Subscription to memorandum

No, it is  not possible.  Company after incorporation can  issue shares for consideration other than cash as specifically provided in Sec.62(1)(c).  However, in case of subscripttion to Memorandum there is no such provision.  Section 10(2) also provides that monies payable by  any member to the company under the memorandum shall be a debt due from him to the company  which also shows that consideration can be only cash.