Explanation:
The articles of association are an important legal document that outlines the internal regulations and operations of a company. It is necessary for the articles of association to be signed by the subscribers of the memorandum. Here is a detailed explanation:
1. Articles of Association: The articles of association are a set of rules and regulations that govern the internal management and operations of a company. They define the rights and responsibilities of the company's members, directors, and officers.
2. Signing: The articles of association need to be signed by the subscribers of the memorandum. Subscribers are the individuals who have agreed to become members of the company and have signed the memorandum of association. They are also referred to as the initial shareholders or subscribers of the company.
3. Proposed Directors: While it is not necessary for all proposed directors to sign the articles of association, they may be required to provide their consent or agreement to the provisions mentioned in the document.
4. Registrar: The registrar is not involved in signing the articles of association. The registrar's role is to maintain the official records and documents of the company, including the articles of association, after they have been filed with the appropriate government authority.
5. Conclusion: In conclusion, the articles of association need to be signed by the subscribers of the memorandum, who are the initial shareholders of the company. The proposed directors may also be required to provide their consent or agreement to the provisions mentioned in the document. The registrar is not involved in the signing process.