Which document specifies the classes of shares, their rights, and obligations in a company?

Articles of Association

The correct answer is option 3- Articles of Association

The Articles of Association is the document that specifies the classes of shares, their rights, and obligations in a company. The Articles of Association is one of the two key constitutional documents of a company, the other being the Memorandum of Association. Together, these documents lay out the structure, purpose, and governance framework of the company. The Articles of Association outline the internal rules and regulations that govern the company's operations and management. This includes details about the different types or classes of shares the company can issue, the rights attached to each class of shares (such as voting rights and dividend entitlements), and the obligations and responsibilities of shareholders.