Write down the essentials of Memorandum of Association required for the incorporation of a company.

Based on the provisions of Section 4 of the Companies Act, 2013, the main drafting requirements of contents of a Memorandum are summarized below: 1. Name of the company As per Section 4(1)(a) of the Companies Act, 2013, in the case of a public limited company the name of the company should last with the word "Limited", or in the case of a private limited company, the name of the company should last with the words "Private Limited. In case of Companies Registered under Section 8 of the Companies Act, 2013 these provisions does not apply. As per Section 4(2) of the Companies Act, 2013, the name stated in the memorandum shall not- be identical with or resemble too nearly to the name of an existing company registered under this Act or any previous company law. or be such that its use by the company - (i) will constitute an offence under any law for the time being in force. or (ii) is undesirable in the opinion of the Central Government. 2. Registered Office of the Company As per Section 4(1)(b) the memorandum of the company should mention the State in which the registered office of the company is to be situated. 3. Objects of the Company The memorandum of the company should state the objects for which the company is proposed to be incorporated and any matter considered necessary in furtherance thereof. The objectives of the company may be categorized as the main objects to be pursued by the company on its incorporation. subjects incidental and ancillary to the attainment of the main objects. and Other objects not included in (i) and (ii) above. An act beyond the objects mentioned in the memorandum is ultra vires and void and cannot be ratified even by all members of the company. There is no restriction on objects except it should be legal and lawful. While drafting the objects, care should be taken to see that: The objects are stated in a precise and clear manner so that there is no ambiguity in their interpresentation. Each object is stated independently. There is no inconsistency or contradiction between the objects. The same objects are not repeated in other clauses of objects in different words and phraseology. No object is illegal, immoral or against public policy. Objects are properly arranged and divided and set in short sentences. Prior approval of the competent authority is obtained wherever necessary for carrying out any objective. 4. The Liability of Members This clause of memorandum should state the liability of members of the company, whether limited or unlimited, and also state, In the case of a company limited by shares, that liability of its members is limited to the amount unpaid, if any, on the shares held by them and In the case of a company limited by guarantee, the amount up to which each member undertakes to contribute – (A) to the assets of the company in the event of its being wound-up while he is a member or within one year after he ceases to be a member, for payment of the debts and liabilities of the company or of such debts and liabilities as may have been contracted before he ceases to be a member, as the case may be. and (B) To the costs, charges and expenses of winding-up and for adjustment of the rights of the contributories among themselves. 5. Capital Clause This clause of memorandum of association of company should include in the case of a company having a share capital, – the amount of share capital with which the company is to be registered and the division thereof into shares of a fixed amount and the number of shares which the subscribers to the memorandum agree to subscribe which shall not be less than one share. and The number of shares each subscriber to the memorandum intends to take, indicated opposite his name.