Section - 322 - Companies Act, 1956

Section - 322 - Directors, etc., with unlimited liability in limited company

Directors with unlimited liability

Directors, etc., with unlimited liability in limited company.

322. (1) In a limited company, the liability of the directors or of any director

[* * *] or manager may, if so provided by the memorandum, be unlimited.

(2) In a limited company in which the liability of a director

[* * *] or manager is unlimited, the directors

[* * *] and the manager of the company, and the member who proposes a person for appointment to the office of director

[***] or manager, shall add to that proposal a statement that the liability of the person holding that office will be unlimited; and before the person accepts the office or acts therein, notice in writing that his liability will be unlimited, shall be given to him by the following or one of the following persons, namely, the promoters of the company, its directors,

[***] or manager, if any, and its officers.

(3) If any director

[***], manager or proposer makes default in adding such a statement, or if any promoter, director

Google Play store