Can you please provide me MOA objects on Collection agency for bank personal loan and credit card. Please help me, your each response will be highly appreciated and helpful to me.
09 July 2024
Certainly! Here's a draft for the Memorandum of Association (MOA) objects clause for a company engaged in the business of a collection agency for bank personal loans and credit cards:
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### Memorandum of Association (MOA) Objects Clause
**THE COMPANIES ACT, 2013**
**COMPANY LIMITED BY SHARES**
**MEMORANDUM OF ASSOCIATION**
**OF**
**[Your Company Name] PRIVATE LIMITED**
1. **Name Clause:**
The name of the company is **[Your Company Name] PRIVATE LIMITED**.
2. **Registered Office Clause:**
The Registered Office of the company will be situated in the State of **[State Name]**.
3. **Objects Clause:**
**A. The main objects to be pursued by the company on its incorporation are:**
1. To carry on the business of a collection agency for recovery of overdue payments and debts owed to banks, financial institutions, and other entities arising from personal loans and credit cards.
2. To engage in the collection, recovery, and management of non-performing assets (NPAs), bad debts, and delinquent accounts related to personal loans and credit card dues.
3. To provide services including but not limited to debt collection, debt recovery, asset tracing, credit monitoring, and related advisory and consultancy services for banks and financial institutions.
4. To undertake negotiations, settlements, and restructuring of debts on behalf of banks and financial institutions with borrowers in default of personal loans and credit card payments.
5. To act as an intermediary and agent for banks and financial institutions for the purpose of recovery and enforcement of debts and dues related to personal loans and credit cards.
To acquire, purchase, transfer, assign, and deal in debts, receivables, and financial assets related to personal loans and credit card debts, whether performing or non-performing.
To maintain databases, records, and systems for the management and monitoring of debt recovery operations and related activities.
To enter into agreements, contracts, and arrangements with banks, financial institutions, borrowers, debtors, and other parties for the purpose of carrying out the business activities of the company.
**B. Matters which are necessary for furtherance of the objects specified in clause 3(A) are:**
1. To invest funds of the company in such manner as may be deemed appropriate for the business needs, subject to applicable laws and regulations.
2. To establish branches, offices, and facilities, and engage in partnerships, joint ventures, collaborations, or alliances with other entities for expanding the business operations.
3. To employ, appoint, and remunerate managers, professionals, agents, employees, consultants, and advisors necessary for the conduct of the business activities of the company.
4. To market, promote, advertise, and publicize the services of the company through various channels and media.
5. To comply with all statutory and regulatory requirements applicable to the business of debt collection and debt recovery, including but not limited to data protection, privacy laws, and financial regulations.
4. **Liability Clause:**
The liability of the members is limited and this liability is limited to the amount unpaid, if any, on the shares held by them.
5. **Capital Clause:**
The Authorized Share Capital of the company is Rs. **[Amount]** (Rupees **[Amount in Words]**) divided into **[Number of Shares]** equity shares of Rs. **[Amount per Share]** (Rupees **[Amount per Share in Words]**) each.
**Subscription Clause:**
We, the several persons whose names and addresses are subscribed below, are desirous of being formed into a company in pursuance of this Memorandum of Association, and we respectively agree to take the number of shares in the capital of the company set opposite our respective names.
| Sr. No. | Name of Subscriber | Address | Number of Shares taken by each Subscriber | Signature | |---------|--------------------|---------|-------------------------------------------|-----------| | 1 | [Name 1] | [Address 1] | [Number of Shares] | [Signature] | | 2 | [Name 2] | [Address 2] | [Number of Shares] | [Signature] |
**Dated this [Day] day of [Month], [Year]**
Witness to above signatures:
**[Name]**
**[Address]**
**[Signature]**
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This draft provides a structure for the MOA of a company engaged in the collection agency business specifically focused on recovering personal loan and credit card dues for banks and financial institutions. Modify the details to suit your specific requirements and consult with a legal advisor to ensure compliance with all applicable laws and regulations.
CAclubindia
