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COMPANIES ACT (NORTHERN IRELAND) 1960 - SECT 21

Provision as to memorandum and articles of companies limited by guarantee.

21.(1) In the case of a company limited by guarantee and not having a share
capital, and registered on or after the first day of January, nineteen hundred
and one, every provision in the memorandum or articles or in any resolution of
the company purporting to give any person a right to participate in the
divisible profits of the company otherwise than as a member shall be void.

(2) For the purpose of the provisions of this Act relating to the memorandum
of a company limited by guarantee and of this section, every provision in the
memorandum or articles, or in any resolution, of a
company limited by guarantee and registered on or after the date aforesaid,
purporting to divide the undertaking of the company into shares or interests
shall be treated as a provision for a share capital, notwithstanding that the
nominal amount or number of the shares or interests is not specified thereby.

© 1960 Crown Copyright

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