AMENDMENT OF MEMORANDUM
Memorandum of Association of a Company is the constitution of a company which defines permitted business activities of the company, State of incorporation, type of company, capital of the Company, liability of members, etc. Alteration of Memorandum of a company is required while changing name of a company or shifting the registered office from state to state, alteration of objects clause, capital clause or while increasing the authorized share capital. Alteration of Memorandum of Association can be affected by passing of a special resolution in the meeting of the Shareholders of the Company.
LEGALRAJ will help you amend Memorandum of Association of a company. The average time taken to file for complete a Memorandum of Association amendment is about 2-5 working days, subject to government processing time and client document submission.
Clauses of the Memorandum of Association
1. Name Clause: It contains name of the company. The name must contain the last word 'Limited' in case of limited companies and the last words 'Private Limited' in case of private limited company. The Companies Act, 2013 states that a Company should not be registered with an undesirable name.
2. Object Clause: It contains business activities of the Company whether the company engages in all those activities or not. The Company is not permitted the do the business activity which is not mentioned in the Object Clause. It would be considered ultra-vires, i.e. beyond the powers of the company.
3. State Clause: The Memorandum of Association must mention the State in which the registered office of the company will be situated. The domicile of the company must be stated for determination of jurisdiction of Court, tax authorities and ROC.
4. Liability Clause: The Memorandum of Association must state whether the company is limited by shares or by guarantee. Also, the Memorandum of Association must state that the liability of its members is limited or otherwise.
5. Capital Clause: The Memorandum of Association of a company having share capital is required to show the amount of share capital with which the company is going to be registered, and the division therefor into shares of fixed value. It can be increased at any time by following due procedure of law.
How we help with memorandum of association
1. Consultation: we will review the present and proposed MOA of company and the Articles of Association and after considering the level of complexities involved, we can assist you with the procedure for amendment of Memorandum of Association and matters related thereto.
2. Board Resolutions: Then we will provide timelines, documents and do the compliances for you.
3. Filing: We will timely file applicable returns, documents and other formalities with the Ministry of Corporate Affairs to effectuate MOA Amendment.