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Corporate Social Responsibility: Company Law - Article Example

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This article “Corporate Social Responsibility: Company Law” dwells on existing company law, its critiques, assists in developing a clear understanding after thorough research on relevant topics of Company Law and urges to grow beyond the subject and argument…
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Corporate Social Responsibility: Company Law
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Download file to see previous pages The world is acquainted with the concept of  Constitution in a country, however, the introduction of a similar concept in the company is still not a common man’s buzz word. While we are familiar with the fact that a country’s constitution is primarily a document which can be labeled as a rule book with strict definitions and clauses to ensure the power is not exploited by a selected few and the welfare of the citizens are taken care. With similar objective, company directors who are the privileged lot to have the required power need to be appropriately regulated to protect the interests of the shareholders and make sure the directors do not act beyond their authority. The two documents that govern company operations and controls director are the Memorandum of  Association and Articles of Association. The world is acquainted with the concept of  Constitution in a country, however, the introduction of a similar concept in the company is still not a common man’s buzz word. While we are familiar with the fact that a country’s constitution is primarily a document which can be labeled as a rule book with strict definitions and clauses to ensure the power is not exploited by a selected few and the welfare of the citizens are taken care. With similar objective, company directors who are the privileged lot to have the required power need to be appropriately regulated to protect the interests of the shareholders and make sure the directors do not act beyond their authority. The two documents that govern company operations and controls director are the Memorandum of  Association and Articles of Association. 2. Memorandum/ Articles of Association
The Memorandum of Association and Articles of Association are the documents that form the “constitution” of the company and regulate the powers of the company and the rights of its shareholders. The contents of the  Memorandum of Association is shorter than the Articles of Association and under CA 2006, some material from the memorandum has been transferred to the articles. While memorandum under 1985 (s 2) had clauses like name, registered office, objects clause, limited liability, capital statement, and association clause, the memorandum under CA 2006 has been considerably reduced to only the statement that the promoters wish to form a company along with an agreement to become members of the company and in the case of a company with share capital, to take at least one share each.  ...Download file to see next pagesRead More
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