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MEMORANDUM OF ASSOCIATION
A Memorandum of Association is one of the documents required in the United Kingdom to incorporate a company, also seen in many jurisdictions of the British Commonwealth.
A Memorandum of Association should state the name of the company (a company incorporated under the Companies Acts), whether the company is to be a public limited company or a private limited company, or other legal status, the objectives of the company, the authorised share capital and the subscribers (the first promotors of the company). Since 1844, when the first limited companies were incorporated the objects have become wider and more encompassing so as not to restrict the directors in their day to day trading without reference to the shareholders. In the Companies Act 1989 the term "General Commercial Company" was introduced which meant the company could undertake "any lawful or legal trade or business."
If the Company is to be non-profit making company limited by guarantee, there will be statement saying that the profits shall not be distributed to the members.
Reform
Since the 2000s in Australia, the Memorandum of Association and Articles of Association (law) have been combined into a single document called the Constitution of the company.
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