Companies [Ch. 31. No. 1.

(3) The memorandum of a company limited by guaran-
{ee must also state that each member undertakes to
contribute to the assets of the company in the event of
its being wound up while he is a member, or within one
vear after he ceases to be a member, for payment of the
debts and liabilities of the company contracted before he
suses to be a member, and of the costs, charges, and
‘xpenses of winding up, and for adjustment of the rights
of the contributories among themselves, such amount as
may be required, not exceeding a specified amount.
(#1) In the case of a company having a share capital
(a) the memorandum must also, unless the company
an unlimited company, state the amount of share
capital with which the company proposes to be
registered and the division thereof into shares of a
fixed amount ;
(6) no subseriber of the memorandum may take less
than one share;
(c) each subseriber must write opposite to his name
the number of shares he takes.

5. The memorandum must bear the same stamp as if it
were a deed, and must be signed by each subseriber in the
presence of at Teast one witness who must attest the
signature

6. A company may not alter the conditions contained in
its memorandum except in the cases, in the mode and to
the extent for which express provision is made in this
Ordinance.

7. (1) Subject to the provisions of this section, a com-
pany may, by special resolution, alter the provisions of its
memorandum with respect to the objects of the company,
so far as may be required to enable it

(#) to carry on its business more economically or
more efficiently; or

(b) to attain its main purpose by new or improved
means; or

(c) to enlarge or change the local area of its opera-
tions; or

34]

Stamp and
signature of
memoran-
dum.

Restriction
on alteration
of memo-
randum.

Mode in
which and
extent to
which
objects of
company
may be
altered,