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Classification of Companies:
Section 389 of the Companies Act provides that "no company there association or may partnership consisting of more than twenty persons shall be formed... unless it is registered as a company under this Act so there it t is formed in pursuance of some other Act, Act of the United Kingdom or of letters patent".
Three types of company are provided for under this section as like are:
(a) Chartered companies.
(b) Statutory companies.
(c) Registered companies.
Directorship - company management: A directorship is not a professional job with a legally prescribed qualification. In the circumstances, anybody (even a six-months-old baby)
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Order for compulsory liquidation: The Official Receiver also calls separate meetings of creditors and of contributories within one month of the order for liquidation: s.236.
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