Section 3(iii) in Sikkim Registration of Companies Act, 1961
(iii)The memorandum of a company limited by guarantee shall also state that each member undertakes to contribute to the assets of the company in the event of its being wound up while he is a 'member or within one year after he ceases be a member, for payment of the debts and liabilities of the company or, of such debts and liabilities of the company as may have been contracted before he ceases to be a member, as the case may be, and of the costs, charges and expenses of winding up, and for adjustment of the rights of the contributors among themselves, such amount as may be required, not exceeding, a specified amount.
