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Download Difference Between Memorandum and Articles of Association
Difference between Memorandum and Articles of Association Basis Memorandum Articles 1. Purpose Lays down the charter of the company Provides the rules and regulations for the internaladministration of the company 2. Scope States the objects and powers of the company States the way to achieve the objectives stated in the Memorandum of Association 3. Status It is the basic document of the company It is the supplementary document or secondary document of the company. 4. Relationship It defines the relationship of the company with outside world It mainly guides the relationship between the company and its shareholders. 5. Whether Compulsory or not Memorandum of Association is compulsory document. Every company should have its Memorandum of Association A public limited company can opt for the model set of Articles given as Table A of the Companies Act. They need not have separate Articles of Association. 6. Legal effect Acts done beyond the scope of memorandum are void, or the company cannot ratify such acts Acts done beyond the scope the Articles can be ratified 7. Alteration Alteration of Memorandum is a lengthy process Alteration of Articles of Association is relatively easier