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The Act made several changes to the way companies can be set up and run. The traditional requirement for all companies to have an appointed secretary has been abolished, although companies may still opt to appoint one if they wish, and that person will have the same duties and responsibilities as previously. The requirement for an annual general meeting has also been abolished, although AGMs can still be legally demanded by a small percentage of the shareholders. Companies must now have at least one person as a director as it is no longer possible for the board of a company to be made up solely by other companies. The Act implemented a minimum age for directors at 16. The rules regarding resolutions have changed, allowing greater use of written resolutions signed by a majority. There is also greater provision for the use of email and the internet for the delivery of corporate information and communication with shareholders. The articles of association of a company can now be made using a default template, and the memorandum now provides a purely historical account of the situation of the company at formation. Companies no longer have to have a stated set of objects, although they may do so if they want to. The Act has reduced the time given to private companies to file their accounts from ten months down to nine, and has removed the exemption applying the medium sized groups meaning they must now file annual accounts. The changes in the Act were broad and extensive, your company solicitor or commercial lawyer will be able to clarify the changes applicable to your business.
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