As per Lawkidunya, Here are key provisions of Articles of Association as per law:
Company Structure
1. Company name and address
2. Objectives and purposes
3. Authorized share capital
4. Share classification (e.g., ordinary, preference)
5. Company structure (e.g., board of directors, management)
Shareholder Rights and Interests
1. Shareholder rights (e.g., voting, dividend entitlement)
2. Pre-emption rights
3. Share transfer restrictions
4. Protection of minority shareholders
5. Shareholder meetings and resolutions
Director and Officer Responsibilities
1. Director appointment, removal, and liability
2. Director duties (e.g., fiduciary duties, care, and skill)
3. Officer appointments and removal
4. Liability protection for directors and officers
5. Indemnification and insurance
Financial and Accounting Provisions
1. Financial reporting requirements (e.g., annual audited financial statements)
2. Dividend distribution
3. Capitalization issues (e.g., share issuances, conversions)
4. Financial statements and accounts
5. Audit and accounting procedures
Governance and Decision-Making
1. Board composition and powers
2. Decision-making procedures
3. Conflict of interest procedures
4. Compliance with regulatory requirements
5. Shareholder approval requirements
Amendments and Alterations
1. Procedures for amending Articles
2. Notice and disclosure requirements
3. Shareholder approval requirements
4. Regulatory approval requirements
5. Effective date of amendments
Dissolution and Winding-Up
1. Procedures for dissolution and winding-up
2. Distribution of assets
3. Liability of directors and officers
4. Winding-up committee
5. Final accounts and reports
Miscellaneous Provisions
1. Dispute resolution
2. Governing law and jurisdiction
3. Language and communication
4. Filing requirements
5. Record-keeping and storage
Regulatory Requirements
1. Compliance with securities laws and regulations
2. Registration with regulatory authorities
3. Filing of updated Articles
4. Annual reporting requirements
5. Compliance with industry-specific regulations
These provisions may vary depending on the jurisdiction, industry, and company type. It’s essential to consult with legal professionals to ensure compliance with relevant laws and regulations.