Companies Act (Cap. 386), article 204

204. Where a distribution, or part of a distribution, made by a company to one of its members is made in contravention of this Chapter and, at the time of the distribution, that member knows or has reasonable grounds for believing that it is so made, he sha ll be liable to repay it, or that part of it, as the case may be, to the company or, in the case of a distribution made otherwise than i n cash, to pay the company a sum equal to the value of the distribution, or of the part of the distribution, at that time. Obligations imposed apart from article 204 not to be prejudiced.