The memorandum clause was introduced in 1749 in English marine-insurance policies to protect underwriters from liability for damage to easily perishable goods or minor damages. Prior to this clause, insurers were responsible for any damage, regardless of its size, to the insured goods. The memorandum clause specifies that certain articles, such as perishable items, are exempt from average under a specific rate unless the ship is stranded or there is a general average. This means that small partial losses will be covered by a general average if they occurred in a situation appropriate for such an average.
The memorandum clause in a marine insurance policy refers to goods that are specifically mentioned in the clause. This clause is designed to protect underwriters from being held responsible for damage to goods that are highly perishable or for minor damages. For instance, if a shipping company wants to insure a shipment of fresh fruits and vegetables, the memorandum clause may state that these perishable goods are not covered for small losses, unless there is a general average or the ship is stranded. This means that if there are any small partial losses, they will be covered by a general average, as long as they occurred in a situation appropriate for such an average. The memorandum clause was first introduced in English marine insurance policies in 1749. Prior to that, insurers were liable for any damage, regardless of how minor, that occurred to the insured goods. The memorandum clause allows underwriters to limit their liability for certain types of goods, while still providing coverage for more significant losses.
Memorandum Articles, also known as Memorandum of Association, are legal documents that outline the fundamental details and objectives of a company. It includes information such as the company’s name, registered office address, objectives, and share capital.
Memorandum Articles are crucial as they establish the legal existence of a company and define its scope of activities. They provide clarity on the company’s purpose and help in determining its powers and limitations.
Yes, the Memorandum Articles can be amended after the company is incorporated. However, any changes must comply with the legal requirements and be approved by the shareholders through a special resolution.
Failure to comply with the Memorandum Articles can result in legal consequences. It may lead to disputes among shareholders, breach of contract, or even legal action against the company. It is essential to adhere to the provisions outlined in the Memorandum Articles.
Yes, the Memorandum Articles can be used as evidence in court proceedings. They serve as a legal document that outlines the company’s objectives and powers, making them valuable in resolving disputes or determining the company’s legal obligations.
Yes, the Memorandum Articles can be altered to change the company’s objectives. However, such changes require the approval of the shareholders through a special resolution and must comply with the legal requirements of the jurisdiction in which the company operates.
Yes, the Memorandum Articles can vary depending on the type of company. Different types of companies, such as public limited companies, private limited companies, or non-profit organisations, may have specific requirements and provisions that need to be included in their Memorandum Articles.
Yes, the Memorandum Articles are public documents and can be accessed by the public. They are usually filed with the relevant government authority and can be obtained through official channels or online databases.
Yes, the Memorandum Articles can help determine the liability of the company’s shareholders. In the case of a limited liability company, the Memorandum Articles usually specify the extent of the shareholders’ liability, which is typically limited to the amount unpaid on their shares.
No, the Memorandum Articles alone cannot be used to dissolve a company. The dissolution process requires compliance with specific legal procedures, such as passing a resolution for winding up, appointing liquidators, and settling the company’s debts and obligations. The Memorandum Articles may provide guidance on the dissolution process, but they do not have the power to dissolve a company on their own.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 17th April 2024.
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