Effect of alteration in memorandum or articles.

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..... er the date on which he became a member, if and so far as the alteration requires him to take or subscribe for more shares than the number held by him at the date on which the alteration is made, or in any way increases his liability as at that date, to contribute to the share capital of, or otherwise to pay money to, the company: [1] [ Provided that this section shall not apply ____ .....

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