- Update/Intermediate *6 hours CPD
Geared to private companies and non-listed public companies (both new and existing), this course will examine the new separate default articles for private companies and for public companies. It will use case studies to consider what “special articles” might be considered and what might be included in shareholders’ agreements following implementation of the Companies Act 2006. These considerations will be set in the context of the statutory statement of directors’ duties and responsibilities, and the numerous deregulatory changes and freedoms introduced for private companies, including:
- Possible conflicts between the interests of a director and those of the company can be authorised by the directors
- The elective regime (e.g. no AGMs; reduction in the percentage required for consent to short notice) becomes the default position for the private company
- Private company written resolutions no longer require unanimity
- Objects clauses and authorised share capital are not required
- Statutory authority is given for private company directors to issue shares
- Financial assistance for own share purchase is no longer prohibited for a private company
- A private company is not required to have a company secretary