Section 10. Types of Companies

1. A company may be incorporated as—

   • a company limited by shares;

   • a company limited by guarantee; or

   • an unlimited company.

2. A company is limited by shares if the liability of its members is limited to the amount, if any, unpaid on shares held by the members.

3. A company is limited by guarantee if the liability of its members is limited to such amount as the members undertake to contribute in the event of its being wound up.

4. A company is an unlimited company if there is no limit on the liability of its members.