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Provisions as to memorandum and articles of company limited by guarantee.
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26.—(1) In the case of a company limited by guarantee and not having a share capital, and registered on or after the 1st day of January, 1901, every provision in the memorandum or articles, or in any resolution of the company, purporting to give any person a right to participate in the divisible profits of the company, otherwise than as a member, shall be void.
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(2) For the purpose of the provisions of this Act relating to the memorandum of a company limited by guarantee and of this section, every provision in the memorandum or articles, or in any resolution, of a company limited by guarantee and registered on or after the date aforesaid, purporting to divide the undertaking of the company into shares or interests, shall be treated as a provision for a share capital, notwithstanding that the nominal amount or number of the shares or interests is not specified thereby.
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