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प्रश्न
Explain the following term/concept.
Liability clauses
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उत्तर
As per Section 13 (2) of the Companies Act, 1956, the liability clause of the Memorandum of Association of a company limited by shares states that the liability of its shareholders is limited to the face value of shares purchased by them. It means the shareholders are liable to pay the unpaid amount on their shares. In the initial stages, the company may make the liability of the Directors unlimited, if it is agreed by the Directors. This is to create confidence in the minds of the investors. An unlimited company does not have this clause in the Memorandum of Association. In the case of a company limited by guarantee, this clause states that the liability of its members is limited to the amount of the guarantee given by them. The amount payable by each member in the case of the winding-up of the company is mentioned in this clause.
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संबंधित प्रश्न
Select the correct answer from the option given below and rewrite the sentence.
The ______ Clause describes the range of activities a company can undertake
Select the correct answer from the option given below and rewrite the sentence.
_________ contains rules and regulations for internal management of the company
Select the correct answer from the option given below and rewrite the sentence.
Articles establishes relationship between company and ________.
Write a word or a term or a phrase which can substitute the following statement:
Document which contains, Name Clause, Registered Office Clause, Capital Clause, etc.
Write a word or a term or a phrase which can substitute the following statement:
Document which states the limits within which a company has to operate.
Write a word or a term or a phrase that can substitute the following statement:
The document is subordinate to the Memorandum of Association.
Write a word or a term or a phrase which can substitute the following statement:
Prospectus attached with every share application form.
Write a word or a term or a phrase which can substitute the following statement:
It is an incomplete prospectus.
State whether the following statement is True or False:
Memorandum contains rules and regulations for the internal management of a company.
State whether the following statement is True or False:
Every subscriber who signs the Memorandum must also sign the Articles.
State whether the following statement is True or False:
Entrenched Articles cannot be easily altered.
State whether the following statement is True or False:
Letter of offer is issued at the time of Rights Issue.
Find the odd one.
Find the odd one.
Find the odd one.
Complete the sentence.
Any act done by the company which goes beyond the powers of Memorandum of Association will be calledas _________
Select the correct option from the given options:
| Group A | Group B |
| Liability clause | ___________ |
Explain the following term/concept.
objective clause
