Section 193. Liability for calls and forfeiture

(1) If a share renders its holder liable to calls or imposes a liability on its holder, that liability attaches to the shareholder for the time being, whether or not the liability became enforceable before the share was registered in the name of that shareholder and is not attached to a prior shareholder.

(2) Subject to sections 82 and 83, if all or part of the consideration payable in respect of the issue of a share remains unsatisfied and the person to whom the share was issued no longer holds that share, the liability in respect of the unsatisfied consideration remains with the person to whom the share was issued or any other person who assumed that liability at the time of issue and does not attach to the subsequent shareholders.