Memorandum of Association — SPCC STD 11 Commerce — Question
Gujarat BoardEnglish MediumSTD 11 CommerceSPCCMemorandum of Association3 Marks
Question
How can Liability Clause be changed ?
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Answer
Changes in Liability Clause: Liability clause of Memorandum of Association clarifies the liability of the shareholders. The changes in it can be undertaken in the following manner.
(1) It may extinguish or reduce the liability on any of its shares in respect of the share capital not paid up.
(2) A company limited by share capital or limited by guarantee may reduce its share capital by a special Resolution.
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