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Gaurav Seth 5 years, 8 months ago
Meaning | Memorandum of Association is a document that contains all the fundamental information which are required for the incorporation of the company. | Articles of Association is a document containing all the rules and regulations that governs the company. |
Defined in | Section 2 (56) | Section 2 (5) |
Type of Information contained | Powers and objects of the company. | Rules of the company. |
Status | It is subordinate to the Companies Act. | It is subordinate to the memorandum. |
Retrospective Effect | The memorandum of association of the company cannot be amended retrospectively. | The articles of association can be amended retrospectively. |
Major contents | A memorandum must contain six clauses. | The articles can be drafted as per the choice of the company. |
Obligatory | Yes, for all companies. | A public company limited by shares can adopt Table A in place of articles. |
Compulsory filing at the time of Registration | Required | Not required at all. |
Alteration | Alteration can be done, after passing Special Resolution (SR) in Annual General Meeting (AGM) and previous approval of Central Government (CG) or Company Law Board (CLB) is required. | Alteration can be done in the Articles by passing Special Resolution (SR) at Annual General Meeting (AGM) |
Relation | Defines the relation between company and outsider. | Regulates the relationship between company and its members and also between the members inter se. |
Acts done beyond the scope | Absolutely void | Can be ratified by shareholders. |
Posted by Devika Dean 5 years, 8 months ago
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Gaurav Seth 5 years, 8 months ago
The Memorandum of Association or MOA of a company defines the constitution and the scope of powers of the company. In simple words, the MOA is the foundation on which the company is built.
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Gaurav Seth 5 years, 8 months ago
An Insured is a person who is the buyer of the insurance policy. An insured is the proposer of the policy who pays premium as the consideration to the insurance company. Insured purchases the insurance policies to safeguard the assets from the financial consequences of losses or damage that occur from insured peril
An Insurer is a company who sells the insurance policies. Insurer is the one who bears the risk in return for considration which is known as premium. Insurer agrees to pay to the insured a certain sum of money if the insured peril occurs so that it is possible to continue the benefits
Insured pays the premium to the insurer
Insurer pays the claim to the insured
<hr />For example:
A purchases insurance from Z insurance company.
So here,
A - insured
Z - insurer
A will pay premium to Z
Z will pay claim to A
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Shruti Gupta 5 years, 8 months ago
2Thank You