Section 28 — Memorandum of company limited by guarantee

(1) In the case
of a company limited by guarantee the memorandum shall state—

(a) the name of the company with the parenthesis and words
"(Guarantee) Limited" as last words of its name;

(b) the Province or the part of Pakistan not forming part of a Province,
as the case may be, in which the registered office of the company is
to be situate;

(c) principal line of business:

Provided that—

(i) the existing companies shall continue with their existing
memorandum of association and the object stated at serial
number 1 of the object clause shall be treated as the principal
line of business;

(ii) if the object stated at serial number 1 o f the object clause is
not the principal line of business of the company, it shall be
required to intimate to the registrar their principal line of
business within such time from the commencement of this
Act and in the form as may be specified. A revised c opy of
the memorandum of association indicating therein its
principal business at serial number 1 of the object clause
shall also be furnished to the registrar; and

(iii) the existing companies or the companies to be formed to
carry on or engage in any business which is subject to a
licence or registration, permission or approval shall mention
the businesses as required under the respective law;

(d) an undertaking as may be specified;

(e) that the liability of the members is limited; and

(f) such amount as may be required, not exceeding a specified amount
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 afterwards 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
rights of the contributories among themselves.

(2) If the company has a share capital, the memorandum shall also state
the amount of share capital with which the company proposes to be registered and
the division thereof into shares of a fixed amount and the number of shares taken
by each subscriber.