DO YOU INTEND TO INCORPORATE A PRIVATE COMPANYLIMITED BY SHARE?
Procedure
1. The procedure for incorporating private Company is the same as that of a public limited Company with the following exceptions:
(I) The total number of members shall not exceed 50, not including persons who are bona fide in the employment of the company or were while in that employment and have continued after the determination of that employment to be, members of the company (S. 22(3)).
(II) Every private Company shall by its articles restrict the transfer of its shares (S. 22(2)).
(III) Registration of the articles of association with the Commission is compulsory.
2. The provisions of schedules I part II of the Act should be carefully noted while drawing up the articles of association of the private Company.
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