Section 43, Cap. 287

A person whose shares have been forfeited shall cease to be a memberin respect of the forfeited shares, but shall, notwithstanding, remain liable to pay to the Company all moneys and to satisfy all (if any) the claims and demands which the Company might have enforced in respect of the shares which, at the date of forfeiture, were payable by him to the Company or which might have been enforced in respect of the shares, without any deduction or allowance for the value of the shares at the time of forfeiture, but his liability shall cease if and when the Company shall have received payment in full of all such moneys and shall have satisfied all the claims and demands which it might have enforced in respect of the shares.