Can a person subscribe to memorandum for other than cash at the time of incorporation of the Company? Which provisons of Company Law 2013 are applicable to this?
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Subscription to memorandum
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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.
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