Memorandum of Association
1. The Name Of the company is “ONE POINT BUY CHARITABLE FOUNDATION”.
2. The registered office of the company will be situated in the Stateof Odisha.
3. The objects for which the company is established are: The proposed company is the objective of social welfare and charitable nature by promoting Free food service for needed people, Free education for orphans, Old age home service, Health treatments for the needful, NGO Activities, Social Works, Employment for the needful people, Organizing training camps and workshops, Food for animals, CSR Activities women empowerment, skill development, self-help development and enhancing the primary and higher education, arts, commerce, science, health care, sports, research, environment protection, planting of trees, constructions of residence and rehabilitation for incapable and handicapped creatures, work for animal protection in both the rural and urban parts of India.
The doing of all such other lawful things as considered necessary for the furtherance of the above Objects: apply its receipts in promoting its objects, prohibit the payment of any dividend out of it and all the operations of the company will be carried out on non commercial and no profit and loss basis.
4.The objects of the company extend to the Whole of India.
5.(i) The profits, if any, or other income and property of the company, whenever derived, shall be applied, solely for the promotion of its objects as set forth in this memorandum.
(ii) No portion of the profits, other income or property aforesaid shall be paid or transferred, directly or indirectly, by way of dividend, bonus or otherwise by way of profit, to persons who, at any time are, or have been, members of the company or to any one or more of them or to any persons claiming through any one or more of them.
(iii) No remuneration or other benefit in money or money’s worth shall be given
by the company to any of its members, whether officers or members of the company or not, except payment of out-of-pocket expenses, reasonable and proper interest on money lent, or reasonable and proper rent on premises letto the company.
(iv) Nothing in this clause shall prevent the payment by the company in good faith of prudent remuneration to any of its officers or servants (not being members) or to any other person (not being member), in return for any services actually rendered to the company.
(v) Nothing in clauses (iii) and (iv) shall prevent the payment by the companyin good faith of prudent remuneration to any of its members in return for any services (not being services of a kind which are required to be rendered by a member), actually rendered to the company.
6. No alteration shall be made to this memorandum of association or to the articles of association of the company which are for the time being in force, unless the alteration has been previously submitted to and approved by the “Registrar of Companies”.
7. The liability of the members is limited.
8. The share capital of the company will consist of Rs 10, 00, 000/- (Ten Lakh) divided into 1,00, 000 (One Lakh) shares of 10 (Ten) rupees each.
9.(1) True accounts shall be kept of all sums of money received and expended by the company and the matters in respect of which such receipts and expenditure take place, and of the property, credits and liabilities of the company and subject to any reasonable restrictions as to the time and manner of inspecting the same that may be imposed in accordance with the regulations of the company for the time being in force, the accounts shall be open to the inspection of the members.
(2) Once at least in every year, the accounts of the company shall be examined and the correctness of the balance-sheet and the income and expenditure account ascertained by one or more properly qualified auditor or auditors.
10. If upon a winding up or dissolution of the company, there remains, after the satisfaction of all the debts and liabilities, any property whatsoever, the same shall not be distributed amongst the members of the company but shall be given or transferred to such other company having objects similar to the objects of this company, subject to