The day to day activities of a company are under the control of its directors therefore, entering commercial agreements is directors’ business and it does not generally require consent of approval of shareholders. A simple board resolution is generally all that is...
Companies require capital to enable them to undertake their activities. The most common way for companies to raise capital is by issuing shares to their shareholders. Before issuing new shares, some care needs to be taken as:- (i) There may be restrictions in the...
2006 Act companies are not legally required to prepare annual financial statements. However, most Registered Agents will insist upon it and the Assessor of Income Tax is increasingly asking for them so these days its pretty unusual not to. Step 1 – Ask the Accountant...
Technically under the 2006 Act, the registered office address can be determined by either the directors or the members. However, generally this type of operational decision would be considered directors’ business so the location is usually changed by way of a...
All 1931 Act companies are required to prepare annual financial statements. Part 1 of the 1982 Act sets out the requirements in detail and these are quite prescriptive. Step 1 – Ask the Accountant to provide draft accounts. Step 2 – Convene a Directors...
s94A & s144 of the 1931 Act requires that the following information is included within a business letter: (a) Company number and that it is registered in the Isle of Man (b) Registered office address (c) If the Company is a limited company that has been granted...
Section 111 of the 1931 Act says an Annual General Meeting (AGM) shall be held within 15 months of incorporation of the Company and then at least in every calendar year. However, The Companies Act 1931 (Dispensation for Private Companies) (Annual General Meeting)...
Companies require capital to enable them to undertake their activities. The most common way for companies to raise capital is by issuing shares to their shareholders. For 1931 Act companies some care needs to be taken before issuing shares as:- (i) Companies may have...
The day to day activities of a company are under the control of its directors therefore, entering commercial agreements is directors’ business and it does not generally require consent of approval of shareholders. A simple board resolution is generally all that...
The appointment of Bankers is directors’ business and is dealt with as a directors resolution. Step 1 – Ask the nominated bank for their application form and complete it in draft. Step 2 – Convene a Directors meeting for the purpose of appointing Bankers....
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