COMPANY
LIMITED BY GUARANTEE
The Bermuda company law structure permits the incorporation
of companies for charitable or other socially useful purposes
such as art, science, religion, sport or education. These companies
are called “Companies limited by guarantee”.
Such a company is defined under the Companies Act as a company
having the liability of its members limited by the memorandum
to such an amount as the members may respectively thereby
undertake to contribute to the assets of the company in the
event of it being wound up. The Companies Act specifically
provides that such companies may not distribute income or
pay dividends to their members.
For Further information on Companies Limited by Guarantee,
please contact lmw@richmond.bm.
|
