Single Member Companies Act 1993

Link to law: https://legislation.gov.im/cms/images/LEGISLATION/PRINCIPAL/1993/1993-0015/SingleMemberCompaniesAct1993_1.pdf
Published: 2012-09-01

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Single Member Companies Act 1993

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AT 15 of 1993

SINGLE MEMBER COMPANIES ACT 1993

Single Member Companies Act 1993 Index


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SINGLE MEMBER COMPANIES ACT 1993

Index Section Page

1 Single member private companies limited by shares or by guarantee ................... 5
2 Amendment of Companies Act 1931 ........................................................................... 5
3 Transitional provision .................................................................................................... 5
4 Short title, construction and commencement ............................................................. 6
SCHEDULE 7

AMENDMENT OF COMPANIES ACT 1931 7
ENDNOTES 9

TABLE OF LEGISLATION HISTORY 9
TABLE OF RENUMBERED PROVISIONS 9
TABLE OF ENDNOTE REFERENCES 9

Single Member Companies Act 1993 Section 1


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SINGLE MEMBER COMPANIES ACT 1993

Received Royal Assent: 7 July 1993
Passed: 8 July 1993
Commenced: 1 August 1993
AN ACT
to permit the formation of private companies limited by shares or by
guarantee; and for connected purposes.
1 Single member private companies limited by shares or by guarantee

(1) Notwithstanding any enactment or rule of law to the contrary, a private
company limited by shares or by guarantee within the meaning of
section 1 of the Companies Act 1931 may be formed by one person (in so
far as permitted by that section as amended by this Act) and may have
one member.
(2) Any enactment or rule of law which applies in relation to a private
company limited by shares or by guarantee shall, in the absence of any
express provision to the contrary, apply with such modification as may
be necessary in relation to such a company which is formed by one
person or which has only one person as a member as it does in relation to
such a company which is formed by two or more persons or which has
two or more persons as members.
2 Amendment of Companies Act 1931

Without prejudice to the generality of section 1, the Companies Act 1931 is
amended in accordance with the Schedule.
3 Transitional provision

A person who, before the coming into force of this Act, is liable by virtue of
section 28 of the Companies Act 1931 (minimum membership for carrying on
business) for the payment of the debts of a private company limited by shares or
by guarantee, shall not be so liable for the payment of the company's debts
contracted on or after the day on which this Act comes into operation.
Section 4 Single Member Companies Act 1993


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4 Short title, construction and commencement

(1) This Act may be cited as the Single Member Companies Act 1993 and
this Act and the Companies Acts 1931 to 1992 may be cited together as
the Companies Acts 1931 to 1993.
(2) This Act shall be construed as one with the Companies Acts 1931 to 1992.
(3) This Act shall come into operation on such day as may be appointed by
order made by the Treasury.1

Single Member Companies Act 1993 Schedule



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Schedule

AMENDMENT OF COMPANIES ACT 1931

Section 22

Single Member Companies Act 1993 Endnotes


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ENDNOTES

Table of Legislation History

Legislation Year and No Commencement






Table of Renumbered Provisions

Original Current






Table of Endnote References

1
ADO (whole Act) 1/8/1993 (SD325/93). 2
Sch amends the following Act- Companies Act 1931 q.v.