Section 21

(1) An incorporated company may be a company-

(a) having the liability of its members limited by the memorandum of association to the amount, if any, unpaid on the shares respectively held by them (in this Act referred as "a company limited by shares");

(b) having the liability of its members limited by the memorandum of association to such amount as the members may respectively undertake to contribute to the assets of the company in the event of its being wound up (in this Act referred to as "a company limited by guarantee"); or

(c) not having any limit on the liability of its members (in this Act referred to as "an unlimited company").

(2) A company of any of these types may either be a private company or a public company.