1231. (1) An unlimited company may be formed for any lawful purpose by any person or persons subscribing to a constitution and complying with the relevant provisions of—

(a) Chapter 2 of Part 2, as applied by this Part, and

(b) this Part,

in relation to registration of an unlimited company.

(2) Without prejudice to the means by which an unlimited company may be formed under the relevant provisions referred to in subsection (1), a company may be registered as an unlimited company by means of—

(a) the re-registration, or registration, as an unlimited company of a body corporate pursuant to Part 20 or 22,

(b) the merger of 2 or more companies pursuant to Chapter 3 of Part 9, or

(c) the division of a company pursuant to Chapter 4 of Part 9.