Companies Act 2014 section 1172

Definitions (Part 18)

Section 1172 defines two key terms used throughout Part 18 of the Act: "company limited by guarantee" (CLG) and "constitution".

  • A company limited by guarantee (CLG) is a company that has no share capital.
  • Members' liability is limited to the amount they agree to contribute to the company's assets if it is wound up.
  • The amount each member may be required to contribute is set out in the company's constitution.
  • The term "constitution" replaces the older references to "memorandum" and "articles" used in previous companies legislation.

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