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प्रश्न
Justify the following statement.
Memorandum of Association defines the limitations of the powers of the company.
उत्तर
(i) Memorandum of Association is the basic fundamental and principle document of a company with which the company is registered. It is a charter of the company. It serves as the
constitution of the company. It defines the company’s objects and lays down the fundamental conditions upon which the company is allowed to be formed.
(ii) According to Lord Cairns, the Memorandum of Association of the company is its charter and defines the Limitations of the powers of the company. This definition specifies that the Memorandum of Association is a document that describes the constitution of the company and its rights or privileges. It states the powers of the company Le. What it can do and what it cannot do. In brief, Memorandum of Association defines the scope of the activities of the company, the relationship of the company with the outside world, its objects, the extent of and limitations of the powers of the company.
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