ABOUT MOA & AOA
Memorandum of Association (MOA) and Articles of Association (AOA) are two important documents that are essential for the incorporation and functioning of a company. Here's an explanation of each:
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Memorandum of Association (MOA):
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The MOA is a fundamental document that outlines the company's constitution and its scope of operations.
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It defines the company's objectives, powers, and its area of business operations.
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The MOA also specifies the authorized share capital of the company and the division of shares among the subscribers.
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Any activities undertaken by the company beyond the scope defined in the MOA are considered ultra vires (beyond the legal powers) and are not legally valid.
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Articles of Association (AOA):
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The AOA is a document that lays down the rules and regulations for the internal management and administration of the company.
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It governs matters such as the appointment and removal of directors, their powers and responsibilities, conduct of meetings, and distribution of dividends.
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AOA can be considered as a company's internal rulebook, as it governs how the company operates internally and deals with its members and directors.
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While the MOA sets out the external framework and scope of the company's activities, the AOA deals with its internal governance and day-to-day operations.
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PHYSICAL REQUIREMENT MOA & AOA
While the Memorandum of Association (MOA) and Articles of Association (AOA) are traditionally filed and stored as physical documents during the incorporation of a company, their physical existence serves certain practical and legal purposes:
Legal Requirement: In many jurisdictions, it is a legal requirement to have physical copies of the MOA and AOA signed by the initial subscribers and shareholders. These physical documents provide tangible evidence of the company's formation and the agreement among its founding members.
Verification: Physical copies of the MOA and AOA can be easily presented and verified by regulatory authorities, banks, or other organizations. They serve as official proof of the company's objectives, rules, and governance structure.
Historical Records: Physical copies act as historical records of the company's founding principles and early operations. This historical data can be important for reference, research, or compliance purposes.
Transparency: Having physical documents ensures transparency and authenticity in the company's operations. It reduces the likelihood of disputes or misunderstandings regarding the company's constitution and governance.
In-Person Transactions: In certain situations, such as in-person meetings with potential investors, partners, or regulatory authorities, physical copies of the MOA and AOA may be requested or preferred for review and verification.
Backup: Physical copies serve as a backup in case of electronic document loss or data corruption. They provide an additional layer of security for critical corporate information.
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