Memorandum of Association

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  1. The name of the Company is Parivrajaka Foundation
  2. The Registered Office of the Company will be situated in the State of Andhra Pradesh
  3. The objects for which the Company is established are:
    1. To work towards the betterment of Schedule castes and schedule tribes in the field of education, awareness and social welfare.
    2. To establish and build Hospitals for better health care facilities for the socially weaker section of Society.
    3. To encourage and educate people towards their rights and duties in Society.
    4. To work towards reducing hunger, illiteracy and other social problems for the betterment of the socially weaker section of the Society.
    5. To organize and promote charitable camps and charitable institutions for the welfare of the economically weaker section of the Society by providing them better access to education skill development programs, medical reliefs and cultural development.
    6. To work towards the promotion of the need for education and establish institutions to impart better education for the Society and especially the economically weaker section of the Society.
    7. To work towards providing quality and affordable education and knowledge to children, women, schedule castes, tribes and youth including adult education and women’s education.
    8. To promote education in all fields and in any manner by establishing/ constructing/ running hostel and by giving fees, or providing books to the poor needy students and by awarding scholarships, etc.
    9. To accept donations, grants, presents and offerings, in cash of in kind from persons, associations of persons, firms, companies, institutions, and universities in India and abroad and to deal with the same for the purpose of achieving the objects mentioned above.
    10. To do all acts, deeds and things as are incidental and conducive to the furtherance of the above objects.
  4. The objects of the company extend to the territory of India
  5. —
    1. The profits, if any, or other income and property of the company whensoever derived, shall be applied, solely for the promotion of its objects as set forth in this memorandum.
    2. No portion of the profits, other income or property aforesaid shall be paid or transferred, directly or indirectly, by way of dividend, bonus or otherwise by way of profit, to persons who, at any time are, or have been, members of the company or to any one or more of them or to any persons claiming through any one or more of them.
    3. No remuneration or other benefit in money’s worth shall be given by the company to any of its members, whether officers or members of the company or not, except payment of out-of-pocket expenses, reasonable and proper interest on money lent, or reasonable and proper rent on premises let to the company.
    4. Nothing in this clause shall prevent the payment by the company in good faith of prudent remuneration to any of its officers or servants (not being members) or to any other person (not being member0, in return for any services actually rendered to the company.
    5. Nothing in clauses (iii/3) and (iv/4) shall prevent by the company in good faith of prudent remuneration to any of its members in return for any services (not being services of a kind which are required to be rendered by a member), actually rendered to the company;
  6. No alteration shall be made to this memorandum of association or to the articles of association of the company which are for the time being in force, unless the alteration has been previously submitted to and approved by the Registrar of Companies.
  7. The Liability of the members is Limited.
  8. Each members, undertakes to contribute to the assets of the company in the event of its being wound up while he is a member or within one year afterwards, for payment of the debts or liabilities of the company contracted before he ceases to be a members and of the costs, charges and expenses of winding up, and for adjustment of the rights of the contributories among themselves such amount as may be required not exceeding a sum of Rs.1,00,000/-.
  9. —
    1. True accounts shall be kept of all sums of money received and expended by the company and the matters in respect of which such receipts and expenditure take place, and of the property, credits and liabilities of the company; and, subject to any reasonable restrictions as to the time and manner of inspecting the same that may be imposed in accordance with the regulations of the company for the time being in force, the accounts shall be open to the inspection of the members.
    2. Once at least is very year, the accounts of the company shall be examined and the correctness of the balance-sheet and the income and expenditure account ascertained by one or more properly qualified auditors or auditors.
  10. If upon a winding up or dissolution of the company, three remains, after the satisfaction of all debts and liabilities, any property whatsoever, the same shall not be distributed amongst the members of the company but shall be given or transferred to such other company having objects similar to the objects of this company, subject to such conditions as the Tribunal may impose, or may be sold and proceeds thereof credited to the Rehabilitation and Insolvency Fund formed under section 269 of the Act.
  11. The company can be amalgamated only with another company registered under section 8 of the Act and having similar object.