The correct answer is option 'C' - The first Chairman is named in the Article.

Explanation:
- When a company is formed, it needs to have a set of rules and regulations that govern its operations. These rules and regulations are outlined in two important documents - the Memorandum of Association and the Articles of Association.
- The Memorandum of Association contains the fundamental information about the company, such as its name, registered office, objectives, and capital structure. It is a public document and is filed with the Registrar of Companies during the incorporation process.
- The Articles of Association, on the other hand, contain the internal rules and regulations of the company. It governs the relationship between the company and its shareholders, as well as the relationship between the shareholders themselves.
- One of the important provisions in the Articles of Association is the appointment of the first Chairman of the company. The Articles of Association specify the process through which the first Chairman is appointed.
- Typically, the first Chairman is named in the Articles of Association at the time of incorporation. The Articles may specify the name of a specific individual to serve as the first Chairman or may provide a mechanism for appointing the first Chairman, such as a vote by the shareholders or the board of directors.
- It is important to note that the Articles of Association can be amended later on, and subsequent Chairmen may be appointed or elected in a different manner as specified in the amended Articles.
- Therefore, the first Chairman is generally named in the Articles of Association, which is one of the key documents that govern the operations of a company.