Characteristics or Characteristics of Councilor’s Memorandum
(Characteristics of Memorandum of Association) The important features of the Councilor’s Memorandum can be explained as follows: (1) The Councilor’s Memorandum is an essential and fundamental document of the company. Important
(2) The name of the company, head, office, purpose, liability of the members and share capital are mentioned in the councilor memorandum.
(3) It lays down the limits of the rights of the company. The work done outside the jurisdiction of the Councilor’s memorandum is futile.
(4) Councilor’s memorandum is generally a non-changeable document of the company which can be changed only in limited cases.
(5) This being a public document, it is expected from the outsider that he must have studied the councilor’s memorandum of law before dealing with the company. Repeatedly (6) it creates a contract between the company and its members. (7) It is signed by the persons forming the company.