Sri Lanka Consolidated Acts

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Companies Act (No. 17 of 1982) - Sect 23

provisions as to memorandum and articles of companies limited by guarantee

23.
(1) In the case of a company limited by guarantee and not having a share capital, and registered on or after the appointed date, 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 purposes of the provisions of this Act relating to the memorandum of a company limited by guarantee, and 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 appointed date, 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 may not be specified thereby.

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