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COMPANIES ACT (NORTHERN IRELAND) 1960 - SECT 332

332.(1) With the exceptions and subject to the provisions contained in this
section

(a)any company consisting of seven or more members, which was in existence on
the second day of November, eighteen hundred and sixty-two, including any
company registered under the Joint Stock Companies Acts; and

(b)any company formed after the date aforesaid, whether before or after the
commencement of this Act, in pursuance of any Act of Parliament other than
this Act, or of letters patent, or being otherwise duly constituted according
to law, and consisting of seven or more members,

(2) A company registered under the Companies Act, 1862, the Companies
(Consolidation) Act, 1908, or the Companies Act (Northern Ireland), 1932,
shall not register in pursuance of this section.

(3) A company having the liability of its members limited by Act of Parliament
or letters patent, and not being a joint stock company as hereinafter defined,
shall not register in pursuance of this section.

(4) A company having the liability of its members limited by Act of Parliament
or letters patent shall not register in pursuance of this section as an
unlimited company or as a company limited by guarantee.

(5) A company that is not a joint stock company as hereinafter defined shall
not register in pursuance of this section as a company limited by shares.

(6) A company shall not register in pursuance of this section without the
assent of a majority of such of its members as are present in person or by
proxy (in cases where proxies are allowed) at a general meeting summoned for
the purpose.

(7) Where a company not having the liability of its members limited by Act of
Parliament or letters patent is about to register as a limited company, the
majority required to assent as aforesaid shall consist of not less than three
fourths of the members present in person or by proxy at the meeting.

(8) Where a company is about to register as a company limited by guarantee,
the assent to its being so registered shall be accompanied by a resolution
declaring that each member undertakes to contribute to the assets of
the company, in the event of its being wound up while he is a member, or
within one year after he ceases to be a member, for payment of the debts and
liabilities of the company contracted before he ceased to be a member, and of
the costs and expenses of winding up and for the adjustment of the rights of
the contributories among themselves, such amount as may be required, not
exceeding a specified amount.

(9) In computing any majority under this section when a poll is demanded
regard shall be had to the number of votes to which each member is entitled
according to the regulations of the company.

© 1960 Crown Copyright

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