(1) On the Registration of the memorandum of a corporation the Registrar or the officer referred to in sub-section (1) of section 15 shall issue a certificate under his hand in the form in Schedule III that the corporation is incorporated.
(2) From the date of incorporation mentioned in the certificate of incorporation, such of the subscribers of the memorandum and other persons, as may from time to time be members of the corporation, shall be a body corporate by the name contained in the memorandum capable forthwith of exercising all the functions of an incorporated corporation, and having perpetual succession and a common seal, but with such liability on the part of its members to contribute to the assets of the corporation in the event of its being wound up as is mentioned in this Act.