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Articles of association:
The memorandum of a company limited by shares or by guarantee must state that the liability of the company's members is limited. Hence the memorandum of a company limited with guarantee shall also state the amount "guaranteed" by each member of the company.
The next step is the delivery of the memorandum to the registrar of companies together with some or all of the following documents:
Articles of association
This document contains the regulations for management of a company. If the proposed company is to be limited by shares the promoters need not deliver it for registration. The provisions of Part I of Table A in the First Schedule to the Act will be automatically applicable to the company under Section II (2) of the Companies Act, if the promoters do not deliver it.
PROTECTION OF CREDITORS: Where the reduction of capital involves diminution of unpaid capital or repayment to shareholders of paid-up capital, creditors have a statutory right
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