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of <h1>Memorandum of Association: Key Company Rules Under Companies Regulations, 1956, Including Income Use and Member Liability Limits.</h1> The memorandum of association outlines the foundational aspects of a company under the Companies Regulations, 1956. It specifies the company's name, location of its registered office, and its objectives, ensuring these do not align with trade union activities. The memorandum mandates that the company's income and property be used solely for its stated objectives, prohibiting distribution as dividends or profits to members. It restricts member remuneration without government approval and requires alterations to be approved by the Regional Director. The liability of members is limited, and upon dissolution, remaining assets must be transferred to a similar entity. Accounts must be maintained and audited annually.
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