Memorandum of association means the memorandum of association of any company as formerly framed or as altered every once in awhile in pursuance connected with any previous Firms Act or this Act. The Memorandum of Association may be the first constitutional document of any company containing fundamentals including the name, the firm’s objects and powers, and its authentic share capital. Memorandum is probably the most important documents of any company. As observed by Palmer, “it is the document of great importance with regards to a proposed firm. ”.