37. Provision as to
companies limited by guarantee.—(1) In the
case of a company limited by guarantee and not having a share
capital, and registered on or after the first day of April,
1914, every provision in the memorandum or articles or in
any resolution of the company purporting to give any person
a right to participate in the divisible profits of the company
otherwise than as a member shall be void.
(2) For the purpose of. the provisions of this Act relating
to the memorandum of a company limited by guarantee and of
this section, every provision in the memorandum or articles,
or in any resolution, of any company limited by guarantee
and registered on or after the first day of April, 1914, purporting
to divide the undertaking of the company into shares or interests,
shall be treated as a provision for a share capital, notwithstanding
that the nominal amount or number of the shares or interests
is not specified thereby.
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