Copies of memorandum, articles, etc., to be given to members
📚 Law Minded summary
A member is entitled to read the documents that govern the company they part-own.
Ask, and the company must send a copy of the memorandum, the articles, and every agreement and resolution that has to be filed with the Registrar, within seven days. It may charge a prescribed fee. Refusing carries a penalty on the company and on the officers responsible.
(1) A company shall, on being so requested by a member, send to him within seven days of the request and subject to the payment of such fees as may be prescribed, a copy of each of the following documents, namely:—
(a) the memorandum;
(b) the articles; and (c) every agreement and every resolution referred to in sub -section (1) of section117, if and in so far as they have not been embodied in the memorandum or articles.
(2) If a company makes any default in complying with the provisions of this section, the company and every officer of the company who is in default shall be liable for each default, to a penalty of one thousand rupees for each day during which such default continues or one lakh rupees, whichever is less.
All sections in Chapter II — Incorporation of Company and Matters Incidental Thereto