CAP. 32]
Companies.
[8. 4 cont.]
5, c. 23, s. 1.
or more persons, associated for any lawful purpose may, 19 & 20 Geo. by subscribing their names to a memorandum of association (which must be printed in the English language) and otherwise complying with the requirements of this Ordinance in respect of registration, form an incorporated company, with or without limited liability.
Requirements with respect to memorandum.
19 & 20 Geo. 5, c. 23, s. 2.
1 of 1949, s. 3.
(2) Such a company may be either-
(a) a company having the liability of its members limited by the memorandum to the amount, if any, unpaid on the shares respectively held by them (in this Ordinance termed a company limited by shares);
or
(b) a company having the liability of its members limited by the memorandum to such amount as the members may respectively thereby undertake to contribute to the assets of the company in the event of its being wound up (in this Ordinance termed a company limited by guarantee); or
(c) a company not having any limit on the liability of its members (in this Ordinance termed an unlimited company).
[3
5. (1) The memorandum of every company must state-
(a) the name of the company, with "Limited" as the last word of the name in the case of a company limited by shares or by guarantee;
(b) the objects of the company.
(2) The memorandum of a company limited by shares or by guarantee must also state that the liability of its members is limited.
(3) The memorandum of a company limited by guarantee must also state that each member undertakes to contribute to the assets of the company in the event of its being wound up while he is a member, or within one year after he ceases to be a member, for payment of the debts and liabilities of the company contracted before he ceases to be a member, and of the costs, charges, and expenses of winding up, and for adjustment of the rights of the contributories among themselves, such amount as may be required, not exceeding a specified amount.
18
CAP. 32]
Companies.
[8. 4 cont.]
5, c. 23, s. 1.
or more persons, associated for any lawful purpose may, 19 & 20 Geo. by subscribing their names to a memorandum of associa- tion (which must be printed in the English language) and otherwise complying with the requirements of this Ordin- ance in respect of registration, form an incorporated com- pany, with or without limited liability.
Requirements with respect to memoran- dum.
19 & 20 Geo. 5, c. 23, s. 2.
1 of 1949, s. 3.
(2) Such a company may be either-
(a) a company having the liability of its members. limited by the memorandum to the amount, if any, unpaid on the shares respectively held by them (in) this Ordinance termed a company limited by shares);
or
(b) a company having the liability of its members limited by the memorandum to such amount as the members may respectively thereby undertake to con- tribute to the assets of the company in the event of its being wound up (in this Ordinance termed a company limited by guarantee); or
(c) a company not having any limit on the liability of its members (in this Ordinance termed an unlimited company).
[3
5. (1) The memorandum of every company must
state-
(a) the name of the company, with "Limited" as the last word of the name in the case of a company limited by shares or by guarantee;
(b) the objects of the company.
(2) The memorandum of a company limited by shares or by guarantee must also state that the liability of its mem- bers is limited.
(3) The memorandum of a company limited by guaran- tee must also state that each member undertakes to contribute to the assets of the company in the event of its being wound up while he is a member, or within one year after he ceases to be a member, for payment of the debts and liabilities of the company contracted before he ceases to be a member, and of the costs, charges, and expenses of winding up, and for adjustment of the rights of the contributories among them- selves, such amount as may be required, not exceeding a specified amount.
18
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