Economic Commission for Africa (E.C.A)

ECONOMIC COMMISSION FOR AFRICA (E.C.A), Economic commission for Africa. What is economic commission? Economic Commission for Africa (E.C.A) also known as United Nations Economic Commission for Africa was established in 1958 with its headquarters in Addis Ababa, Ethiopia. It is an organ of the United Nations Organization (UNO). Its major aim is to promote the social and economic development of Africa Economic community for Africaabaticular

Objectives and functions of economic commission for Africa ECA

  1. To ensure the economic development of African continent
  2. To promote regional economic co-operation
  3. To create uniformity where possible and fashion out economic policies for African continent
  4. To accelerate economic growth and integration in Africa
  5. To embark on manpower training and development for the entire African continent
  6. To conduct researches in the areas of production and technology: to aid Africa in economic development
  7. To ensure with the cooperation of O.A.U, now African Union (AU), the establishment of African Development Bank(ADB)

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Definition: Memorandum of Association is a document forming the constitution of a company and defining its objectives and powers with regard to its dealing with the outside world. It is the document containing the rules and regulations which govern the external relationship of a company with outsiders. Once registered, the memorandum becomes a public document.

A Memorandum of Association contains the following information:

  • The name of the company, which must end with the word “Limited” or “Plc”
  • The registered office of the company.
  • The objectives of the company.
  • The amount of authorised capital and the various shares into which it is divided.
  • A declaration that the liability of the members are limited.
  • The names of founders of the company.
  • Status of the company, that is, private or public.
  • The restriction, if any, on the power of the company.

Articles of Association Definition: Articles of Association is a document in which the regulations which govern the internal management of the company’s affairs, the duties, rights and powers of the shareholders are stated. It complements the memorandum of association. However, where there is conflict between the two documents, the memorandum prevails.

The contents of an Article of Association include:

  •  The method of issuing capital.
  •  The method of holding meetings.
  •  Definition of powers and duties of directors.
  • The right of shareholders.
  •  How directors are to be elected.
  •  How auditors are to be remunerated

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