Section 17

Question 1

Section 17

Answer 1

Section 17: Effect of Memorandum and Articles

The registered memorandum and articles:

1. Bind the company and its members.
2. Are considered signed by members, their heirs, and legal representatives.
3. Must be observed and followed, unless conflicting with the Companies Act.

Additional provisions:

1. Money payable by subscribers is a debt due.
2. The Commission may specify payment terms.
3. Violating registrar directions is an offense, punishable by a Level 1 penalty on the standard scale.