Timetable for Companies Act

becomes ...

Light floods the darkness, and colour clears the monochrome... to the bottom left corner.

28 February was the date that the government finally published the timetable for the implementation of the Companies Act.

All the fiddly bits are being implemented first.  This will allow any problems with the tricky stuff to be ironed out before the basics wade in on 1 October 2008. 

Some randomly selected key points are:

1 October 2007

• s.993 - the offence of fraudulent trading will come into force on 1 October

6 April 2008

• s.270 - a private company will no longer be required to have a secretary

1 October 2008

• s.155 - at least one of the company's directors be a real person as opposed to a body corporate. 
• s.64 - the first codification for a board resolution is that a board resolution is required for a change of name of the company
• s.171 -177 - duties of directors are codified. 
• s.182 - where a director has a personal interest in a company's transaction he must also state the nature and extent of the interest . 
• s.197 - loans to directors must be approved by members' resolution. 

And in full...

1 October 2007:

Part 9 (Exercise of members' rights);
Part 10 (A company's directors), other than provisions relating to directors' conflict of interest duties, directors' residential addresses and underage and natural directors;
Part 11 (Derivative claims and proceedings by members);
Part 13 (Resolutions and meetings), and, related to this, sections 485-488 of Part 16 (Audit);
Part 14 (Control of political donations and expenditure);
Section 417 of Part 15 (Contents of directors' report: business review);
Part 29 (Fraudulent trading);
Part 30 (Protection of members against unfair prejudice);
Part 32 (Company investigations: amendments).

6 April 2008:

Part 12 (Company secretaries);
Part 15 (Accounts and reports), other than section 417;
Part 16 (Audit), other than sections 485-488;
Part 19 (Debentures);
Part 20 (Private and public companies);
Part 21 (Certification and transfer of securities);
Part 23 (Distributions);
Part 26 (Arrangements and reconstructions);
Part 27 (Mergers and divisions of public companies);
Part 42 (Statutory auditors).

1 October 2008:

Part 1 (General introductory provisions);
Part 2 (Company formation);
Part 3 (A company's constitution);
Part 4 (A company's capacity and related matters);
Part 5 (A company's name);
Part 6 (A company's registered office);
Part 7 (Re-registration as a means of altering a company's status);
Part 8 (A company's members);
Part 10 (A company's directors) - provisions relating to directors' conflict of interest duties, directors' residential addresses and underage and natural directors
Part 17 (A company's share capital);
Part 18 (Acquisition by limited company of its own shares);
Part 24 (A company's annual return);
Part 25 (Company charges);
Part 31 (Dissolution and restoration to the register);
Part 33 (UK companies not formed under the Companies Acts);
Part 34 (Overseas companies);
Part 35 (The registrar of companies);
Part 41 (Business names). 

Yeah.

Comments

[Chastity]

Great work.