COMP 3.3 Members' undertaking

For the purposes of Article 92B of the Companies Regulations the terms and minimum level of undertaking that a Member of an LLC(G) shall be required to provide shall be as follows:

The Member's undertaking must state that each Member undertakes that, if the LLC(G) is wound up while he is a Member or within one year after he ceases to be a Member, he will contribute to the assets of the LLC(G) such amount as may be required for:—

(A) payment of the debts and liabilities of the LLC(G) contracted before he ceases to be a Member;
(B) payment of the costs, charges and expenses of winding up; and
(C) adjustment of the rights of the contributories among themselves not exceeding a specified amount.
The value of a Member's undertaking shall be no less than QAR1000.
Inserted (as from 5th April 2015).