Public Service Commission Act, 1997
R 385
Companies Act, 1973 (Act No. 61 of 1973)Chapter IV: Formation, Objects, Capacity, Powers, Names, Registration and Incorporation of CompaniesMemorandum of Association53. Memorandum may contain special conditions and may provide for unlimited liability of directors |
| 1) | The memorandum of a company may, in addition to the requirements of section 52,- |
| a) | contain any special conditions which shall apply to the company, and the requirements, if any, additional to those prescribed in this Act for the alteration of such conditions; |
| b) | in the case of a private company, provide that the directors and past directors shall be liable jointly and severally, together with the company, for such debts and liabilities of the company as are or were contracted during their periods of office, in which case the said directors and past directors shall be so liable. |
