⭐ Important points (exam-critical)
- ⭐Pre-incorporation contracts: company not bound; promoter personally liable.
- ⭐Doctrine of constructive notice: outsiders presumed to know MOA/AOA (filed with ROC).
- ⭐Section 8 company: licence in lieu of word 'Limited'; surplus not distributed.
- ⭐Conversion of OPC to private/public mandatory if paid-up > ₹50 lakh OR turnover > ₹2 crore for 3 years.
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