MOA Amendment
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Memorandum means the memorandum of association of a company as originally framed or as altered from time to time in pursuance of any previous companies’ law or of this Act.
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Importance of Memorandum
- Key Document
Memorandum is a key document containing vital details about the company. It is the basic document for the formation of the company. Therefore, memorandum (along with Articles) is also called as the Constitution of the company. - .Contents of the Memorandum must comply with The Companies Act, 2013
The contents of Memorandum and Articles needs to be in compliance of the Companies Act, 2013 and other applicable legislations. - Public Documents
Memorandum is a public document. Consequently, every person entering into a contract with the company is presumed to have the knowledge of the contents of memorandum. - Purpose of Memorandum
- Risk Related
The purposed shareholders must know the purpose for which his money will be used by the company. - Object Related
Any person dealing with company may know the weather the contrast entered into by the company are within its objects.
- Risk Related
Contents of Memorandum
- Name Clause –
- The ‘name clause’ of memorandum shall state the name of the company.
- In the case of a Public Company, the word ‘limited’ shall be the last word of the name of the company.
- In the case of a private company, the words ‘private limited’ shall be the last word of the name of the company.
- Situation Clause –
The ‘situation clause’ memorandum shall state the name of the state in which the registered office of the company is proposed to be situated. - Objects Clause –
- The ‘objects clause’ of memorandum shall state the objects i.e the Main objects for which company is proposed to be incorporated and
- Any matter incident to the main objects.
- If any company has changed its objects which are not reflected in its name, it shall change its name in Line with its objects within a period of six months from the change of activities after complying with all the provisions as applicable to change of name.
- Liability Clause –
- The ‘liability clause’ of memorandum hall state as to whether the liability of members of the company is limited or unlimited.
- In case of a company limited by shares, the memorandum shall unpaid on the shares held by him.
- In case of company limited by guarantee, the memorandum shall state that liabilities of every member shall be limited to the amount of guarantee given to the company, in the event of winding up of the company.
- Nomination Clause-
In the case of a One person company, the memorandum shall state the name of a person who, in the event of death or incapacity of the subscriber, shall become the member of the company.
