Change in Main Objects
Change in main objects of a company typically involves amending its Memorandum of Association (MOA), which is a legal document that sets out the company’s constitution and objectives. Here’s a general outline of the steps involved in changing the main objects of a company.
1. Board Resolution: The board of directors must pass a resolution approving the proposed changes to the main objects of the company. This resolution should include details of the proposed changes and authorize the convening of a general meeting of shareholders to approve the changes.
2. Shareholder Approval: A general meeting of shareholders must be convened to approve the changes to the main objects of the company. Shareholders should be provided with notice of the meeting and all relevant information regarding the proposed changes.
3. Special Resolution: At the general meeting, shareholders must pass a special resolution approving the amendments to the company’s MOA. A special resolution typically requires the approval of at least 75% of the shareholders present and voting at the meeting.
4. Filing with Regulatory Authorities: Once the special resolution has been passed, the company must file the amended MOA with the appropriate regulatory authorities. The specific authorities will depend on the jurisdiction in which the company is incorporated.
5. Publication: In some jurisdictions, there may be a requirement to publish notice of the changes to the company’s objects in a local newspaper or other designated publication. This serves to inform the public and other stakeholders of the changes.
6. Update Internal Records: Finally, the company should update its internal records, including its MOA, articles of association, and any other relevant documents, to reflect the amended main objects.
It’s important to note that the process for changing the main objects of a company may vary depending on the jurisdiction in which the company is incorporated and the specific requirements of the company’s governing documents and applicable laws. Therefore, it’s advisable to seek legal advice to ensure compliance with all necessary procedures and regulations.
To know more, Go through this link https://hamaricompany.com/change-in-main-objects/