COMPANIES ACT - 1963 (ACT 179)

    Section - 9 - Types of Company

    (1) An incorporated company may be either,

    (a) a company having the liability of its members limited to the amount, if any, unpaid on the shares respectively held by them, in this Code referred to as a company limited by shares; or

    (b) a company having the liability of its members 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, in this Code referred to as a company limited by guarantee; or

    (c) a company not having any limit on the liability of its members, in this Code referred to as an unlimited company.

    (2) A company of any of the foregoing types may either be a private company or a public company.

    (3) A private company shall be a company which by its Regulations,

    (a) restricts the right to transfer its shares, if any;

    (b) limits the total number of its members and debentureholders to fifty, not including persons who are bona fide in the employment of the company and persons who, having been formerly bona fide in the employment of the company, were while in that employment, and have continued after the determination of that employment to be, members or debentureholders of the company;

    (c) prohibits the company from making any invitation to the public to acquire any shares or debentures of the company; and

    (d) prohibits the company from making any invitation to the public to deposit money for fixed periods or payable at call, whether bearing or not bearing interest:

    Provided that where two or more persons hold one or more shares or debentures jointly, they shall, for the purposes of this subsection, be treated as a single member or debentureholder.

    (4) Any other company shall be a public company.

    (5) A company limited by shares and an unlimited company shall be registered with shares.

    (6) A company limited by guarantee shall not be registered with shares and shall not create or issue shares.