87The principle of limited liability is also recognised in secondary European Union legislation. The appellants cite in this regard Article 1(2) of Council Regulation (EC) No 2157/2001 of 8 October 2001 on the Statute for a European company (SE) (OJ 2001 L 294, p. 1), which provides that ‘[t]he capital of an SE shall be divided into shares. No shareholder shall be liable for more than the amount he has subscribed’. They also cite Article 3(1)(b) of the Proposal for a Council Regulation on the statute for a European private company (COM(2008) 396 final), according to which ‘a shareholder shall not be liable for more than the amount he has subscribed or agreed to subscribe’, and Twelfth Council Company Law Directive 89/667/EEC of 21 December 1989 on single-member private limited-liability companies (OJ 1989 L 395, p. 40).
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