Section 122. Liability of members on reduced shares

Where the share capital of a company is reduced under any provision of this Subdivision, a past or present member of the company shall not be 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.