Section XLIII
Prohibition against carrying on business with less than seven shareholders.
The Joint-stock Companies Act, 1857
About this Act
An Act to make better provision for the order and good government of the Suburbs of Calcutta and of the station of Howrah.
If any
Company registered under this Act carries on business when the number of its shareholders is less
than seven, for a period of six months after the number has been so reduced, then every Director of
such Company during the time that it so carries on business after such period of six months, shall be
severally liable for the payment of the whole debts of the Company contracted during such time, and
may be sued for the same without the joinder in the action or suit of any other person.