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A CLG is a company limited by guarantee and which does not have a share capital. An existing guarantee company with no share capital is deemed to be a CLG on commencement of the Act.
Company Limited by Guarantee not having a Share Capital (“CLG”) A public company, whereby the shareholders’ liability is limited to the amount they have undertaken to contribute to the assets of the company, in the event it is wound up, not exceeding a specified amount and subject to a minimum of €1.
In theory, a private company limited by guarantee, could also have a share capital. A company limited by guarantee not having a share capital was by default, a public company. It could have any number of members, as long as there were at least seven.
What is a company limited by guarantee? According to the law in the UK, Singapore, Australia, Bermuda, and Ireland, a company limited by guarantee (CLG) doesn't have share capital and shareholders .
A CLG is a company which does not have a share capital and the constitution of which provides that the liability of its members is limited to such amount as the members may, in the constitution, respectively undertake to contribute to the assets of the CLG in the event of it being wound up.
An existing guarantee company with no share capital was deemed to be a CLG on commencement of the Act. Guarantee companies with a share capital are treated as. DACs. The most popular type of company used by charities, sports clubs and management companies, particularly property management companies.
A company limited by guarantee is just a limited company, but with the obvious difference to the usual company entity of there being no share capital. The company’s members are guarantors rather than shareholders.
