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5th Chapter Prashant

' article'means the Article of ASSOCIATION of a company as originally framed or altered from time to time in pursuance of any previous companies law or of this act. A public company limited by shares may register Article of ASSOCIATION signed by the subscriber to the memorandum. In case of company limited by guarantee and a unlimited liability the article shall states the no. Of member with which the company is to be registered.

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25 views11 pages

5th Chapter Prashant

' article'means the Article of ASSOCIATION of a company as originally framed or altered from time to time in pursuance of any previous companies law or of this act. A public company limited by shares may register Article of ASSOCIATION signed by the subscriber to the memorandum. In case of company limited by guarantee and a unlimited liability the article shall states the no. Of member with which the company is to be registered.

Uploaded by

Vikash Kumar
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PPTX, PDF, TXT or read online on Scribd
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Article of ASSOCIATION

Article of ASSOCIATION
Meaning-The Article of Association set out the rule and regulation for the internal management of the company . Acc. to Sec2(2)of the companies act.1956 article means the article of association of a company as originally framed or altered from time to time in pursuance of any previous companies law or of this act.

Contents Of Articles
The business of the company The amount of capital issued The right of each class of shareholders The allotment of shares details Transfer & transmission of shares Exercise of borrowing powers including issue of debentures General meetings , notices , resolution , minutes Accounts & audit

REGISTRATION OF ARTICLE
Sec. 26 states that a public company limited by shares may register article of association signed by the subscriber to the memorandum As regard a company limited by guarantee and a unlimited liability and a private company limited by shares sec . 26 provides for compulsory registration of article prescribing regulation for the company.ss

REGULATION REQUIRED IN CASE OF UNLIMITED COMPANY SEC. 27


The article shall states the no. of member with which the company is to be registered if the company has a share capital the amount of share capital with which the company is to be registered. In case of company limited by guarantee the article shall states the no. of member with which the company is to be registered .

NO ARTICLE COMPANY SEC. 28

A company ltd. By shares may either frame it own set of articles or may adopt all of any of regulation prescribed.

FORM AND SIGNATURE OF ARTICES SEC. 29 & 30


Sec. 30 requires that article shall 1. Be printed. 2. Be divided into paragraphs numbered consecutively. 3. Be signed by each subscriber of the memorandum of association(who shall add his address description and occupation if any) in presence of at least one witness who shall attest and like wise add his address description and occupation if any.

INSPECTION AND COPIES OF ARTICLE.


A company shall , on being so required by a member send to him within seven days of the requirement, on payment of one rupee, a copy of articles if not then every officer shall be punishable with fine up to rupees 50 (sec. 39)

ALTERATION OF ARTICLES
Sec. 31 provides that subject to the provision of the act and to the condition contained in its memorandum a company may by special resolution alter and add to its articles a printed copy of every special resolution altering of articles must be filed with be registrar with in 30 days of passing of the special resolution.

LIMITATION ON POWER TO ALTER ARTICLES.


The alteration must not exceed the powers given by memorandum . The alteration must not be inconsistent with any provision of companies act as no company can purchase its own share sec. 77 The altered article must not include any thing which is illegal. The alteration must be bonafied for the benefit of the company.

Thank You

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