A page from a Memorandum of Association. Image credit coronetpublications.com

A page from a Memorandum of Association. Image credit coronetpublications.com

ZIMSEC O Level Commerce Notes: Memorandum of Association

Memorandum of Association

  • Is used in the formation of private and public limited companies.
  • Is prepared by the company founders/their representatives.
  • Is sent to the Registrar of companies for approval.
  • Contains:
  • the name of the company followed by the words “private limited” or abbreviation thereof for private limited companies and “plc” for public limited companies.
  • The address of the company and its registered office address.
  • The purpose or objects of the company.
  • The names of the first company’s director(s).
  • the amount of share capital to be issued to shareholders.
  • The classes of shares to be issued.
  • A statement whether a company is either “private” or “public”
  • A statement that the liability of the shareholders is limited.
  • An undertaking by the promoters to form a registred company and purchase a stipulated number of shares.

Importance:

  • is an application to register a company.
  • Is used during the formation of a company.
  • A company’s charter which governs the company’s relationship with the outside world.

To access more topics go to the Commerce Notes page.

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