Non-executive directors

A director is usually person who carries out executive responsibilities and is a member of the board of directors, elected by members of the company or organisation in question. By law directors have certain responsibilities and obligations towards the company and its members. In the UK, the company law does

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Special resolution

Special Resolution A Special Resolution is a resolution which is passed by the members of the company or a specific class of the company by: on a poll at a general meeting – members which represent at least 75% of the total voting rights of members who are entitled to

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Shadow directors

Shadow Directors A Shadow Director is an individual with whom they are directors of a company are accustomed to act in accordance with directions or instructions. It should be noted that this does not include a professional advisor such as a lawyer or an accountant who is actually acting in

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Reduction of share capital

Reduction of Share Capital of a Limited Company A UK company which is limited by shares can reduce its share capital. The relevant legislation is set out in Chapter 10 of Part 17 of the Companies Act 2006 (Act). Process & considerations A Special Resolution needs to be passed by

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Shareholders Agreement

So, you have taken the monumental step of going it alone-or almost! You have a great business idea and you have “partners” whom you can trust and who will contribute something to your big idea or, indeed, theirs, which they are sharing with you. You have created the “marriage” but

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Ultra vires – what is it ?

Ultra Vires – what does it mean ? Despite the somewhat strange latin name, ultra vires is a legal concept and not in fact a disease. It prevents companies carrying out actions which are beyond their scope of power. Origin & Development The doctrine of ultra vires has been developed

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