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1.Sale
Sale is transferring of property or ownership by a seller to the buyer in exchange for a price paid or promised to part paid or part promised. There is absolute transfer of all rights in the property sold. The seller must be competent to transfer the property.
2. Relevant Provisions
Section 54, 55 of transfer of property act 1882.
3. Meaning of Sale
Sale is a contract between two parties called respectively the seller and buyer by which the former in consideration of the payment or promise to pay a certain price in money transfers to the latter the title possession of the property.
4. Definition of Sale
Sale is a transfer of ownership in exchange for a price paid or promised or part paid and part promised.
5. Essential Ingredients of Sale
Following are basic essentials of sale;
i Parties
For sale, it is essential that there should be at least two parties. Among these parties, one should be transferor and other should be transferee.
ii Subject Matter
Another ingredient of sale is subject matter. Subject matter means that thing, which should be capable of being transferred.
iii Transfer
For sale, it is necessary that there should be transfer of something form one person to another person.
iv Price or consideration
It is also ingredient of sale that transfer of something should be in exchange of price.
6. Sale How Made
(i) In case of Tangible Property
A sale of tangible immovable property such as house building can be made.
(i)By a registered instrument if its value is Rs. 100/= or upwards.
(ii)By the delivery of the property if its value is less than 100/=
(ii) In case of Intangible Property
A sale of intangible immoveable property such as mortgage deed or any other right can be made by a registered instrument.
7. Distinction between sale and Exchange
(i) Sale is a transfer of ownership for a price. An exchange also implies a transfer of ownership but not for a price.
(ii) In an exchange, the ownership one thing is transferred for the ownership of another thing, neither thing being money.
In a sale, the price is always money.
Conclusion
To conclude I can say that sale is transfer of ownership for price. In a sale there is an absolute transfer of all rights in the property sold. No rights are left in the property. In both sale and exchange there is transfer of ownership but in the former transfer of ownership is for the price and in latter it is exchange of another thing.


public and priavate
The term “company” is very ancient one. Since its origin, this term has passed through various stages of evolution. In this present world, company is considered an association of a number of individuals, which is formed for some common purpose. Under companies Ordinance, various kinds of company have been described. Out of these kinds of company, one kind is public company and other kind is private company.
Definition of Public company
Public company can be defined as that company, which is not private company. Here important point is that such company consists of at least seven members and its seven directors.
Definition of Private Company
Private company means a company which by its articles restricts the rights to transfer it shares, if any, limits the number of its members to 50, not including persons who are in the employment of the company, and prohibits any invitation to the public to subscribe for the shares if any or debentures of the company Provided when two or more person s hold one or more shares in a company, jointly, they shall, for the purposes of definition of private company, be treated as a single member. (Section 2(28))
.Difference between Private and Public company
Following are the difference between private and public company
i. As to members
In private company minimum 2 member’s maximum 50 members. In public company minimum 7 member but maximum no limit.
ii. Name
Private company makes use of private limited after its name while public company makes use of limited after its name.
iii. Commencement of Business
Private company can commence its business after getting of certificate of incorporation where as public company requires both the certificate of incorporation and the certificate of commencement for its commencement.
iv. Membership
In private company, minimum number of its members its two and maximum number of its members is fifty. On the other hand, minimum number of members is seven and maximum number of members is unlimited in public company.
v. Memorandum of Association and Articles of Association
Memorandum of association and articles of association of private company are signed by at least two persons, but memorandum of association and articles of association of public company are signed by at least seven persons.
vi. Payment of tax
As far as private company is concerned, tax is paid on the whole profit. On the other hand, both public company and individual pay tax.
vii. Statutory Meeting
It is not necessary for private company to hold statutory meeting where as it is compulsory for public company to hold such meeting.
viii. Filling of prospectus or statement-in-lieu of prospectus
Private company is not required to file prospectus or statement-in-lieu of prospectus. Contrary to this, public company is required to should file prospectus or statement in lieu of prospectus.
ix. Transfer and Sale of Shares
Private company cannot sell its hares and even its shares are not transferrable. Contrary to this, public company can sell its shares and even its shares are transferrable.
x. Dissolution
Under companies ordinance, separate and different procedures have been provided for dissolution of private company and public company.
Conclusion
I say, I include that there are some admitted principles as far as company is concerned. Among these principles, most prominent are that a company is an artificial person and its legal entity is separate from its members. These principles are applicable to all kinds of company including private company and public company. 


introduction
Companies ordinance has provided specific procedure and rules for registration of company. For registration of public company and private, some documents are filed with registrar before incorporation of company and some documents are filed after incorporation of company. Articles of association and memorandum of association are those documents, which should be filed before incorporation of public and private company.
1. Article of Association
“Articles of association” can be defined as that document, which consists of those rules and regulations, which are formed for management of internal affairs of company for conducting of business of company for relation between company and its members and for rights and duties of members of company.
Preparation of Article of Association
Following are the points are important to explain preparation of article of association

Articles of association should be in printed form

Article of association should be properly date.

It should be numbered consecutively 

It should be divided into paragraphs

It should be signed by subscribers.

Contents of Article of Association

Following are the contents of article of Association

Article of Association states rules and regulations about appointment of directors.

It describes rules and regulations about powers and duties of directors.

It describes rules and regulations about stamp of company

It describes rules and regulations about methods for calling of meetings of company.

It describes rules and regulations about winding of company.

It states rules and regulations about qualification of directors.

It states rules and regulations about dis-qualification of directors.

It states rules and regulations about proceedings of directors meetings.

It describes rules and regulation about conversion of shares

It describes rules and regulation about methods for transfer of shares.

It states rules and regulations about voting powers of members of company.

Alteration of Article of Association

Following option to explain the alteration of article of association

i. Special Resolution
If a company has to after the article of association, a special resolution has to be passed by the company.
ii. Subject of alteration by special resolution
The subject of alteration by special resolution shall be valid.
iii. Vote for alteration
If the alteration effects the rights or liabilities of members of the company, then vote should be casted at least three fourth. 


introduction
Companies ordinance has provided specific procedure and rules for registration of company. For registration of public company and private, some documents are filed with registrar before incorporation of company and some documents are filed after incorporation of company. Articles of association and memorandum of association are those documents, which should be filed before incorporation of public and private company.
Memorandum of Association can be defined as those documents, which governs relationship between company and outside world.
Preparation of Memorandum of Association
Following are the points are important to explain preparation of memorandum of association

Memorandum of Association should be in printed form

It should be numbered consecutively

It should be divided into paragraphs.

It should be signed be members.

Contents of Memorandum of Association

Following are the contents

In Memorandum of Association, company of name is stated. Name of public company ends with limited and name of private company ends with Private company.

It states name of place, where registered office of company is to be situated.

It states that what kind of Business Company wants to do.

It describes total amount of capital, its divisions and value of each share.

It states liabilities of share holders whether it is limited or un-limited.

Alteration of Memorandum of Association

Memorandum of association can be amended through passing of special resolution or through court or central Govt.

Finial Analysis
I say, I include that it can be stated that memorandum of association and article of association are public documents. They inter-linked. Whenever there is any ambiguity or whenever memorandum of association is silent on any point, articles of association can give explanation. Beyond this, these two documents have nothing in common and differ from each other.

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