Aritcle Of Association| Lawyers

1. Concept Of Articles Of Association

Articles of association internal affairs or rules of a company. Articles of association of a company are terms of contract between the members and these terms are legally binding upon the members. Sec 2(1) (26, 28), 34 of company ordinance 1984. The articles of association are the regulations or by laws which governs the internal  organizations and conducts of company.

2. Procedure Of Aritcles Of Association

a.   Number of persons

b.   Share capital and its division

c.    Alteration an reduction of shares

d.   Borrowing power

e.   Appointment powers duties qualification of director and chief executive

f.      Declaration of dividend

g.    Procedure as to company meetings

h.   Meeting s notices voting power and procedures

i.      Common seal / stamp

j.      Winding up

Table A; company limited by shares

Table C; company limited buy guarantee

Table D; unlimited company. Company limited by shares the registration of articles is optional. Company limited by guarantee and unlimited company the registration of articles is compulsory.

3. Meetings Of Board

Binding on members in their relations to company binding between the members not binding in relation to outsides. Meeting of board of share holders. Consultation with members .Settlement with registrar . Notice of general meeting . Special resolution. Alteration filed to registrar. Information to stock exchange. If company is listed in stock exchange a copy of special resolution passed by share holders along with changed articles shall sent to stock exchange.