Section 5(2) in The Maharashtra Non-Trading Corporations Act, 1959
(2)Such a corporation may be either–(a)a corporation having the liability of its members limited by the memorandum to the amount, if any, unpaid on shares respectively held by them; or(b)a corporation having the liability of its members limited by the memorandum to such amount as the members may respectively undertake by the memorandum to contribute to the assets of the corporation in the event of its being wound up.
