The articles of association can be modified and in another article we explain the process of modifying the articles, with free submission decisions for the necessary special decision. If a company amends its articles, with the exception of standard articles, a copy of the articles should be sent to Companies House for verification within 15 days of the amendment. A copy of the amending decision must also be sent within 15 days of its adoption. You don`t need to tell Companies House why you`re changing the articles. In its most basic form, it looks like a simple partnership contract, but rather for a company. It will generally indicate the holding of shareholders` shares, limit the transfer of shares, and indicate the powers of shareholders and directors for company decisions, for example. B when the activities and assets of the business can be sold. Reviewing and, where appropriate, updating the articles allows the corporation to strike the most appropriate balance between the needs of directors and members and to give the former the power to direct the corporation while protecting the interests of its members. An LPA would allow your lawyers (who are legally required to act in your best interest) to sell your shares if it`s best for you (for example. B to get a better selling price) or to vote on your behalf at a meeting of the company`s shareholders called to amend the articles of association or to set up the company. The Protection Tribunal is slow, a request from an alternate acting on your behalf is costly – the delay could mean that your buyer can resign or change the company`s constitution to your detriment.
to insert a special article that authorizes the transfer of shares only if a selling shareholder has first offered them to the other shareholders”… .