members having losses in direct proportion to the reduction in Tax Liability resulting from the inclusion of such loss member or members.

  • Liability of a member for any deficit in the asset of the society on liquidation shall be limited to the face value of the subscribed share capital.

  • From and after the Distribution Date, no member of either Group shall have any rights or Liabilities under any such terminated Intercompany Agreement with any member of the other Group, except (i) as specifically provided herein or in the other Transaction Agreements and (ii) any Liability of a member of either Group arising out of a breach by such member prior to the date of termination of any commercial Intercompany Agreement.

  • The most interesting rule is the rule for the definition of local continuations, which employs an interpolant serving as precondition for the defined continuation.⊥ ›→›→ ›→We will write [f P ] or just f P for the generalized post- condition (λgσ.

Related to Liability of a member

  • BRRD Liability means a liability in respect of which the relevant Write Down and Conversion Powers in the applicable Bail-in Legislation may be exercised.

  • Controlled Group Liability means any and all liabilities (i) under Title IV of ERISA, (ii) under Section 302 of ERISA, (iii) under Sections 412 and 4971 of the Code, and (iv) as a result of a failure to comply with the continuation coverage requirements of Section 601 et seq. of ERISA and Section 4980B of the Code.

  • Liability means any liability or obligation, whether known or unknown, asserted or unasserted, absolute or contingent, accrued or unaccrued, liquidated or unliquidated and whether due or to become due, regardless of when asserted.

  • Asserted Liability has the meaning set forth in Section 9.4(a).

  • Liability Cap has the meaning ascribed to it in paragraph 1 of Schedule 9;

  • Related Liability with respect to any Asset means any liability existing and reflected on the Accounting Records of the Failed Bank as of Bank Closing for (i) indebtedness secured by mortgages, deeds of trust, chattel mortgages, security interests or other liens on or affecting such Asset, (ii) ad valorem taxes applicable to such Asset, and (iii) any other obligation determined by the Receiver to be directly related to such Asset.

  • Public liability means any legal liability arising out of or resulting from a nuclear in- cident or precautionary evacuation (includ- ing all reasonable additional costs incurred by a State, or a political subdivision of a State, in the course of responding to a nu- clear incident or precautionary evacuation), except (1) claims under State or Federal Workmen’s Compensation Acts of employees of persons indemnified who are employed (a) at the location or, if the nuclear incident oc- curs in the course of transportation of the radioactive material, on the transporting ve- hicle, and (b) in connection with the licens- ee’s possession, use or transfer of the radio- active material; (2) claims arising out of an act of war; and (3) claims for loss of, or dam- age to, or loss of use of (a) property which is located at the location and used in connec- tion with the licensee’s possession, use, or transfer of the radioactive material, and (b) if the nuclear incident occurs in the course of transportation of the radioactive mate- rial, the transporting vehicle, containers used in such transportation, and the radio- active material.

  • Event of withdrawal of a general partner means an event that causes a person to cease to be a general partner as provided in section 402.

  • Interested Party means a person:

  • Environmental Costs and Liabilities means any and all losses, liabilities, obligations, damages, fines, penalties, judgments, actions, claims, costs and expenses (including, without limitation, fees, disbursements and expenses of legal counsel, experts, engineers and consultants and the costs of investigation and feasibility studies and remedial activities) arising from or under any Environmental Law or order or contract with any Governmental Authority or any other Person.

  • Related Liability Amount with respect to any Related Liability on the books of the Assuming Institution, means the amount of such Related Liability as stated on the Accounting Records of the Assuming Institution (as maintained in accordance with generally accepted accounting principles) as of the date as of which the Related Liability Amount is being determined. With respect to a liability that relates to more than one asset, the amount of such Related Liability shall be allocated among such assets for the purpose of determining the Related Liability Amount with respect to any one of such assets. Such allocation shall be made by specific allocation, where determinable, and otherwise shall be pro rata based upon the dollar amount of such assets stated on the Accounting Records of the entity that owns such asset.

  • Third Party Claims has the meaning set forth in Section 11.1.

  • Financial Member means a person who has paid the required membership fee and is listed on the Register of Members.

  • taxable person means any person who, independently, carries out in any place any economic activity, whatever the purpose or results of that activity.

  • Withdrawal Liability means liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA.

  • parent mixed financial holding company in a Member State means a mixed financial holding company which is not itself a subsidiary of an institution authorised in the same Member State, or of a financial holding company or mixed financial holding company set up in that same Member State;

  • Limited liability means that the liability of each shareholder is limited to the amount unpaid by the shareholder on the shares of the company (except in exceptional circumstances, such as involving fraud, the establishment of an agency relationship or an illegal or improper purpose or other circumstances in which a court may be prepared to pierce or lift the corporate veil).

  • Public member means an individual who is not, and never