Companies Act 2006
The Companies Act 2006 (c.46) is a statute o the Unitit Kinrick, for tae regulate companies athin that kintra.
The Act is the maist muckle in the historie o the Wastmeinster Pairlament, and belike the langest in the hale warld, wi 1,300 sections and 16 schedules, and kiverin naur 700 pages. The Act bydraws the Companies Act 1985. The Act chynges a hantle provisions o company law, Scots and Inglis forbye, and the lave is screived ower mair modren and clair.
Amang the maist wechty provisions o the Act:
- It codifies the common law anent whit directors o a company maun dae.
- It obtempers the Takeover and Transparency Obligations Directives o the European Union.
- It creates a statutory richt for fowk that haud shares tae pursue claims agin skaithful directors for the company's benefit. The richt is foondit on the derivative action in the common law o Ingland and Wales, an a siclike richt is introducit tae Scotland forbye.
- It keeps bairns frae the buird o directors or thay reak 16 year.
- But nae mair will a director hae tae leave the buird whan thay reak 70 year.
- It will be mair eith for a company tae communicate electronically wi the fowk that haud shares.