What mandatory articles are required to be included in the Articles of Association of companies?
The Articles of Association must include the following mandatory articles:-
+ The company name,
+ The articles of a limited company must state that the liability of its members is limited
+ The articles of an unlimited company must state that the liability of its members is unlimited,
+ The articles of a company limited by shares must state that the liability of its members is limited to any amount unpaid on shares held by the members,
+ The articles of a company limited by guarantee must state that each person who is a member of the company undertakes that if the company is wound up while the person is a member, or within one year after ceasing to be a member, that the person will contribute an amount required, not exceeding a specified amount, to the company's assets,
+ The articles of a company with a share capital must state the capital and initial shareholdings and
+ The articles of an association to be incorporated with a licence granted under section 103, or of a company with such a licence must state the company's objects whilst the licence remains in force. (Note: For any other company, it is not mandatory to state its objects in its Articles of Association but it may do so.
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