The defaulting shareholder, successive transferees and subscribers shall be jointly liable for the amount of share that remains unpaid.
The company may take action against them either before or after the sale, or at the same time to collect both the amount due and to get reimbursed for incurred costs.
Whoever paid off the company shall be entitled to take action against successive holders of the share to recover everything. The final burden of the debt shall fall on the last of those shareholders.
Shares redemption
Unofficial translation
Transcription: Spot-checked
In force from 05-05-2014
Source page 199
The document's transcription was spot-checked against the supplied source; this does not confirm a line-by-line review of every provision.
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Section 777 of the Acte uniforme révisé relatif au droit des sociétés commerciales et du groupement d'intérêt économique/akn/ohada/act/loi/2014-01-30/auscgie-2014
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