Non profit application of company income and strict restrictions on member profit distributions govern corporate conduct. Memorandum sets out company name, registered office, objects and incidental lawful activities, prohibits supporting trade unions, and requires that all income and property be applied solely to stated objects. Members may not receive profits; payments to members are limited to expenses, reasonable interest and rent, with certain remunerations requiring prior government approval. Alterations to the memorandum or articles need Regional Director approval; members' liability is limited; on winding up surplus property must be transferred to another company with similar objects.