371. Effect of registration under this Part
(1) When a company is registered in pursuance of this Part, sub-sections (2) to
(7) shall apply.
(2) All provisions contained in any Act of Parliament or any other law for the time being
in force, or other instrument constituting or regulating the company, including, in the case of
a company registered as a company limited by guarantee, the resolution declaring the amount
of the guarantee, shall be deemed to be conditions and regulations of the company, in the
same manner and with the same incidents as if so much thereof as would, if the company had
been formed under this Act, have been required to be inserted in the memorandum, were
contained in a registered memorandum, and the residue thereof were contained in registered
articles.
(3) All the provisions of this Act shall apply to the company and the members,
contributories and creditors thereof, in the same manner in all respects as if it had been
formed under this Act, subject as follows:—
(a) Table F in Schedule I shall not apply unless and except in so far as it is
adopted by special resolution;
(b) the provisions of this Act relating to the numbering of shares shall not apply
to any company whose shares are not numbered;
(c) in the event of the company being wound up, every person shall be a contributory,
in respect of the debts and liabilities of the company contracted before registration, who is
liable to pay or contribute to the payment of any debt or liability of the company contracted
before registration, or to pay or contribute to the payment of any sum for the adjustment of
the rights of the members among themselves in respect of any such debt or liability, or to
pay or contribute to the payment of the costs, charges and expenses of winding up the
company, so far as relates to such debts or liabilities as aforesaid;
(d) in the event of the company being wound up, every contributory shall be
liable to contribute to the assets of the company, in the course of the winding up, all
sums due from him in respect of any such liability as aforesaid; and in the event of the
death or insolvency of any contributory, the provisions of this Act with respect to the
legal representatives of deceased contributories, or with respect to the assignees of
insolvent contributories, as the case may be, shall apply.
(4) The provisions of this Act with respect to—
(a) the registration of an unlimited company as a limited company;
(b) the powers of an unlimited company on registration as a limited company, to
increase the nominal amount of its share capital and to provide that a portion of its
share capital shall not be capable of being called-up except in the event of winding up;
(c) the power of a limited company to determine that a portion of its share capital
shall not be capable of being called-up except in the event of winding up,
shall apply, notwithstanding anything in any Act of Parliament or any other law for the time
being in force, or other instrument constituting or regulating the company.
(5) Nothing in this section shall authorise the company to alter any such provisions
contained in any instrument constituting or regulating the company as would, if the company
had originally been formed under this Act, have been required to be contained in the
memorandum and are not authorised to be altered by this Act.
(6) None of the provisions of this Act (apart from those of section 242) shall derogate
from any power of altering its constitution or regulations which may be vested in the company,
by virtue of any Act of Parliament or any other law for the time being in force, or other
instrument constituting or regulating the company.
(7) In this section, the expression “instrument” includes deed of settlement, deed of
partnership, or limited liability partnership.