What is a company limited by shares and guarantee?
―company limited by shares and guarantee means a company —
- whose memorandum limits the liability of one or more of its members to a fixed amount which each member thereby undertakes, by way of guarantee and not by reason of holding any share, to contribute to the assets of the company if it is wound up;
- whose memorandum limits the liability of one or more its members to the amount (if any) unpaid on the shares respectively held by its members; and
- which is —
- incorporated with a share capital comprising par value shares; or
- authorised to issue no par value shares;