—(1) There may in the case of a company limited by shares and there shall in the case of a company limited by guarantee or an unlimited company be registered with the memorandum, articles signed by the subscribers to the memorandum prescribing regulations for the company.
(2) Articles shall comply with such requirements as may be prescribed.
(3) [Act 21 of 2005]
(4) In the case of an unlimited company or a company limited by guarantee the articles shall state the number of members with which the company proposes to be registered.
(5) Where a company to which subsection (4) applies changes the number of its members so that it is different from the registered number, the company shall, within 14 days after the date on which the change was resolved or took place, lodge with the Registrar notice of the change in the prescribed form.
(6) Every company which makes default in complying with subsection (5) and every officer of the company who is in default in complying with that subsection shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $2,000 and also to a default penalty.
[UK, 1948, ss. 6, 7; Aust., 1961, s. 29]