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