Memorandum of Association for Section 8 Company

Memorandum of Association for Section 8 Company

Form No. INC-13

Memorandum of Association

[Pursuant to rule 19(2) the Companies (Incorporation and Incidental) Rules, 2014].

MEMORANDUM OF ASSOCIATION OF —————————- FOUNDATION


1. The name of the company is: “————–FOUNDATION”.

2. The Company's registered office shall be situated in the State of “——”.

3. The objects for which the company is established are:

1. To provide economic, social, political, legal and cultural support to the society for free or subsidized rate for the awareness and betterment of the challenges faced by the society, and to remove any discrepancies that is a challenge to the personal and professional growth of society as a whole and to establish support system mechanism and ventures for their skill development also catering to mental health.

2. To help, develop, facilitate, promote, support the peoples and their families, especially in the field of Health, education, social justice, equality and eradicate hunger, poverty, and malnutrition and promote health care, health camps, mobile medical vans, healthcare centres, sanitation and other facilities that is needed for leading a life of dignity and enhance their skills and opportunities by providing coordination and imparting training in the relevant skills and in entrepreneurship and help them in setting up self-employment ventures.

3. To facilitate, promote, serve, develop, provide, campaign women empowerment and promote gender and social equality in all the sections of society, especially the marginalized, to be encouraged and participate to their fullest potential in the art field.

4. To establish, develop, promote, franchise, study and training centres in India for conducting regular, weekday or weekend interactive classes and to get the necessary approval, permission required for this purpose and to enter into Joint Venture, or collaborate with accredited educational and musical institutions in India to provide such infrastructure assistance to such accredited educational and musical institution and such other learning support on such terms and conditions as may be decided by the company from time to time.

5. To assist and support, and evaluate from time to time the implementation of the various schemes under the Ministry of Culture pertaining to the society and facilitate initiatives and proposals for a wider and strong national culture policy that could fill the existing need gap.

6. To establish, setup, maintain, preserve and run in any part of India schools, colleges, coaching institutes, Study centres, oral coaching classes, online classes wherein professional, technical, vocational or higher education in the field of art or any other type of education be imparted by conducting regular, part-time classes for the personal and professional growth of the enrolled student.

7. To provide counselling, managerial and financial support to other non-profit organizations, communities and individuals working for similar or other connected causes for social welfare and also facilitating avenues to support by producing, managing and organising shows events in all or any spheres of entertainment for the benefit of the society as a whole

8. To educate and promote sustainable and eco-friendly trade practices among the society and reduce waste and improve recycling rate, promote energy & resource conservation including renewable and sustainable energy projects, control on chemical substances, develop an environmentally friendly products, minimize the environmental impact on production sites, and promote specific preservation and emergency procedures in environmental and safety fields.

9. To provide (with or without collateral) financial help to poor men and women in cities, towns, villages of India to provide them sustainable livelihood enhancement of their living conditions based on their needs, skills and traditional livelihood occupations.

10. To provide help to the poor children, men and women in cities, towns, villages of India on terms which is in the best interest of the Company.

The doing of all such other lawful things as considered necessary for the furtherance of the above objects:

Provided that the company shall not support with its funds, or endeavour to impose on, or procure to be observed by its members or others, any regulation or restriction which, as an object of the company, would make it a trade union.

11. The objects of the company extend to the whole of India.

12. (i) The profits, if any, or other income and property of the company, whensoever derived, shall be applied solely for the promotion of its objects as set forth in this memorandum.

(ii) No portion of the profits, other income or property aforesaid shall be paid or transferred, directly or indirectly, by way of dividend, bonus or otherwise by way of profit, to persons who, at any time are, or have been, members of the company or to anyone or more of them or to any persons claiming through any one or more of them.

(iii) No remuneration or other benefit in money or money’s worth shall be given by the company to any of its members, whether officers or members of the company or not, except payment of out-of-pocket expenses, reasonable and proper interest on money lent, or reasonable and proper rent on premises let to the company.

