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Checklist in Drafting Articles of Association for Association or Club

Riverside California Checklist in Drafting Articles of Association for Association or Club

Name: Riverside California Checklist in Drafting Articles of Association for Association or Club
Brand: US Legal Forms
Rating: 4.85 (321 reviews)

Category:

Corporations - Community Associations

State:

Multi-State

County:

Riverside

Control #:

US-0243BG

Format:

Instant download

Description

This form is a checklist in drafting articles of association for association or club. Statutes have been enacted in various jurisdictions setting forth requirements as to the form and manner of execution of the articles of association and the bylaws of an association. In the absence of statutory requirements, the articles of association or constitution, bylaws, and rules and regulations of an association or club need not be in writing. However, to avoid misunderstanding, dissension, and possible litigation, these items should be set forth in writing.

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Contents of Articles of Association (AOA): Amount of shares, capital, value, and type of shares. Rights of each class of shareholders regarding voting, dividend, return of capital. Rules regarding the issue of shares and debentures. Procedures as well as regulations in respect of making calls on shares.

In the U.S., articles of incorporation are filed with the Office of the Secretary of State where the business chooses to incorporate. Broadly, articles of incorporation should include the company's name, type of corporate structure, and number and type of authorized shares.

Contents of Articles of Association Share capital including sub-division, rights of various shareholders, the relationship of these rights, payment of commission, share certificates. Lien of shares: Lien of shares means to retain possession of shares incase the member is unable to pay his debt to the company.

The major features of articles of association are as follows. Structure of the organization along with control mechanism. Voting pattern and rights of the employees. Mode of conduct of director's meetings. Mode of conduct of AGM of shareholders. The difference in rights of different kinds of shares.

CONTENTS OF ARTICLES OF ASSOCIATION DIRECTORS.GENERAL MEETINGS.ACCOUNTING AND AUDITING.SHAREHOLDERS.LIEN OF SHARES.TRANSFER AND TRANSMISSION OF SHARES.FORFEITURE AND SURRENDER OF SHARES.CONVERSION OF SHARES IN STOCK.

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.

Generally, the AoA includes a company's legal name, address, purpose, equity capital, organization of the company, financial provisions, and provisions regarding the shareholder meetings.

Articles of Association generally prescribes the relation between shareholders and Board of Directors, relation among shareholders and Directors themselves. It usually contains regulation relating to Share capital and Variation rights, Lien, Calls on Shares, Transfer and Transmission of shares etc.

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Riverside California Checklist in Drafting Articles of Association for Association or Club

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