Terms to be abided by company
A company incorporated under this Act shall abide by the following terms, in addition to those set forth in this Art, memorandum of association or articles of association:
(a) The company shall carry on all of its activities and transactions by its name.
(b) A private company shall add the words “private limited’’ to its name as the last words and a public company shall add the word “limited” to its name as the last word.
Provided, however, that this provision shall not apply to a company not distributing profit.
(c) A private company shall not sell its shares and debentures publicly.
(d) A private company shall not pledge, or otherwise transfer title to, its securities to any person other than its shareholder without fulfilling the procedures contained in the memorandum of consensus agreement,
(e) A company shall not open a partnership or private firm.
(f) Except as otherwise provided in this Act, a company not distributing profits shall not distribute dividends among its members or pay, directly or indirectly, any amount to a member or his/her close relative.
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