(iv) Nothing in this clause shall prevent the payment by the company in good faith of prudent remuneration to any of its officers or servants (not being members) or to any other person (not being a member), in return for any services actually rendered to the company.

(v) Nothing in clauses (iii) and (iv) shall prevent the payment by the company in good faith of prudent remuneration to any of its members in return for any services (not being services of a kind which are required to be rendered by a member), actually rendered to the company;

13. No alteration shall be made to this memorandum of association or to the company's articles of association, which are for the time being in force unless the alteration has been previously submitted to and approved by the Registrar.

14. The liability of the members is limited.

15. The authorized share capital of the company will consist of Rs. 1,00,000 (Rupees One Lakh) divided into 10,000 (Ten Thousand) equity shares of Rs. 10/- (Rupees Ten) each.

16. True accounts shall be kept of all sums of money received and expended by the company and the matters in respect of which such receipts and expenditure take place, and of the property, credits and liabilities of the company; and, subject to any reasonable restrictions as to the time and manner of inspecting the same that may be imposed in accordance with the regulations of the company for the time being in force, the accounts shall be open to the inspection of the members. Once at least every year, the company's accounts shall be examined, and the correctness of the balance sheet and the income and expenditure account ascertained by one or more properly qualified auditors or auditors.

17. If upon a winding-up or dissolution of the company, there remains, after the satisfaction of all the debts and liabilities, any property whatsoever, the same shall not be distributed amongst the members of the company but shall be given or transferred to such other company having objects similar to the objects of this company, subject to such conditions as the Tribunal may impose, or maybe sold and proceeds thereof credited to the Rehabilitation and Insolvency Fund formed under section 269 of the Act.

18. The Company can be amalgamated only with another company registered under section 8 of the Act and having similar objects.

19. We, the several persons whose names, addresses, descriptions and occupations are hereunto subscribed, are desirous of being formed into a company not for profit, in pursuance of this Memorandum of Association:


Date:

Place:




Created & Posted by Pooja

Income Tax Expert at TAXAJ

 

TAXAJ is a consortium of CA, CS, Advocates & Professionals from specific fields to provide you with a One-Stop Solution for all your Business, Financial, Taxation & Legal Matters under One Roof. Some of them are: Launch Your Start-Up Company/BusinessTrademark & Brand RegistrationDigital MarketingE-Stamp Paper OnlineClosure of BusinessLegal ServicesPayroll Services, etc. For any further queries related to this or anything else, visit TAXAJ

 

Watch all the Informational Videos here: YouTube Channel

 

TAXAJ Corporate Services LLP

Address: 1/11, 1st Floor, Sulahkul Vihar, Old Palam Road, Dwarka, Delhi-110078

Contact: 8961228919 ; 8802812345 | E-Mail: connect@taxaj.com


    • Related Articles

    • Memorandum Of Association for Section 8 Company

      There are so many Rules for drafting the Memorandum of Association of Section 8 Company that must be complied with; below is the draft Memorandum of Association for Section 8 company. MEMORANDUM OF ASSOCIATION OF (Name of Company to be written here ...
    • Section-8 Company Incorporation & Compliances

      Check out details with the procedure for registration of section 8 with companies Act, 2013 The primary purpose of registering a company as a Section 8 Company is to promote non-profit objectives such as trade, commerce, arts, charity, education, ...
    • Incorporation of Section 8 Company

      Incorporation of Section 8 Company As per the Companies Act, 2013, Section 8 Company refers to a corporation that incentivises arts, sciences, sports, education, environment preservation, social welfare, charity, or other similar objectives.  The ...
    • Section 8 Company Limited by Guarantee

      Section 8 companies can be formed with or without share capital. In case they are formed without share capital, the necessary funds for carrying the business are brought in form of donations, and subscriptions from members of such a company. The ...
    • How to Close Section 8 Company

      How can we close a Section 8 Company? Companies registered under Section 8 can close their company by surrendering their license to operate as charitable companies. Such license can be surrendered by converting the company into a normal company other ...