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A company limited by guarantee (CLG) is a type of company where the liability of members in the event the company is wound up is limited to a (typically very small) amount listed in the company's articles or constitution.[1] Most have no share capital, although rare exceptions exist.
The form originated in the United Kingdom, and now exists under the company law of the Australia, Bermuda, Gibraltar, Hong Kong, Gambia, and Ireland, and in the Canadian provinces of Alberta and Nova Scotia. It previously existed in New Zealand.
It is used primarily but not exclusively by non-profit organisations (including charities) that require legal personality. Other uses include mutual insurance companies and quasi-governmental bodies.
- ^ companylawclub.co.uk, Retrieved 23 March 2014