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Every company's Memorandum of Association (MOA) carries an objects clause, and the main objects sit at its heart. This clause spells out the core business activities your company is formed to undertake - whether that is financial services, manufacturing, trading, or consultancy. The Registrar of Companies examines these objects when you apply for company registration, and banks, investors, and business partners often read them to understand exactly what your company is set up to do.
Getting the main objects right matters. Your company is expected to operate within the activities listed in its MOA, and taking up a completely new line of business later means formally altering the memorandum. The sample clauses below show how main objects are typically worded for this business type. Use them as a drafting starting point, and have a Company Secretary or legal professional review the final version before filing.
1. To carry on the business of conducting chits (auction and other chits), daily, weekly, monthly and at such interval as the company may decide from time to time and to canvass and admit subscribers for Auction Chit Schemes or other Benefit schemes (not amounting to lotteries), subject to the provisions of Prize Chits and Money Circulation Schemes (Banning) Act, 1978.
2. To lend money either with or without security upon such terms and conditions as the company may think fit to subscribers of the chits and to guarantee the performance of the contract by any such person, subject to the provisions of Prize Chits and Money Circulation Schemes (Banning) Act, 1978.
Sample main objects clause for drafting your company's Memorandum of Association (MOA). Have it reviewed by your professional before filing.
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