Section 15 — Liability for carrying on business with less than three or, in the case of a private company, two members

If at any time the number of members
of a company is reduced, in the case of a private company other than a single
member company, below two or in the case of any other company, below three and

the company carries on business for more than one hundred and eighty days while
the number is so reduced, every person who is a member of the company during
the time that it so carries on business after those one hundred and eighty days and
is cognizant of the fact that it is carrying on business with fewer than two members
or three members, as the case may be, shall be severally liable for payment of whole
debts of the company contracted during that time and may be sued therefor without
joinder in the suit of any other member.

GENERAL PROVISIONS WITH RESPECT TO REGISTRATION OF
MEMORANDUM AND ARTICLES