Articles of Association Sample. Image credit agreements.org

Articles of Association Sample. Image credit agreements.org

ZIMSEC O Level Commerce Notes: Articles of Association

Articles of Association

  • Is prepared by the founders of the company or their representatives.
  • Is sent to the Registrar of companies, together with the memorandum of association for approval.
  • Contains the rules and regulation with regards to:
  • the rights, duties and powers of the directors.
  • The method of electing directors.
  • The number of directors.
  • The procedure for calling an Annual General Meeting as well as other shareholder meetings.
  • The voting rights of each class of shareholders.
  • The issue, transfer and forfeiture of shares.
  • The method of dealing with any alterations in the amount of share capital.
  • The method of distributing profits and carrying out company accounts audits.
  • The borrowing powers of the company.
  • Shows the name and address of the company.

Importance:

  • lays down the rules and regulations for the internal affairs of the company.

To access more topics go to the Commerce Notes page.

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