What is a MEMART (Memorandum and Articles of Association)?
A memorandum and articles of association are legal documents that state the object of the company, shareholders of the company, the number of shares they subscribed to and the laid down rules in the running of the company which is signed by all subscribers and witnesses to the agreement and formation of the company.
CONTENTS OF A MEMORANDUM
- The name of the company
- The object of the company
- The type of company
- The number of shares
- The names of shareholders, number of shares subscribed to and signatures
- Signature and name of witness
CONTENTS OF ARTICLES OF ASSOCIATION
- Notice i.e notice of meetings and how it would be circulated among members and directors of the company
- The seal i.e the provision, use and custody of the company seal
- Alteration of capital
- Commissions and brokerage
- Pre-emptive rights of shareholders of the company
- Restrictions on transfer of shares
- Class of shares
- Names of subscribers
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