Entry from British & World English dictionary
A clause in a memorandum of association specifying the objects for which the company was established.
- Under the 1981 Act, the Minister of Finance can regulate the business activities of all Bermuda companies, both exempted and local, by controlling the objects clauses available to them.
- In practice, most companies will adopt widely drawn objects clauses, giving the company capacity to do all the things it anticipates doing and many things it does not.
- It was submitted that a repayment to the employer could not be consistent with the main objects clause.
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