(1) In a limited company the liability of the directors, or of the managing director, may, if so provided by the memorandum, be unlimited.
(2) In a limited company in which the liability of a director is unlimited, the directors of the company and the member who proposes a person for election or appointment to the office of director, shall add to that proposal a statement that the liability of the person holding that office will be unlimited, and before the person accepts the office or acts therein, notice in writing that his liability will be unlimited shall be given to him by the following or one of the following persons, namely, the promoters of the company, the directors of the company, and the secretary of the company.
(3) If any director or proposer makes default in adding such a statement, or if any promoter or director or secretary makes default in giving such a notice, he shall be guilty of an offence and liable to a fine not exceeding £500 and shall also be liable for a