Level 2 - Company Law Flashcards
When acting for an RMC, and acting as company secretary which act governs this role
Companies Act 2006
What are the key requirements under the companies act 2006
- Appointment of directors
- maintain a register of shareholders (if it is a company limited by shares)
- produce company accounts (which are totally separate from service charge accounts);
-send returns to Companies House
What are the two types of companies that Right to Manage Companies (RMCs) can be formed as, under UK law?
RMCs are either companies limited by share or guarantee
Do we need to have an AGM?
Under the Companies Act, most companies are required to hold an Annual General Meeting (AGM) each year, unless they are exempted from this requirement.
What are the requirements for an AGM
The specific requirements for holding an AGM are set out in the Companies Act and will depend on the type of company and its governing documents, such as the articles of association. Generally, the following requirements must be met:
Timing: The AGM must be held within a certain timeframe after the end of the company’s financial year, usually within six months.
Notice: The company must give shareholders notice of the AGM, which should include the date, time, and location of the meeting, as well as an agenda and any resolutions to be proposed.
Quorum: A minimum number of shareholders, known as a quorum, must be present at the meeting in order for it to be valid. The quorum will depend on the company’s articles of association.
Voting: Shareholders are entitled to vote on matters put before the meeting, either in person or by proxy.
Minutes: The company must keep minutes of the meeting, which should include a record of all resolutions passed and any votes taken.
