27. Provision as to companies limited by guarantee.
(1)In the case of a company limited by and not having a share capital, and registered after the commencement of this Act, every provision in the memorandum or articles or in any resolution of the company purporting to give any person a right to participate in the divisible profit Of the company otherwise than as a member shall be void.(2)For the purpose of the provisions of this Act relating to the memorandum of a company limited by guarantee and of this section, every provision in the memorandum or articles, or in any resolution, of any company limited by guarantee and registered after the commencement of this Act, purporting to divide the undertaking of the company into shares or interests, shall he treated as a provision for a share capital, notwithstanding that the nominal amount or number of the shares or interests is not specified thereby.Part III-Share Capital .Registration of Unlimited Company as Limited and Unlimited Liability of Directors; Distribution of Share Capital.
