COMPANIES LIMITED BY GUARANTEE The second class of limited companies are those limited by guarantee, as distinguished from those limited by shares. In the company limited by guarantee each member agrees, in the event of a winding-up, to contribute a certain amount to the assets—i5, or os.—whatever may be the amount of the guarantee. The peculiarity of this form of company is that the interests of the members are not expressed in any terms of nominal money value like the shares of other companies, a form of constitution designed to give a superior elasticity to the company. The property of the company simply belongs to the company in certain fractional amounts. This makes it convenient for clubs, syndicates and other associations which do not require the interest of members to be expressed in terms of cash.