Company Law By Luqman Baig Pdf Free Free

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NAME

Budget 2015-16

Tax Year 2015

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Income Tax Law in Pakistan with Introduction of Sales Tax for B.Com Final & other Professional Courses by Luqman Baig

including

According to New Scheme Illustration with Solutions and Practical Problems for Practice

EDITION

2015-16

AUTHOR

Muhammad Luqman Baig

Updated by

Abdul Hafeez

PUBLICATION

Ghazanfar Academy Pakistan

CONDITION

new

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Company Law By Luqman Baig Pdf Free Free

Memorandum of Association Introduction: Under the existing law a limited company can be formed by preparing certain legally specif specified ied docume documents nts and fillin filling g the same same with with the regist registrar rar of compan companies ies.. The first first essential document to be prepared and filled with registrar and without which a company canno cannott be inco incorp rpor orat ated ed is name named d as memo memora rand ndum um of asso associ ciat atio ion, n, brie briefl fly y calle called d memorandum. The preparation of this document is the starting point in the formation of a company. (Luqman Baig-2005)
Memorandum of association is one of the basic documents of the company, it is known as chart charter er of the the comp compan any. y. It sets sets out out the the limi limits ts outs outsid idee whic which h compan company y canno cannott go. go. Memorandum of association defines the constitution of the company. It contains the fundamental condition upon which a company is registered. (Notes provided by Ms. Faiza Khan)
It is the document that governs the relationshi relationship p between between the company and the outside. It is one of the documents required to incorporate a company in the United Kingdom, Ireland, India, Bangladesh, Pakistan and Sri Lanka, and is also used in many of the common law jurisdictions of the Commonwealth. (wikipedia.org)
Etymology: •
Memorandum word is derived from Latin word verbal phrase memorare means 'something to be brought to mind'
•
Association word is also derived from Latin word associare means 'join'
So the meaning of memorandum of association is a written message in business or diplomacy for a group of people organized for a joint purpose. (Oxford English dictionary)
History: When a company is incorporated it requires a constitution which basically records the purposes for which the company is incorporated, and which regulates the distribution of power in the company and its internal procedural matters. Before 1856, under the Joint Stock Companies Act 1884, a company was incorporated on the basis of single document
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called the; Deed of Settlement.” The Joint Stock Companies Act 1856 introduced a new constitutional framework for incorporation in 1888.Under the 1856 Act, two documents were required: the memorandum of association and article of association. This structure was followed in successive Companies Acts until the Co mpanies Act 2006. (Hicks, Goo-2008)
Definition: General definition of memorandum of association is as follow: “It is a document which sets out the constitution of the company. It is the foundation on which the structure of company is based.” (Notes provided by Ms. Faiza Khan)
Definition under company ordinance 1984 is as follow: “Memorandum means memorandum of association of company as originally framed or as altered in pursuance of the provisions of this ordinance.” (Notes provided by Ms. Faiza Khan)
Explanation: The promoters of the company prepare the memorandum of association. The memorandum of association is the charter of company, and so to say, a statutory deed of partnership. It contain the fundamental conditions upon which alone company is granted incorporation. (Luqman Baig-2005)
Memorandum binds the company and the members as if each member had signed and covenanted as regards himself, his heirs and legal representatives to observe and abide by all its provisions and conditions. Memorandum regulates the company’s external affairs is that the relation of company with outside world. It informs all persons what the company is formed to do and what capital it has to play with. (Luqman Baig-2005)
Memorandum of association is a public document, and every person who deals with company is presumed to have a sufficient knowledge of its contents and provisions. (Luqman Baig-2005)
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Requirements: It is basically a statement that the subscribers wish to form a company under the 2006 Act, have agreed to become members and, in the case of a company that is to have a share capital, to take at least one share each. It is no longer required to state the name of the company, the type of company (such as public limited company or private company limited by shares), the location of its registered office, the objects of the company, and it’s authorized share capital. Companies incorporated prior to 1 October 2009 are not required to amend their memorandum. Those details which are now required to appear in the Articles, such as the objects clause and details of the share capital are deemed to form part of the Articles. (wikipedia.org)
Form of memorandum of association: The memorandum of association of a company must be in the prescribed form. Memorandum of association should be in printed form and divided into various paragraphs and signed by the prescribers in the presence of witness. (Notes provided by Ms. Faiza Khan)
Capacities: The memorandum no longer restricts what a company is permitted to do. Since 1 October 2009, if a company's constitution contains any restrictions on the objects at all, those restrictions will form part of the articles of association. (wikipedia.org)
Historically, a company's memorandum of association contained an objects clause, which limited its capacity to act. When the first limited companies were incorporated, the objects clause had to be widely drafted so as not to restrict the board of directors in their day to day trading. In the Companies Act 1989 the term 'General Commercial Company' was introduced which meant that companies could undertake 'any lawful or legal trade or business.' (wikipedia.org)
Purpose: The memorandum of association records the agreement of the first subscribers to form a company under the 2006 Act, to become members and, in the case of a company that is to have a share capital, to take at least one share each. (wikipedia.org)
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Restriction on alteration of memorandum: A company shall not alter the conditions contained in its memorandum except in the cases and in the mode and to the extent specified in this Ordinance. (www.secp.gov.pk)
Alteration of Memorandum: (1) Subject to the provisions of this Ordinance, a company may, by special resolution alter the provisions of its memorandum so as to change the place of its registered office from one Province to another, or from one city or town in a Province to another, or from a part of Pakistan not forming part of a Province to a Province or from a Province to a part of Pakistan not forming part of a Province, or