This is the last clause of MOA (Memorandum of association)(aka Subscription Clause). A company itself is an association of persons and this association is formed by Memorandum.
source https://www.caclubindia.com/articles/association-clause-in-moa-45041.asp
source https://www.caclubindia.com/articles/association-clause-in-moa-45041.asp
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