What is Companies Act?

Answer 1

There have been several, but the latest is The 'Companies Act (formerly known as Company Law Reform Act) 2006', which received Royal Assent on 8 November 2006. is expected to gain Royal Assent in November 2006 and which introduced major changes for all areas of company law and practice.

The Companies Act 2006 is expected to make it easier to set up and run a company.

Changes will affect directors' duties; companies' constitutions; share capital and shareholder communications; accounts and audits; and the registration of directors with Companies House.

The Act is also predicted to implement the EU Takeover and Transparency Directives.

Small businesses are anticipated to benefit from:

The creation of a separate default constitution for private companies

Need for private companies to have private secretaries to be abolished

Simplification of private companies decision-making procedures

It is thought that larger companies will benefit from:

Deregulation on registration of present and past members of the company

Clarification of the rules on transfer of assets between companies in the same group

For the first time, a statutory statement of directors' duties is provided.

Answer 2

http://www.anguillafsc.com/newlegis/pdf/CoAct.pdf
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