Company Law By Luqman Baig Pdf File

Memorandum of Association Introduction: Under the existing law a limited company can be formed by preparing certain legally specif specified ied docume documents nts and fillin filling g the same same with with the regist registrar rar of compan companies ies. The first first essential document to be prepared and filled with registrar and without which a company canno cannott be inco incorp rpor orat ated ed is name named d as memo memora rand ndum um of asso associ ciat atio ion, n, brie briefl fly y calle called d memorandum. The preparation of this document is the starting point in the formation of a company. (Luqman Baig-2005) Memorandum of association is one of the basic documents of the company, it is known as chart charter er of the the comp compan any. Battle realms winter of the wolf trainer 11. It sets sets out out the the limi limits ts outs outsid idee whic which h compan company y canno cannott go. Memorandum of association defines the constitution of the company. It contains the fundamental condition upon which a company is registered.

(Notes provided by Ms. Faiza Khan) It is the document that governs the relationshi relationship p between between the company and the outside. It is one of the documents required to incorporate a company in the United Kingdom, Ireland, India, Bangladesh, Pakistan and Sri Lanka, and is also used in many of the common law jurisdictions of the Commonwealth. (wikipedia.org) Etymology: • Memorandum word is derived from Latin word verbal phrase memorare means 'something to be brought to mind' • Association word is also derived from Latin word associare means 'join' So the meaning of memorandum of association is a written message in business or diplomacy for a group of people organized for a joint purpose. (Oxford English dictionary) History: When a company is incorporated it requires a constitution which basically records the purposes for which the company is incorporated, and which regulates the distribution of power in the company and its internal procedural matters. Before 1856, under the Joint Stock Companies Act 1884, a company was incorporated on the basis of single document 1 called the; Deed of Settlement.” The Joint Stock Companies Act 1856 introduced a new constitutional framework for incorporation in 1888.Under the 1856 Act, two documents were required: the memorandum of association and article of association.

This structure was followed in successive Companies Acts until the Co mpanies Act 2006. (Hicks, Goo-2008) Definition: General definition of memorandum of association is as follow: “It is a document which sets out the constitution of the company. It is the foundation on which the structure of company is based.” (Notes provided by Ms. Faiza Khan) Definition under company ordinance 1984 is as follow: “Memorandum means memorandum of association of company as originally framed or as altered in pursuance of the provisions of this ordinance.” (Notes provided by Ms. Faiza Khan) Explanation: The promoters of the company prepare the memorandum of association. The memorandum of association is the charter of company, and so to say, a statutory deed of partnership. It contain the fundamental conditions upon which alone company is granted incorporation.