what is Memorandum of Association? Describe it's all classes/clauses.

 

Memorandum of association (MoA)- Memorandum of Association is a legal document to registration process of  company, some time it calls  charter. It is  a document prepared for the company registration procedure in which all information is defined  about company, it's objective, relationship with shareholders, liability of company,  main office of company, location of company and state name etc. 

There are many classes which must be incorporated in the company's memorandum- 

1. Name clause
2. Object Clause
3. Situation (Domicile)  Clause
4. Liability Clause
5. Capital Clause
6. Association Clause

1. Name Clause - In this clause The name of the company is defined. If the company is public company 'Limited' is added in the last of company's name. If company is a private company 'Private Company' is added in the last of company's name. 

2. Object Clause-  Object clause provides all information about operations and objects of the company. In this clause motive and objective of the company must be mentioned.

3. Situation (Domicile) Clause- In this Clause company comprises all possible information of the registered office of the company. company mentions about office location state or union territory name or may exact address of registered office. 

4. Liability Clause- Company defines liability of every members of the company in liability clause. It simply declares that the liability of the members is limited, in the case of a company limited  by shares or limited by guarantee. The clause also specify that each member undertakes to contribute  to the assets of the company and amount of contribution in case company is closing and winding up. 

5. Capital Clause - Capital Clause mentions the share capital with which the company is registered. It is also mention types of share, numbers of shares. 

6. Association or Subscription  Clause - This clause is a last clause of MoA. In this clause the individuals who want to be part of this association needs to sign Memorandum of the company. A company itself  is an association of person. The person who sign this clause are called first subscribers, subscriber must purchase at least one share. If it is a public company it is to be signed by at least 7 or more people. If it is a private company, it is to be signed by at least 2 or more people. 

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