An articles of association agreement is a document drafted when the share holders or the subscribers of an organization enter into a business understanding with the organization. The share holders and the subscribers are also referred to as the members of the organization. The agreement is also drafted between two members of the organization.
The purpose of the agreement is to state the rights and duties of the directors of the organization as well as that of the stockholders in various meetings of the organization.
There are certain statutory clauses mentioned in the agreement that are required to be followed by both the parties. The clauses are related to the following:
- The situations in which the shares can be transferred.
- The circumstances in which the shares can be allotted as well as forfeited.
The agreement also states the reason under which a clause can be considered to be unfair, unreasonable or unlawful.
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