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IN A NUTSHELL
Page 40
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The Companies Act 2006
The changes to the law on directors' duties form one of the central pillars of the Companies Act 2006, the biggest shake-up of company legislation in 40 years and the biggest statute in the history of UK law.
There are a whole series of changes made by the Companies Act 2006 that directors need to be aware of, including new directors' respons[bilities and new rules on electronic communications. It also addresses issues such as how decisions are taken by shareholders, whether a company secretary is appointed, the minimum age to become a director— and much more.
The department for Business Enterpnse and Regulatory Reform BEAR (formerly the DTI) details the main the changes in a PDF document at www.berngov.uktfiles/ file37956vdf Company directors should spend time consulting the BEAR website and taking legal advice on their new legal responsibilities. No one really worries about the law until situations decline; at this point it's too late.