Misuse of Money By Cotton Ginners and Exporters Assoc. Disturbs Court of Appeal, as it Holds A Company Can’t Be Limited by Shares and by Guarantee at the Same Time

The Court of Appeal has expressed dismay at the misuse of funds belonging to the Uganda Cotton Ginners and Exporters Association, as the Court holds that a company cannot be a private company limited by shares and a private company limited by guarantee at the same time.

However, the Companies Act, Cap 106, under Table D (formerly Table C in the Companies Act, Cap 101), envisages the incorporation of a company limited by guarantee with share capital, the Court held.