(1) For the purposes of this part, so far elates to registration of companies limited by shares, a joint- company means—

(a) a company having a permanent paid up or nominal share capital of fixed amount divided into shares, also of fixed amount, or held and transferable as stock, or divided and held partly in one way and partly in the other; and

(b) formed on the principle of having only for its members the holders of those shares or that stock and no other person.

(2) Such a company, when registered with limited liability under this Act, shall be deemed to be a company limited by shares.