Section 7Part 2 — Constitution and Incorporation of Companies and AssociationsAmendedNot Yet In Force
Memorandum of association
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This section has not been brought into force.
It was enacted by Parliament but awaits a commencement order before it becomes operative law.
Amendment: LG9/S1
Pending changes
Inserted regulation 8 requiring a fee for surrendering registration.
The memorandum of association shall, subject to subsections
,
and
and to section s 8 an d 9 , contain —
the name of the proposed company which in the case of an exempted company, may be preceded by or followed with a dual foreign name, with the addition, in the case of any company not being an exempted company or a company formed on the principle of hav ing no limit placed on the liability of its members, in this Act referred to as an “unlimited company”, of the word “Limited” or the abbreviation “Ltd.” as the last word in such name; and
the part of the Islands in which the registered office of the co mpany is proposed to be situate. ( 2 ) No subscriber shall take less than one share. ( 3 ) Each subscriber of the memorandum of association shall write opposite to that su b scriber’s name the number of shares that person takes. ( 4 ) The memorandum of association may specify objects for which the proposed company is to be established and may provide that the business of the company shall be restricted to the furtherance of the specified objects. If no objects are specified or if objects are specified but the busin ess of the company is not restricted to the furtherance of those objects, then the company shall have full power and the authority to carry out any object not prohibited by this or any other Law.