Unlimited liability by special resolution can convert directors' or managers' liability, subject to prior officers' consent requirement. A limited company may, where authorised by its articles, by special resolution alter its memorandum to render the liability of its directors or any ... Summary
Unlimited liability by special resolution can convert directors' or managers' liability, subject to prior officers' consent requirement.
A limited company may, where authorised by its articles, by special resolution alter its memorandum to render the liability of its directors or any director or manager unlimited. Such an alteration is valid as if originally contained in the memorandum, but it does not apply to an officer holding office before the alteration until the expiry of that term unless the officer consents to the liability becoming unlimited.
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