MEMORANDUM OF ASSOCIATION IN COMPANY DRAFTING
MOA also known as the Memorandum of Association is the most important document you will need for the incorporation or the registration of a company filed with the registrar of companies and should be drafted carefully.
This document is important since it contains basic conditions for the operation of a company. Charter of company is another name given to the memorandum. Objectives, rights, liabilities running parallel to the constitution of the company makes memorandum of association.
Points to be taken care of while drafting a MOA
The memorandum comprises of 6 clauses.
1. Name clause
The name of the company approved by the MCA is stated.
2. Registered office clause
Under this clause the state in which the registered office of the company is situated is mentioned.
3. Object clause
This is the most important clause. This clause is further divided into 3 sub-parts
Main object– these are the objects which the company wishes to attain immediately after its incorporation. These objects include the activities such as manufacturing, sales, trade etc which are the parts of the main business and hence have to be stated very clearly.
The objects incidental-these objects cover the activities which are essential for the attainment of the main objects. Example can be amalgamation empowerment of the company, power to take over new businesses, enrollments etc.
Other objects–these objects include those arenas which the company proposes to attain in future.
4. Liability clause
This clause states the limit up to which the each member is liable to the company.
5. Capital clause
Under this clause the maximum limit to which the company can arise capital is mentioned.
6. Subscription clause
In this clause each subscriber has to sign the memorandum in the presence at least one witness and write the number of shares he/she will take. Each member has to take at least one share.
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