Memorandum of association,
Definition of Memorandum of association:
British A document that regulates a companys external activities and must be drawn up on the formation of a registered or incorporated company. As the companys charter it (together with the companys articles of association) forms the companys constitution.
The memorandum of association gives the companys name, names of its members (shareholders) and number of shares held by them, and location of its registered office. It also states the companys (1) objectives, (2) amount of authorized share capital, (3) whether liability of its members is limited by shares or by guaranty, and (4) what type of contracts the company is allowed to enter into. Almost all of its provisions (except those mandated by corporate legislation) can be altered by the companys members by following the prescribed procedures. The memorandum is a public document and may be inspected by anyone, usually at the public office where it is lodged. Called articles of incorporation in the US.
Meaning of Memorandum of association & Memorandum of association Definition