Section 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 sa me 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 Schedul e 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;

1. Ins. by Act 1 of 2018, s. 75 (w.e.f. 15-8-2018).
2. Ins. by Act 31 of 2016, s. 255 and the Eleventh Schedule (w.e.f. 15-11-2016).

(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