New 55% Off on All Courses - Enroll Now! Click Here

    Question

    A company limited by guarantee means a company having

    the liability of its members _____________
    A Limited by the memorandum to such amount as the members may respectively undertake to contribute to the assets of the company in the event of its being wound up Correct Answer Incorrect Answer
    B Limited by the articles to such amount as the members may respectively undertake to contribute to the assets of the company in the event of its being wound up Correct Answer Incorrect Answer
    C Limited to such amount as the members may respectively undertake to contribute to the assets of the company in the event of its being wound up Correct Answer Incorrect Answer
    D Unlimited by the memorandum to such amount as the members may respectively undertake to contribute to the assets of the company in the event of its being wound up Correct Answer Incorrect Answer
    E None of the above Correct Answer Incorrect Answer

    Solution

    Section 2(21) company limited by guarantee- “Company limited by guarantee” means a company having the liability of its members limited by the memorandum to such amount as the members may respectively undertake to contribute to the assets of the company in the event of its being wound up.

    Practice Next