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Model Article of Association for SPV Model Article of Association for SPV

Model Articles of Association for City Level Special Purpose Vehicles (SPV) to be set up under Smart Cities Mission.

To plan, implement, manage and operate the Smart City development projects, a City Level Special Purpose Vehicle (SPV) as a limited company incorporated under Companies Act, 2013, is required to be established and promoted by the concerned States/UTs in which the ULB is located. The affairs of the Company will be regulated by an Articles of Association (AoA) which shall include structure and functions of the SPV prescribed by Ministry of Urban Development. In order to help the Cities in drafting their AoA, a model AoA has been prepared by the Ministry, in consultation with several stakeholders. This is a model AoA to enable the State Governments/UTs/ULBs to prepare their own AoA based on local requirements, Smart City Proposal submitted, rules and procedures, etc. The AoA should also be vetted by the relevant State Govt. Departments, such as Law, etc.