CHAPTER III THE MEMORANDUM OF ASSOCIATION THE memorandum of association, in the case of a company limited by shares, must state the following: ‘(i) The name of the company having theword ‘‘ Limited ”’ as the last word in its name (s. 2 (1) (4)), unless a licence to dispense with the word “ Limited’ has been granted under s. 18; :(ii) whether the registered office of the Company is to be situate in England or Scotland [s. 2 (1) (b)]; (iii) The objects of the company [s. 2 (1) (c)]; ‘(iv) That the liability of the members is limited [s. 2 (2)]; ‘(v) The amount of share capital with which the com- pany proposes to be registered, and the division thereof into shares of a fixed amount’ [s. 2 (4) (a)]. In the case of a company limited by guarantee, clauses (i) to (iv) are identical with those of a company limited by shares, whilst clause (v) must state ‘that each member under- takes 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 ceases to be a member, and of the costs, charges, and expenses of winding up, and for adjustment of the rights of the con- tributories among themselves, such amount as may be required not exceeding a specified amount,” e.g. £1 [s. 2 (3)]. If a company limited by guarantee has a share capital, there will be a sixth clause identical in form with clause (v) of a company limited by shares [s. 2 (4)]. If it has no share capital, the articles must state the number of members with which it proposes to be registered [s. 7 (2)]. In the case of an unlimited company, whether or not it has a share capital, the memorandum need only have three clauses, which are the same as clauses (i) without the word ‘Limited,’ (ii) and (iii) of the memorandum of a company limited by shares (s. 2 (1) and (4)], but if the company has a