(2) The subscription of the memorandum of association of a company to be formed under the Commercial Code by a person resident outside the scheduled territories, or by a nominee for another person so resident, shall, unless he or she subscribes the memorandum with the permission of the Governor General, be invalid in so far as it would on registration of the memorandum have the effect of making him or her a member of or shareholder in the company, so, however, that this provision shall not render invalid the incorporation of the company; and if by virtue of this subsection the number of the subscribers of the memorandum who on its registration become members of the company is less than the minimum number required to subscribe the memorandum, the provisions of the said Code relating to the carrying on of business of a company the number of whose members is reduced below the legal minimum shall apply to the company as if the number of its members had been so reduced.