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CHAPTER 2
Incorporation and consequential matters
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Way of forming private company limited by shares
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17. (1) A company may be formed for any lawful purpose by any person or persons subscribing to a constitution and complying with the requirements of this Part as to registration of a company.
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(2) The liability of a member of a company at any time shall be limited to the amount, if any, unpaid on the shares registered in the member's name at that time.
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(3) Subsection (2) is without prejudice to any other liability to which a member may be subject as provided by this Act.
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(4) The number of members of a company shall not exceed 149 but, in reckoning that limit, there shall be disregarded any of the following persons.
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(5) Those persons are—
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(a) a person in the employment of the company who is a member of it;
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(b) a person who, having been formerly in the employment of the company, was, while in that employment, and has continued after the termination of the employment to be, a member of it.
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(6) Where 2 or more persons hold one or more shares in a company jointly, they shall, for the purposes of this section, be treated as a single member.
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(7) Any registration of a person as a member of a company in excess of the limit provided by subsection (4) shall be void.
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