Articles of Association contain rules and regulations regarding the management of the company’s internal affairs.

• It defines the powers, duties, and rights of managers, officers, and the board of directors.
• It establishes a relationship between the company and its members.

Contents of Articles of Association:

• The amount of share capital and different classes of shares
• Rights of each type of shareholders
• Procedure for making allotment of shares
• Procedure for issuing share certificates
• Procedure for transfer of shares
• Procedure for forfeiture of shares
• Procedure for reissue of forfeited shares
• Procedure for conducting meetings
• Procedure for appointment and removal of directors
• Duties powers and remuneration of directors
• Procedure for declaration and payment of dividend 
• Procedure regarding the keeping of books of accounts and their audit 
• Procedure regarding winding up of the company 
• Seal of the company

Alteration of Articles of Association:

• A company may change its Article of Association by passing a special resolution.
• A company can alter its Articles of Association in the following ways:
• by the adoption of a new set of an Articles
• by deletion of an article
• by addition or insertion of a new article
• by substitution of an article
• by amendment of an article