2.
| (1) Any seven or more persons, or where the company to be formed is to be a private company, any two or more persons, or where the company to be formed is a people's company, any fifty or more persons, associated for any lawful purpose may, by subscribing their names to a memorandum of association (which shall be printed) and otherwise complying with the requirements of this Act in respect of registration, form an incorporated company, with or without limited liability. |
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| (2) Such a company may be either
| | (a) a company having the liability of its members limited by the memorandum to the amount, if any, unpaid on the shares respectively held by them (in this Act referred to as " a company limited by shares ") ; or | | |
| | (b) a people's company as defined in Part VII of this Act; or | | |
| | (c) a company having the liability of its members limited by the memorandum to such amount as the members may respectively thereby undertake to contribute to the assets of the company in the event of its being wound up (in this Act referred to as " a company limited by guarantee ") ; or | | |
| | (d) a company not having any limit on the liability of its members (in this Act referred to as " an unlimited company "). | | |
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Sri Lanka Consolidated Acts