UPDATE: on 30th August 2013: Companies Bill 2012 became the Companies Act, 2013 (Act 18 of 2013).
Section 3, 4 and 5 of the Companies
Bill, 2012 Act 2013
In my last post, I discussed definition of companies and classes.
FORMATION OF COMPANY (SECTION 3):
A company may be formed for any lawful purpose by:
(a) Seven or more persons as public company;
(b) Two or more persons as private company;
(c) One person as One Person Company
By subscribing names to a memorandum and complying other requirements.