C1Part 1General introductory provisions

Annotations:
Modifications etc. (not altering text)

Types of company

5Companies limited by guarantee and having share capital

1

A company cannot be formed as, or become, a company limited by guarantee with a share capital.

2

Provision to this effect has been in force—

a

in Great Britain since 22nd December 1980, and

b

in Northern Ireland since 1st July 1983.

3

Any provision in the constitution of a company limited by guarantee that purports to divide the company's undertaking into shares or interests is a provision for a share capital.

This applies whether or not the nominal value or number of the shares or interests is specified by the provision.