Article of Association is important to company, because it made the contracts between company and members of the company and between the members inter se. In this case members may alter the articles by a special resolution, no need to obtain the permission of the court or Company Law Board.
The articles of association are very important for the company. They are important because they are the regulations that govern the relationship between shareholders and directors of the company. They are required for the establishment of a company under the law. They govern the laws of issuing of shares, voting and dividend rights etc.
Articles of association is a rule or a law that can bind an association. But what is its importance and how can the association can implement it?