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ORDINARY RESOLUTION - PRIVATE COMPANIES WITH MORE THAN ONE CLASS OF SHARES

The Companies Act 2006 introduced few changes to allotment of shares. From  1st October 2009 directors of private limited companies with only one class of share no longer  need shareholder authority to allot new shares of that class. This new power is subject to any prohibition in the articles.

 

However, in private limited companies with more than one class of share, or where private companies wish to allot shares of a new class, the directors are still required authorisation for allotting shares either by the articles or by an ordinary resolution of the members.

 

The Ordinary Resolution – Companies with more than One Class of Shares template should be used by private limited companies with more than one class of shares where they want to allot new shares of that class or where they want to allot shares of a new class.

 

Please note that a copy of the Ordinary Resolution must be sent to Companies House within 15 days of being passed.



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