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Liability of Members to Contribute to the Assets of the CIO if it is Wound Up
(1) If the CIO is wound up, each member of the CIO is liable to contribute to the assets of the CIO such amount (but not more than £10) as may be required for the payment of the debts and liabilities of the CIO contracted before that person or organisation ceases to be a member, for payment of the costs, charges and expenses of winding up, and for adjustment of the rights of the contributing members among themselves.
(2) In sub-clause (1) of this clause “member” includes any person or organisation that was a member of the CIO within 12 months before the commencement of the winding up.
(3) But subject to that, the members of the CIO have no liability to contribute to its assets if it is wound up, and accordingly have no personal responsibility for the settlement of its debts and liabilities beyond the amount that they are liable to contribute.