With Britain’s largest ever piece of business legislation fully implemented, now might be a good time for companies to carry out a review to identify how they can make the Companies Act 2006 work to their best advantage.
In particular companies may want to look making changes to their Articles of Association to ensure that they are making the most of the legislation and are taking advantage of any deregulation which does not automatically apply, for example, because there are contrary provisions in the Articles.
A non-exhaustive list of matters a Company may want to consider when reviewing its Articles include; whether to remove any restrictions on the allotment of shares; whether to remove references to authorised share capital; whether to remove any restrictions on the company purchasing its own shares; whether the Articles reflect increased proxy rights; whether the company still requires an AGM; whether the company wishes to change the notice period for general meetings; or whether the Company still requires a company secretary.
Although companies are not required to take any action, we recommend that such a review is carried out to ensure that your company is best placed to take full advantage of the changes introduced by the Act. Our Commercial team would be happy to discuss your requirements with you and to review your Articles of Association accordingly.