Section 38: Statement of guarantee

(1) The statement of guarantee required to be delivered in the case of a company that is limited by guarantee shall—
(a) contain such information as may be prescribed for the purpose of identifying the subscribers to the memorandum of association; and
(b) that each member undertakes that, if the company is wound up while he is a member, or within one year after he ceases to be a member, he shall contribute to the assets of the company such amount as may be required for—
(i) payment of the debts and liabilities of the company contracted before he ceases to be a member, payment of the costs, charges and
expenses of winding-up, and
(ii) adjustment of the rights of the contributories among themselves, not exceeding a specified amount.