Articles of Association — SPCC STD 11 Commerce — Question

Table I: Articles of Association of company with unlimited liability and having a Share Capital:
The liabilities of the members of such company are unlimited. Such companies also issue shares. Just like sole proprietorship firm or partnership firm, the liabilities of members are unlimited. At the time of winding up of such company if the company does not have sufficient assets to set off its liabilities then the member has to realize debt of a company from his personal assets. Such company cannot use the word ‘Limited’ after its name.
Such company may be commenced with 100 members. However depending upon the requirement the Board of Directors may increase the number of its members from time to time.
The provisions of Articles of Association prescribed in Table F are also applicable to such companies.