Change in Article of Association of The Company
The articles of association of a company are its by-laws or rules and regulations which govern the management of its internal affairs and the conduct of its business. Registered companies have the statutory right to alter their articles at any time by special resolution. They are framed with the object of carrying out the aims and objects as set out in the Memorandum of Association.
Contents of Articles of Association
The articles generally deal with the following
1. Classes of shares, their values and the rights attached to each of them.
2. Calls on shares, transfer of shares, forfeiture, conversion of shares and alteration of capital.
3. Directors, their appointment, powers, duties etc.
4. Meetings and minutes, notices etc.
5. Accounts and Audit
6. Appointment of and remuneration to Auditors.
7. Voting, poll, proxy etc.
8. Dividends and Reserves
9. Procedure for winding up.
10. Borrowing powers of Board of Directors and managers etc.
11. Minimum subscription.
12. Rules regarding use and custody of common seal.
13. Rules and regulations regarding conversion of fully paid shares into stock.
14. Lien on shares.