Section 38

(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.