2009

October 1st

• Under Section 8 of the Companies Act 2006 the requirement for private limited companies to have memorandum of association has changed. Individuals wishing to form a company must subscribe their names to the memorandum of association. However, this is all the memorandum will contain. The memorandum will simply state that the subscribers wish to form a company under the 2006 Act and have agreed to become members and, in the case of a company that is to have a share capital, to take at least one share each. Matters that are currently contained in the memorandum such as the company's name will not in future need to be included in the memorandum or the articles of association but will either be dealt with in the articles or, in the case of the name, just recorded on the certificate of incorporation. The memorandum will essentially be a "snapshot" of part of the company's constitution at the point of registration.

• A Statement of compliance is now required opposed to a statutory declaration.

• Authorised/nominal share capital abolished.