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INTERNATIONAL JOURNAL OF NOVEL RESEARCH AND DEVELOPMENT International Peer Reviewed & Refereed Journals, Open Access Journal ISSN Approved Journal No: 2456-4184 | Impact factor: 8.76 | ESTD Year: 2016 Scholarly open access journals, Peer-reviewed, and Refereed Journals, Impact factor 8.76 (Calculate by google scholar and Semantic Scholar | AI-Powered Research Tool) , Multidisciplinary, Monthly, Indexing in all major database & Metadata, Citation Generator, Digital Object Identifier(DOI) |
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| Paper Title: | MEMORANDUM OF ASSOCIATION |
| Authors Name: | KESHAV |
| Download E-Certificate: | Download |
| Author Reg. ID: |
IJNRD_215033
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| Published Paper Id: | IJNRD2403121 |
| Published In: | Volume 9 Issue 3, March-2024 |
| DOI: | |
| Abstract: | This article discusses memorandums of association, which are essential to the creation of companies. The fact that a business is founded on a legal act is highlighted, setting it apart from other private law societies. It is believed that the adoption of a legislation or the negotiation of a memorandum of association are the two legal acts that might serve as the foundation for a corporation. The creation of legal bodies such as credit unions, joint stock corporations, and associations just requires the enactment of a statute. A formal document known as a memorandum of association is necessary for the establishment of all other companies. The legislative solution that necessitates the adoption of a statute and the conclusion of a memorandum of association in order to form mutual insurance companies and cooperative societies is criticised because it burdens the formation process unnecessarily, produces issues, and creates legal uncertainty. Additionally, a company does not need to be constituted based on two legal acts. The author outlines the characteristics of specific firms' memorandums of association and examines fundamental issues with them, including conclusion, content, interpretation of their provisions, application of the law, modification, etc. Their ability to control relationships in all kinds of businesses is assessed. Concerning that, There is evidence to suggest that the way that laws regulate the memorandum of association in limited liability firms and partnerships differs noticeably. This is explained by the disparity in their economic significance, which is determined by their impact on the economy rather than the quantity of those businesses. It is highlighted that the partnership contract (societas) serves as the foundation for all memorandums of associations of partnerships. Legislative regulations on partnerships include provisions on contracts of partnership (societas), even when discussing legal persons; similarly, requirements on general partnerships are mentioned in regulations on other firms that fall under the legal person category. In actuality, this indicates that everything is predicated on the terms of the partnership agreement (societas). Again, everything is based on societas in cases where a partnership lacks legal ability (silent partnership, association without legal capacity), as societas is a sort of firm and such an association is a societas. It is argued that the memorandum of association's legal nature is defined by the fact that it is a long-term organisational contract. It is subject to the rules governing relevant companies and, with certain exclusions, obligations. It is emphasised that memorandums of association are to be understood objectively as acts for the portion of them that contain substantive content, and in accordance with contract interpretation standards for the portion that is formal. It is underlined that, unlike other contracts, the majority of voices required to amend a contract may not always require the approval of all members; instead, the contract or applicable legislation may specify that requirement. Conclusion: Because the memorandum of association can be more easily adjusted to members' needs and can govern a wider range of questions within and about the firm, it is a more suitable tool for regulating important questions related to the operation of the business. |
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| Cite Article: | "MEMORANDUM OF ASSOCIATION ", International Journal of Novel Research and Development (www.ijnrd.org), ISSN:2456-4184, Vol.9, Issue 3, page no.b205-b218, March-2024, Available :http://www.ijnrd.org/papers/IJNRD2403121.pdf |
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| ISSN: |
2456-4184 | IMPACT FACTOR: 8.76 Calculated By Google Scholar| ESTD YEAR: 2016 An International Scholarly Open Access Journal, Peer-Reviewed, Refereed Journal Impact Factor 8.76 Calculate by Google Scholar and Semantic Scholar | AI-Powered Research Tool, Multidisciplinary, Monthly, Multilanguage Journal Indexing in All Major Database & Metadata, Citation Generator |
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Published Paper ID:IJNRD2403121 Registration ID: 215033 Published In: Volume 9 Issue 3, March-2024 DOI (Digital Object Identifier): Page No: b205-b218 Country: noida, up, India Research Area: Other Publisher : IJ Publication Published Paper URL : https://www.ijnrd.org/viewpaperforall?paper=IJNRD2403121 Published Paper PDF: https://www.ijnrd.org/papers/IJNRD2403121 |
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