80 Contents of a memorandum

Contents of a memorandum

Section 18 of the Act states that the memorandum of every company shall be printed and divided into numbered paragraphs, dated, and stating:

(a) the name of the company;

(b) the objects of the company;

(c) the amount of share capital, with which the company proposes to be registered and its division into shares of a fixed amount;

(d) that the liability of the members is limited, in the case of the company which is a company limited by shares;

(e) that the liability of the members is limited, and that each member undertakes to contribute to the assets of the company. This is so when the company is being wound up and the member is a member, or within one year after the cessation of being a member, for payment of the debts and liabilities of the company contracted before he ceases to be a member. This also applies to the cost, charges and expenses of winding up and for adjustment of the rights of the contributories among members, such amount as may be required not exceeding a specified amount in addition to the amount, if any, unpaid on any shares held by him as a member. This is so in the case of the company which is a company limited by guarantee;

(f ) if the company is an unlimited company, that the liability of the members is unlimited;

(g) the full names, addresses and occupations of the subscribers thereto; and

(h) that the subscribers are desirous of being formed into a company in pursuance of the memorandum and (where the company is to have a share capital) respectively agree to take the number of shares in the capital of the company set out opposite their respective names.

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Contents of a memorandum Copyright © 2011 by Wawasan Open University. All Rights Reserved.

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