Statutes have been enacted in various jurisdictions setting forth requirements as to the form and manner of execution of the constitution or articles of association, and the bylaws, of an association or club. If the drafter does not comply with such formalities, the documents may not be accepted for filing by the designated public officer, and the existence of the association or club as a legal entity will not be recognized. In some jurisdictions, the constitution or articles of association, and the bylaws, must be executed properly. Execution generally implies the signing of the instruments by the proper officers or other parties, in conformity to the requirements of the governing statute.
Statutes in some jurisdictions require that the constitution or articles of association, and the bylaws, be acknowledged or verified. In some jurisdictions, it is required by statute that the constitution or articles of association be recorded, particularly where the association or club owns real property or any interest in real property.
Sample Of Articles Of Association In Nigeria
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US-02824BG
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FAQ
The full articles of association should cover: The powers, responsibilities, indemnity and insurance of the directors. Details of how directors hold meetings, vote, delegate and handle conflicts of interest. How directors are appointed and removed. How records of directors' decisions will be recorded. Liability of members.
Common Components of the Articles of Association Company name and form of business. Purpose of the company. Capital structure. Corporate governance. Administration of corporate records.
Contents of the Articles of Association The AOA contains the rules and by-laws for the following; Share capital: Rights of various shareholders, share certificates, payment of a commission, etc. The appointment, remuneration, qualifications, powers of directors, etc.
Articles of association define what a company is and how it operates. This includes fundamental information such as the company's name, its founders and original shareholders, the purpose driving the company, how shareholders meetings are conducted, and how directors are hired.
Articles of Association are rules that govern the company, and which shareholders and directors have agreed on. The articles outline the managerial and administrative structure and responsibilities of the business and include information on the rights of shareholders.