MEMART is coined from the terms Memorandum and Articles of Association. These form part of the incorporation documents of the company given upon incorporation.

Section 48 of the Companies and Allied Matters Act states that the MEMART, upon registration, has the effect of a contract between the company and its members, where they agree to observe and perform the provisions in the MEMART.

To differentiate the two documents, the Memorandum of Association contains general information about the company, the name, registered address, details of subscribers and the objects. The Articles on the other hand contain specific information on how the company is to be run e.g. meetings, share details, voting procedures, notices etc.

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