Articles of association

Articles of association

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Hi I'm company secretary for a small company.

Company formed about a year ago. Not much trade, (under £15k).

Taking on new director. He will also be a share holder.

Company will prepare a director contract / agreement (along lines of if director dies, shares go to other directors; can't sell them to anyone else without other director's agreement; etc etc).

Do we need to re-write the articles and memorandum of association?

Thanks in advance.

Paul

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By AnonymousUser
05th Feb 2009 12:10

Almost certainly not but that depends on what they say now.
If, as is likely, they are standard mem and arts then they will give the company shareholders the power to appoint and dismiss directors. Frankly, if they do not then I'd have a quiet word with the fool who designed them.
They should include preemption right too.

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By User deleted
05th Feb 2009 12:56

Yes

Thanks Phil.

Yes they are standard and ave the pre-emption and directors / shareholders paragraphs in line with what you say.

Thank you for you help. Appreciate it.

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