Conversion of companies already registered
📚 Law Minded summary
A company can change what class it belongs to — private to public, limited to unlimited, and so on — by altering its memorandum and articles under this Chapter.
The Registrar closes the old registration and issues a fresh certificate of incorporation. What does not change is the company's history: debts, contracts and liabilities from before the conversion follow it across untouched.
(1) A company of any class registered under this Act may convert itself as a company of other class under this Act by alteration of memorandum and articles of the company in accordance with the provisions of this Chapter.
(2) Where the conversion is required to be done under this section, the Registrar shall on an application made by the company, after satisfying himself that the provisions of this Chapter applicable for registration of companies have been complied with, close the former registration of the company and a fter registering the documents referred to in sub -section (1), issue a certificate of incorporation in the same manner as its first registration.
(3) The registration of a company under this section shall not affect any debts, liabilities, obligations or contracts incurred or entered into, by or on behalf of the company before conversion and such debts, liabilities, obligations and contracts may be enforced in the manner as if such registration had not been done.
All sections in Chapter II — Incorporation of Company and Matters Incidental Thereto