4. Companies may not be limited by guarantee and have share capital

Past version: effective from 14/06/2015 - 13/06/2015
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(1) A company cannot be formed as, or become, a company limited by guarantee with a share capital.
(2) Any provision in the constitution of a company limited by guarantee that purports to divide the company's undertaking into shares or interests is a provision for a share capital, and the company shall be deemed a company limited by shares.