12. Mode of forming
incorporated company.—(1) Any seven or more
persons, or where the company to be formed will be a private
company, any two or more persons, associated for any lawful
purpose may, by subscribing their names to a memorandum of
association and otherwise complying with the requirements
of this Act in respect of registration, form an incorporated
company, with or without limited liability.
(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 Act termed “a company
limited by shares”);
(b) a company having the liability of its members limited
by the memorandum to such amount as the members may respectively
undertake by the memorandum to contribute to the assets of
the company in the event of its being wound up (in this Act
termed “ a company limited by guaranted”); or
(c) a company not having any limit on the liability of its
members in this Act termed “an unlimited company”).
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