Liability on share transfer
99Where any transfer of shares not fully paid up has been made with the consent of the directors to a person who apparently is not of sufficient means to fully pay up such shares, the directors are jointly and severally liable to the creditors of the company, in the same manner and to the same extent as the transferring shareholder but for the transfer would have been; but if any director present when any such transfer is allowed does forthwith, or if any director then absent does within twenty-four hours after he becomes aware of the transfer and is able so to do, enter on the minute book of the board of directors his protest against the transfer, and within eight days thereafter publishes such protest in at least one newspaper published at the place in which the head office or chief place of business of the company is situated, or, if there is no newspaper there published then in The Royal Gazette, such director may thereby, and not otherwise, exonerate himself from such liability.