The Application Agreement and what it means:
I / We wish to become a member of the 101 Forward Control Club and Register Limited, hereinafter called, "The Club".
I / we undertake to contribute to the assets of the Club in the event of it being wound up whilst I am a member or within one year thereafter, for payment of the debts and any liabilities of the Company contracted while I am a member, and the costs, charges and expenses of winding up and for the adjustment of the rights of contributions among themselves such amount may not exceed £5.00 (Five Pounds Sterling) and I / we hereby guarantee to contribute accordingly.
I / we agree to abide by the Rules of The Club and to this guarantee to which I hereby place my hand for and on behalf of myself and any Family Member or Members aged 18 years or over named herein.
What it means:
You'll only have to pay Five Pounds if the club goes bust!
In the event that the club has to be closed down, the total 'liability' of any individual, fully paid member is limited to Five Pounds. This is because the club is effectively 'owned' by members who in turn should benefit from the success of the club, but not be held liable should anything go wrong.