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Memorandum Of Association Of Software Development Company

Memorandum Of Association Of Software Development Company Template for Nigeria

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Memorandum Of Association Of Software Development Company

"I need a Memorandum of Association of Software Development Company that allows for international operations and multiple share classes, as we're planning to expand to Ghana and Kenya by March 2025 and will need different share classes for foreign investors."

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Document background
The Memorandum of Association of Software Development Company is a mandatory legal document required for incorporating a software development business in Nigeria under the Companies and Allied Matters Act (CAMA) 2020. This document serves as the foundation for the company's legal existence and its relationship with the outside world. It must be filed with the Corporate Affairs Commission (CAC) during the incorporation process and includes crucial information such as the company's name, registered office location, objects clause specifically tailored to software development activities, liability limitations, and share capital structure. The memorandum is particularly important for technology companies as it needs to encompass both standard corporate elements and specific provisions relating to software development, intellectual property rights, and digital services. It forms part of the company's constitution and can only be altered through special procedures prescribed by law.
Suggested Sections

1. Name Clause: States the registered name of the company as approved by the Corporate Affairs Commission

2. Registered Office Clause: Specifies the registered office location of the company in Nigeria

3. Objects Clause: Details the primary and ancillary business objectives of the software development company

4. Liability Clause: States that the liability of members is limited by shares

5. Share Capital Clause: Declares the authorized share capital of the company and its division into shares

6. Association Clause: Contains the declaration of association by subscribers to form the company

Optional Sections

1. Technology Services Clause: Detailed description of specific software development services when the company wants to limit or specify its tech focus

2. Intellectual Property Rights: Special provisions regarding ownership and protection of software, code, and other IP when the company has specific IP arrangements

3. International Operations: Additional provisions for cross-border software development services when planning international operations

4. Data Protection Compliance: Specific provisions relating to NDPR compliance when handling personal data is a core business function

5. Subsidiary Formation Powers: Powers to form subsidiary companies when planning a group structure

Suggested Schedules

1. Schedule 1: Initial Subscribers: Details of the founding members/shareholders including names, addresses, and number of shares

2. Schedule 2: Share Classes: Details of different classes of shares and their associated rights if multiple share classes are used

3. Schedule 3: Initial Directors: List of first directors and their details

4. Appendix A: Objects Detail: Detailed breakdown of company's software development activities and ancillary services

5. Appendix B: Share Transfer Regulations: Specific rules governing the transfer of shares in the company

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions
Clauses

























Relevant Industries

Information Technology

Software Development

Technology Consulting

Digital Services

Information and Communications Technology

Professional Services

Business Services

Technology Startups

Relevant Teams

Legal

Corporate Secretariat

Executive Leadership

Board of Directors

Compliance

Corporate Governance

Finance

Administration

Business Development

Relevant Roles

Chief Executive Officer

Chief Technology Officer

Company Secretary

Legal Counsel

Corporate Lawyer

Managing Director

Board Director

Chief Financial Officer

Compliance Officer

Corporate Governance Manager

Technology Director

Startup Founder

Business Development Manager

Head of Legal

Company Registrar

Industries







Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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