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Question
A company that has the liability of its members limited by the Memorandum of Association 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 is termed______________.
A company that has the liability of its members limited by the Memorandum of Association 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 is termed______________.
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Solution
The correct option is D company Limited by Guarantee
The liability
of the members of the company is limited to the extent of unpaid amount of the shares
held by them. In the case of the companies limited by guarantee, the liability
of its members is limited to the extent of the guarantee given by them in the
event of the company being wound up.
The liability of the members of the company is limited to the extent of unpaid amount of the shares held by them. In the case of the companies limited by guarantee, the liability of its members is limited to the extent of the guarantee given by them in the event of the company being wound up.
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