An unlimited company or private unlimited company is a hybrid company (corporation) incorporated with or without a share capital (and similar to its limited company counterpart) but where the legal liability of the members or shareholders is not limited: that is, its members or shareholders have a joint, several and non-limited obligation to meet any insufficiency in the assets of the company to enable settlement of any outstanding financial liability in the event of the company’s formal liquidation.
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Minimum of two Directors for private and three for public limited companies. The number of directors resident in Zambia shall not be less than half the number of directors appointed
Applicable to Public Company, Private Company Limited by Shares and Unlimited Private Company. *If Shareholder is a Body Corporate
*If Company Secretary is a Body Corporate