According to the provisions of the Companies Act a memorandum of association is a constitution document of a company that takes the form of a decision on incorporation if the company is incorporated by a single person, or the form of an agreement on association if it is incorporated by several persons.
At the occasion of company incorporation, the signatures on the memorandum of association are certified in keeping with the act which regulates signature certification.
In a general partnership, limited partnership and a limited liability company, a memorandum of association regulates the manner of management of a company and other issues in keeping with the Companies Act for each individual legal form of a company.
A joint stock company has a memorandum of association and articles of association that regulate the manner of management of the company and other issues in keeping with the Companiess Act, unless a separate act provides otherwise.
A person who later joins the company is bound by the company’s memorandum of association i.e. articles of association from the day of acquiring the status of a company member in accordance with the Companies Act. Continue reading Memorandum of association in Companies act