What are the model articles of association?

The Model articles of association is a legal document containing the standard default provisions that regulate how a company is run. As part of a limited company’s constitution, articles specify the internal rules and regulations that must be followed by a company’s members and directors.

How do you write an article of association?

How do you draft your company’s Articles of Association in Sri Lanka?

  1. The company name.
  2. The purpose of the company.
  3. The organization.
  4. Shares and shareholders.
  5. Meetings.
  6. Director/s and Secretary.
  7. Accounts, audits and indemnity.
  8. Miscellaneous.

What are included in articles of association?

The content and terms of the “articles” may vary by jurisdiction, but typically include provisions on the company name, its purpose, the share structure, the company’s organization, and provisions concerning shareholder meetings.

Can I use model articles of association?

Contents. All limited companies must have articles of association. These set the rules company officers must follow when running their companies. “Model” articles of association are the standard default articles a company can use.

What does Model Article 3 provide for?

3. Directors’ general authority. 3. Subject to the articles, the directors are responsible for the management of the company’s business, for which purpose they may exercise all the powers of the company.

Who do model articles apply to?

The following forms of model articles are set out in the Companies (Model Articles) Regulations 2008 (SI 2008/3229): Private companies limited by shares (regulation 2 and Schedule 1) . Private companies limited by guarantee (regulation 3 and Schedule 2). Public companies (regulation 4 and Schedule 3).

Where do I find articles of association?

Every company has to keep a copy of the memorandum at their registered office or SAIL address. Likewise, companies have to keep a copy of the articles of association at their registered office or SAIL address. Note: The public record will display a company’s articles.

What is the importance of articles of association?

Importance of Articles of Association: It gives provisions for the company’s inner workings such as the manner of making calls, director’s/employees qualifications, powers and duties of auditors, forfeiture of shares, dividend policy, etc. Neither company nor members bound to outsiders.

What does Model Article 21 mean?

A standard clause, replacing article 21(1) of the model articles for private companies limited by shares, to grant a company a lien over its shares and associated power of sale, the right to make calls on nil or partly paid shares and, in the event of non-payment of a call, to forfeit such shares.

What is the difference between model articles and articles of association?

Articles of Association are a set of rules which forms part of the constitution of the Company. It governs the running of the company. A model set of articles provided by the Companies Act 2006 [1] works as set of rules now for those setting up company.

What does Model Article 14 say?

Article 14 requires that all of the rights and freedoms set out in the Act must be protected and applied without discrimination. Discrimination occurs when you are treated less favourably than another person in a similar situation and this treatment cannot be objectively and reasonably justified.