Contents of Councilor’s Articles
(Subject-Matter of Articles of Association)
Generally, in the Articles of the Company, rules and bye-laws are included in respect of all those matters which are given in Table ‘A’ of the First List of the Companies Legislation. Almost all the companies in their Articles provide for the rules and bye-laws regarding the matters regarding which for the internal management and operation of the company, they are as follows
(1) Which regulations of Table ‘A’ will be applicable. (2) Arrangement for acceptance of preliminary agreement.
(3) Division of share-capital into different shares, share-transfer, share-forfeiture, change in capital and voting rights of the members.
(4) Method of allotment of shares.
(5) Determination of minimum subscription amount. (6) Method of issue of share certificate and share warrant.
(7) Calls on shares, method of solicitation and time difference between two solicitations. (8) Method of increase, decrease and restructuring of share capital.
(9) Payment of underwriting commission (10) Payment of commission and brokerage on shares and debentures.
(11) Integration and subdivision of shares.
(12) Law of general meetings of the company, information, minimum number of caretakers, reception, anti-person and rules regarding voting and chairman.
(13) Number of directors, appointment qualifications, remuneration. (14) The books of account of the company and the method of their maintenance.
(15) The method of giving notice to the members.
(16) Capitalization of profits.
(17) Appointment of auditors and fixation of their remuneration.
(18) Arrangement regarding appointment of Director, Secretary and Manager (19) Powers of Board of Directors.
(20) Use of the company’s common currency.
(21) Special arrangement regarding winding up of the company
(22) Method of forfeiture of shares.
(23) Method of taking loan.
(24) Rights and limits to take loans.
In addition to the above matters, there are provisions in various sections of the Companies Act that the company cannot exercise certain important rights unless the provisions of the Articles of the Company provide for the exercise of those rights.