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81 Subscribers of memorandum

Subscribers of memorandum

Section 18(2)

The Act states that each subscriber to the memorandum of a company with a share capital, must sign the memorandum in his own handwriting and state the number of shares (not less than one) that he agrees to take as mentioned in Section 18(2).

Even if a registered company has no share capital, the subscriber must sign the memorandum in his own handwriting.

The signature of the subscriber on the memorandum must be done in the presence of at least one witness (not being another subscriber) who shall attest the signature and add his address.
Section 18(3)

The Act provides that a statement in the memorandum of a company limited by shares that the liability of members is limited shall mean that the liability of the members is limited to the amount, if any, unpaid on the shares respectively held by them as in Section18(3).

 

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