MEMORANDUM OF ASSOCIATION V/S ARTICLES OF ASSOCIATION

  MEMORANDUM OF ASSOCIATION
ARTICLES OF ASSOCIATION
Meaning
It is a fundamental document which lays down the objectives of the company. It regarded as the constitution or charter of the company.

Establishment of relationship
It defines the relationship between company and outsiders.

Purpose
The main purpose is to define limits or the scope of the company’s activities.

Ease in Alteration
It is not so easy to alter memorandum

Obligation
Every company has to prepare its memorandum & register it with the register of companies.

Contents
It contains six clauses such as name clause, Domicile clause, objective clause, liability clause and association clause.

Status
The Memorandum is the fundamental document required for the formation of the company.
Meaning
It is subordinate document which provides rules to achieve the objectives. It is regarded as the rules and regulations for internal working of the company.

Establishment of relationship
It defines the relationship between company & its shareholders/Directors.

Purpose
The main purpose is to provide directions for the internal management of the company

Ease in Alteration
It is convenient to alter articles.

Obligation
A Public company limited by shares need not to register its Articles and as such can adopt Table A in place of its Articles.
Contents
It contains rules and regarding internal management of the company. Such as rules regarding meeting, appointment of directors, issue of shares etc…

Status
The Articles is subordinate to memorandum which is required for the formation of the company.

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