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The incorporation of a company is no easy task. The Memorandum of Association (MoA) is the primary document of the company, outlining all the basic information about the company, its powers and functions. A subscriber, in a company, is an original and one of the first shareholders of the company. A subscriber subscribes to the shares of the company at the time of its incorporation. For the purpose of incorporation, private companies need to have at least 2 subscribers, public companies, 7 subscribers, and one-person companies, 1 subscriber.
Any of an individual or firm or body corporate is eligible to become a subscriber in a company. However, in terms of a One Person Company, there is an exception. The subscribers to an OPC have to be individuals. Where a firm or company wishes to become a subscriber, a representative is appointed for that respective firm or company.
The Subscribers’ Sheet to the Memorandum is an important document of proof that is to be submitted at the incorporation stage of the company. It provides details regarding the first members of the company and the respective shares held by them at the time.
We, the several persons whose names and addresses are here subscribed, are desirous of being formed into a company in pursuance of this Memorandum of Association. We hereby agree to undertake the below-mentioned specified number of shares:
Serial Number |
Name, Address, Occupation, PAN of the Subscriber |
Number of Shares |
Signature of the Subscriber |
Name, Address, Occupation and Signature of the Witness |
The Subscription Clause of the MOA is the one clause that cannot be altered, no matter what. Irrespective of whether the subscribers remain members or not, the Subscribers’ Sheet cannot have any changes made to it.
At the time of filing for the incorporation of the company, the Subscribers’ Sheet to the Memorandum serves as an essential supporting document, evidencing that the rules laid out by the Companies Act, 2013 are being complied with.
Disclaimer: The materials provided herein are solely for information purposes. No attorney-client relationship is created when you access or use the site or the materials. The information presented on this site does not constitute legal or professional advice and should not be relied upon for such purposes or used as a substitute for legal advice from an attorney licensed in your state.