law: Companies Act, 1956
  Sec 37    -    
  
  Provision as to companies limited by guarantee. 
  (1) In the case of a company limited by
  
  guarantee and not having a share capital, and registered on or after the first
  
  day of April, 1914, every provision in the memorandum or articles or in any
  
  resolution of the company purporting to give any person a right to participate
  
  in the divisible profits of the company otherwise than as a member shall be
  
  void.
  (2) For the purpose of the provisions of this
  
  Act relating to the memorandum of a company limited by guarantee and of this
  
  section, every provision in the memorandum or articles, or in any resolution,
  
  of any company limited by guarantee and registered on or after the first day of
  
  April, 1914, purporting to divide the undertaking of the company into shares or
  
  interests, shall be treated as a provision for a share capital, notwithstanding
  
  that the nominal amount or number of the shares or interests is not specified
  
  thereby.