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Although the Companies Act 2006 received a Royal Ascent on the 8th November 2006 it was not until the 1st October 2009 when all its provisions came into force. The Act made a number of changes to companies law which the Directors and Shareholders of Private Companies should ensure that they are compliant. These are the main points that should be reviewed.
Memorandum and articles
The Act made significant changes to company constitutions. The Memorandum of Association under the Act is fundamentally different from that of the previous legislation. A major change has been introduced in new model Articles of Association for Private Companies limited by shares, Private Companies limited by guarantee and Public companies.
Directors and Secretaries
The new Act has codified Directors’ duties. The effect is to impose onerous responsibilities upon Directors and Companies Secretaries. They should be aware of the effect of the performance of their duties.
Resolutions and Meetings
Private companies have benefited in this case in that there are less regulations than there were previously.
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