Unlimited company. Duty of company to register charges existing on property acquired 88. It must be registered at Companies House under the provisions of the Companies Act 2006, with a memorandum and articles of association.Directors manage the company on a day to day basis on behalf of its members (typically shareholders), who may or may not be the same people. Full text containing the act, Companies Act, 2013, with all the sections, schedules, short title, enactment date, and footnotes. Private company; ... Companies Act 2013: Formation of Company. CHAPTER II INCORPORATION OF COMPANY AND MATTERS INCIDENTAL THERETO 3. 7. Definitions. 6. A company not having any limit on the liability of its members is termed as unlimited company. 3A. The Lok Sabha on 18th December, 2012 gave its approval for the Companies Act 2013, paving the way for a new modern company law. KINDS OF COMPANIES ON THE BASIS OF LIABILITY OF MEMBERS. In the old companies Act 1956 a company should have at least 2 persons as its member or shareholder. These types of companies are governed and regulated by the provisions of the Companies Act, 2013. THE COMPANIES ACT, 2013 _____ ARRANGEMENT OF SECTIONS _____ CHAPTER I PRELIMINARY SECTIONS 1. 1. PART I—P RELIMINARY. Interpretation. Members severally liable in certain cases. Effective from 12-09-2013 “unlimited company” means a company not having any limit on the liability of its members Enforcement notification S.O.2754 (E) dated 12/09/2013 Articles. The members are liable for the debts of the company at the time of winding up. However, the companies Act 2013 introduced a new concept of One Person Company in India wherein only one Indian person who is a citizen of India can register a private limited company with some limitation, the different types of companies can be classified based on different parameters. Registration of charges created by companies 87. Unlimited company to provide for reserve share capital on conversion into limited company: 66: Act to … Short title, extent, commencement and application. Power of a company to pay interest out of capital in certain cases. Act 1 Companies Act 2012 THE COMPANIES ACT, 2012. 2. Definitions. Act to override memorandum, articles, etc. Formation of company. An unlimited company is in many ways similar to a standard private company limited by shares. CHAPTER II INCORPORATION OF COMPANY AND MATTERS INCIDENTAL THERETO 3. Conversion of limited company to unlimited company 26. 2. 4. Memorandum. Follow @SCJudgments. Register of companies. 3. _____ ARRANGEMENT OF SECTIONS Section. Read about the highlights of the companies act 2013 and download Indian Companies Act 2013 notes PDF for UPSC 2020. They may be limited by shares or limited by guarantee or unlimited companies. 5. In the United Kingdom, the "private unlimited company" is formed or incorporated by registration under the Companies Act 2006, of which there are a few thousand such companies on the register, similar in volume to the public limited company, both corresponding in stark contrast to the few million of private limited companies registered. Company registered under the Indian Companies Act is known as Registered Company. Formation of company. 5. Articles. Commencement. ... Power of unlimited company to provide for reserve share capital on re-registration. Companies Act 2013 - Features, New Amendments, Comparison with Indian Companies Act 1956. THE COMPANIES ACT, 2013 _____ ARRANGEMENT OF SECTIONS _____ CHAPTER I PRELIMINARY SECTIONS 1. 2. Application of repealed Act 207. 1. 5 Based on the Standing Committee‘s recommendations, the Bill was amended and introduced as the Companies Bill, 2012. C. Number of members. 75. Memorandum. Short title, extent, commencement and application. ... An unlimited company is a private company which can be incorporated without a share capital. 6. 4. …