Subscription Clause | MOA | CS Tset Series

Subscription Clause | MOA | CS Tset Series

In this clause, the persons (includes a body corporate) subscribing to the memorandum declare their desire to be formed into a company and agree to take the shares indicated opposite their respective names.

Following are the statutory requirements regarding subscription of memorandum :-
(i) The memorandum must be signed by each subscriber in the presence of at least one witness who must attest the signatures;
(ii) Each subscriber must take at least one share; if any and
(iii) Each subscriber must write opposite his name the number of shares (if any) which he agrees to take.

Succession Clause (only in the case of OPC): This clause shall state the name of the person who, in the event of the death or incapacity to contract of the subscriber, shall become the member of the company. [This clause shall be the part of Association and Subscription Clause].

The above clauses are compulsory and are designated by the Companies Act as ―conditions‖, on the basis of which alone a company is incorporated.

MCQ OF THE DAY

The Memorandum must be signed by each subscriber in the presense of atleast ........ witness who must attests the signatures.

(a) 5

(b) 3

(c) 1

(d) None Of the above

Answer- C