50(1)Every shareholder, until the balance of the amount at which his shares were issued is paid up, is individually liable to the creditors of the company to an amount equal to that not paid thereon; but he is not liable to an action therefor by any creditor until the creditor has obtained and enforced judgment against the company and the judgment is not wholly satisfied.

50(2)The unsatisfied amount of the judgment against the company, not exceeding the amount unpaid on his shares, as aforesaid, is the amount recoverable, with costs, from such shareholder.

50(3)Any amount so recoverable, if paid by the shareholder, shall be considered as paid on his shares.

50(1)Every shareholder, until the balance of the amount at which his shares were issued is paid up, is individually liable to the creditors of the company to an amount equal to that not paid thereon; but he is not liable to an action therefor by any creditor until an execution at the suit of such creditor against the company has been returned unsatisfied in whole or in part.

50(2)The amount due on such execution, not exceeding the amount unpaid on his shares, as aforesaid, is the amount recoverable, with costs, from such shareholder.

50(3)Any amount so recoverable, if paid by the shareholder, shall be considered as paid on his shares.

50(1)Every shareholder, until the balance of the amount at which his shares were issued is paid up, is individually liable to the creditors of the company to an amount equal to that not paid thereon; but he is not liable to an action therefor by any creditor until an execution at the suit of such creditor against the company has been returned unsatisfied in whole or in part.

50(2)The amount due on such execution, not exceeding the amount unpaid on his shares, as aforesaid, is the amount recoverable, with costs, from such shareholder.

50(3)Any amount so recoverable, if paid by the shareholder, shall be considered as paid on his shares.