Chapter 9 - Maintenance of Records Flashcards
What is the difference between a CREST stock deposit and stock withdrawal?
A stock deposit is the movement of shares from the certificated part of the share register to the uncertificated, dematerialised part of the register
A stock withdrawal is the opposite of a stock deposit
Must the statutory records be kept at any specific location?
Yes at one of the registered office, the SAIL address or in the case of a private company on the central register
Must the statutory books be books or are other formats permitted?
The statutory records may be held in hard copy or electronically and there is no specific format provided the required information is kept
Why must directors provide both a service address and residential address?
The residential address is required in case letters addressed to the service address are returned undelivered then the registrar will send mail to the residential address
What is the fee to obtain a copy of the register of members for a company with 500 shareholders?
£65
Can a request for a copy of a register specify that the information is to be provided in the form of an Excel spreadsheet?
No – the request can require delivery in hard or soft copy but not the format of the soft copy
Should minutes of all meetings involving directors be minuted?
Yes
Can directors’ and members’ minutes be kept together?
Yes but not recommended as members’ minutes must be available for inspection while the directors’ minutes need not
How long must a company keep its original minutes of meetings?
10 years
Directors have no statutory right to access board papers, why is this?
They have the right of access to all records and so do not require a specific right to board papers
Is there any statutory requirement to retain notices of either directors’ or members’ meetings?
No
Companies must keep accounting records with sufficient detail to enable the directors to assess what?
To show and explain transactions, disclose with reasonable accuracy the company’s financial position and enable the directors to prepare accounts and financial statements as required by the Companies Act
For how long must companies keep minutes of meetings of their directors and members?
10 years
Do a company’s members have to pay a fee to inspect the registers or documents that must be available for their inspection?
No
