What are the membership rules for a public company limited by guarantee?

A public company must have at least one member, but there is no upper limit on its number of members. Any legal entity may be a member of the company.

  • To become a member, a person must apply for membership, be approved and pay all appropriate membership/ subscription/annual fees (if any).
  • Different classes of membership may be created to serve the company‚Äôs purpose(s) better.
  • Members may be subject to disciplinary procedures and may lose their membership status (either temporarily or permanently).
  • Members must agree to contribute an amount of money (often an amount between $10 and $100) should the company be wound up and if there are insufficient assets to cover liabilities.

Members cannot receive any distribution of assets, property or income from the company.