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Companies Act, 1956

Sec 323 - Special resolution of limited company making liability of directors, etc., unlimited.

(1) A limited company may, if so authorized by its articles, by special resolution, alter its memorandum so as to render unlimited the liability of its directors or of any director or manager.

(2) Upon the passing of any such special resolution, the provisions thereof shall be as valid as if they had been originally contained in the memorandum:

Provided that no alteration of the memorandum making the liability of any of the officers referred to in sub-section (1) unlimited shall apply to such officer, if he was holding the office from before the date of the alteration, until the expiry of his then term, unless he has accorded his consent to his liability becoming unlimited.

Companies Act, 1956 Back

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