In this unit, two important documents known as the Memorandum of Association (MA) and the Articles of Association (AA) which formed the constitution of the company were explained. The various sections of the Companies Act 1965, which regulates the alteration of the MA and AA were discussed and explained for your knowledge. These were followed by the relevant procedures that were required to alter both the MA and AA and also discussion of their respective legal implication for non compliance. Legislative requirement of a company to change its object clause in the MA was described and explained.
The unit explained the process of change of company’s name after incorporation. The relevant procedures in the change of company name were introduced and discussed.
The importance to publish address of registered office and its regular office hours of a company were explained and related to the Companies Act 1965.
The concepts of bona fide, duty of care, due diligence, discretion in relation to directors and auditors of the company, their roles and responsibilities as directors and auditors of the company were also discussed for your understanding.