Section 42

As from the date of incorporation mentioned in the certificate of incorporation, the Effect of Registration. subscriber of the memorandum together with such other persons as may become

members of the company, shall be a body corporate by the name contained in the memorandum, capable of exercising all the powers and performing all functions of an incorporated company including the power to hold land, and having perpetual succession, but with such liability on the part of the members to contribute to the assets of the company in the event of its being wound up as is mentioned in this Act.