Updating articles of association companies act 2016

12 May

You can write your own articles but if you do, you can’t register your company online.

- Dubai International Financial Centre The new UAE Commercial Companies Law (Federal Law No.

In the case of companies limited by shares, members may decide to have a shareholders’ agreement in addition to the memorandum and the articles.

A shareholders’ agreement is a separate private contract among the shareholders.

2 of 2015) (“CCL”) came into effect on 1 July 2015 and we reported on the principal amendments made by the CCL in our June/July 2015 edition of Law Update.

The CCL removed the cap on the number of managers (previously 5) Notices to general assemblies can now be sent on 15 days notice or such shorter notice period as the shareholders agree and in addition, the CCL permits notices to be sent by whichever means of communication shareholders agree on, including email.

— A company’s memorandum of association sets out the the company’s structure and aims.

These are the fundamental conditions upon which the company is incorporated upon.

The new CCL requires value to be determined by a DED appointed financial expert.It helps in keeping sensitive company details away from the public eye as some details can be stated in the shareholders’ agreement rather than in the memorandum and articles of association.You can use the memorandum of association template.Practically, companies tend to register their customized versions of Table A which explicitly exclude the applicability of Table A.The memorandum and the articles of association serve as contracts between the company and its members, and among the members themselves.