Memorandum Of Association
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Memorandum Of Association
A commercial contract is a legally binding agreement between two or more parties regarding the sale of a specified good or service. The contract lays out the terms and conditions of the transaction, including the quantity and nature of goods to be provided, compensation for those goods, and what happens if either party fails to live up to its obligations.
A memorandum of association is a commercial contract that details the legal construction of a company or limited liability corporation (LLC) and how its business should be performed. The memorandum of association establishes key contractual provisions for the guidance of the organization’s directors, officers, employees, and interested third parties. The memorandum of association also serves to ensure the solvency of a new organization by confirming that it has enough funds to cover the costs that come with the provisioning of its services. In order to be legally
Object of the Registration of a Memorandum of Agreement
The object of the registration of a memorandum of agreement (MOA) is to formalize a set of commitments made by two or more parties.
- A company’s memorandum of association sets out its goals and defines the scope of its operations. lt also outlines regulations that the company must follow, including rules that govern how it conducts business.
- A Memorandum of Association (MOA) contains all the information relating to a company’s rights, powers, and responsibilities.
- A memorandum of agreement is a legal corporate document, and it’s also public per UAE Companies Law. Therefore, any person entering into agreements with a company will have to be knowledgeable of the content of the memorandum of agreement.
- A company will not be able to depart from provisions specified in the MOA under any circumstances. If it does, it will be considered in violation of the agreement.
- The Memorandum of Association is also referred to as a constitution or articles of association. The content of this document has been influenced by many sources, including British law.
The Memorandum of Association should contain:
- Name and number of members
- Purpose and objects of the company
- Nature of business activities: whether they are commercial or non-commercial, whether they are manufacturing or service-based
- The location where the business will be caried out
- Proposed name for the business
- Object clause
- Liability clause
- Capital clause
- Company duration and tennination
The nlemorandum of association is a legal contract that outlines the purpose and point of operations for a given firm.
I. Registration of the MOA
2. First directors of the MOA
3. Extension of the MOA
Canceling Memorandum of Association:
Canceling a Memorandum of Association is not a simple task. It is a legal document and the company has to be dissolved with the Registrar of Companies before filing for cancellation.
Steps For Cancelling Memorandum Of Association:
The first step is to file an application for cancellation with the Registrar of Companies (ROC). You will have to submit all relevant documents along with your application for cancellation. This includes: —
- Original Articles of Association along with all amendments made thereto.
- Original register of members, and
- Copy of resolution passed by members at the general meeting authorizing Board to file an application for cancellation with ROC.