The persons who sign the Memorandum of Association of a company are called:

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UP TGT Commerce 2019 Official Paper
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  1. Shareholders
  2. Directors
  3. Subscribers to Memorandum of Association
  4. Promoters

Answer (Detailed Solution Below)

Option 3 : Subscribers to Memorandum of Association
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Detailed Solution

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The correct answer is Subscribers to Memorandum of Association.

Key Points

  • Simply said, a company's charter or bylaws are contained in its memorandum of association.
  • Memorandum is defined as "memorandum of organisation of a company as originally established or as revised from time to time in pursuance of any earlier company law or of this Act" under the Companies Act of 2013.

Important Points

  • Each member must print and sign the memorandum of association (7 members in case of Public Company and 2 in case of Private Company and 1 in case of One Person Company).
  • A minimum of one witness who will verify the subscribers' signatures must be present when the memorandum is signed.
  • In the case of a one-person business (OPC), the Memorandum of Association must include the nominee's name. The nominee will take over as a member of the company in the event of death or incapacity.
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