Memorandum of Association and Article of Association are very crucial documents for any company as they are fundamental documents for company formations.
The memorandum of association and the article of association together form the constitution of the company. A company cannot be registered and work even for a single day without drafting the memorandum of association and article of association.
The memorandum of association of any company consists of significant information about the company including the name of the company, its registered address, its scope of activities, criteria governing the relationship of the company with its shareholders, and the provision for the distribution of shares among the specified shareholders, etc.
A Memorandum of Association of any company is very important as it offers to the public all the fundamental information about the company and forms the basis for the relationship of the company with its shareholders and outside the world. A company is not empowered to undertake any Act which is not specified in its memorandum of Association and even the AOA is bound to comply with the memorandum of association of the company. Thus memorandum of association of any company is a very crucial document. According to section 4 of the Companies Act 2013, the following clauses are required to be specified in the memorandum of association of companies-
The article of Association is a very crucial document defining and describing the powers, duties, and responsibilities of all the people involved and the professionals. It basically states the bye-laws which define the relationship of the company with outsiders. Following are the contents of the Article of Association-
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