Dear Sir,
Can any company change its Liability clause?
please confirm.
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Liability clause reg
Replies (3)
A Company can alter its Liability Clause by passing a Special Resolution.
The Company needs to alter its Liability Clause when it changes its form i.e. it converts itself into company limited by shared,company limited by guarantee or unlimited company as applicable.
The Company needs to alter its Liability Clause when it changes its form i.e. it converts itself into company limited by shared,company limited by guarantee or unlimited company as applicable.
Yes liability clause can be altered. Please find extracts from my book - Corporate & Other Laws for CA Inter
Although there is no specific procedure prescribed for alteration of Liability Clause, we can infer form Section 13(1) that the Liability clause can be changed with a Special Resolution.
Section 13(10) further says that the changes are not in effect until it is registered with the RoC. Therefore, the prescribed form is to be filed with the RoC within 30 days from change.
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