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BUSINESS ORGANISATIONS AND AGENCY COMPANIES 358 19.4 FORMATION OF COMPANIES The process of forming companies is generally referred to as incorporation. A company may be incorporated in different ways, namely by Royal Charter , Act of Parliament , or registration . Companies incorporated by means of a royal charter (i.e., via the assent of the monarch) are referred to as chartered companies. These types of companies are usually set up for charitable, educational, professional, or non-profit purposes. Companies established by means of a law passed by the parliament are referred to as statutory companies. Public utility companies, such as electricity, water, and railway corporations, were incorporated in this manner. Certain offices are also given the status of a corporation independent of the persons who occupy them. Classic examples of this are bishops of the Church of England. However, the vast majority of companies are registered companies. These are companies formed in accordance with the registration procedure stipulated by the Companies Act 2006 . 19.5 REGISTRATION OF COMPANIES The procedure for the registration of companies are contained in Part 2, ss. 7 16, CA 2006 . Those intending to register the company are required to submit to the Registrar of Companies in England, Scotland or Wales, the necessary documents containing the information relevant to the registration of the company. These documents are the memorandum of association, an application for registration, and a statement of compliance. Download free eBooks at bookboon.com Click on the ad to read more
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BUSINESS ORGANISATIONS AND AGENCY 359 COMPANIES 19.5.1 THE MEMORANDUM OF ASSOCIATION The Memorandum of Association is a formal document stating the names of the subscribers to the memorandum and the number of shares they have taken, or the extent of their interest, in the company. In effect, it the document is a statement by the original members or shareholders of company confirming their agreement to form the company. 19.5.2 AN APPLICATION FOR REGISTRATION Th is is the formal application to the Registrar of Companies requesting that an organisation or business be registered as a company. The application must contain the following particulars: Statement of the particulars of the first directors and secretary (or secretaries) of the company and their residential and service addresses signed by or on behalf of the subscribers to the memorandum. The statement must contain the consent by each of the persons named on it as director or secretary to act in the relevant capacity, although a private company need not have a secretary (see chapter 25). The company’s proposed name. This name must not be the same as that of any other incorporated company or registered trademark or so similar to it as to be likely to mislead. It must not also be such as to suggest a connection with the government, local authority, or the crown; neither must it be offensive nor contain sensitive or forbidden symbols.
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  • Fall '19
  • Corporation, Managing Partner

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