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Essay On Macy's Parents

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Next, Macy and Robert must set up the company’s constitution. This specifies how power is to be distributed between the shareholders and the board. S17 of the CA defines this as company’s articles of association, and relevant resolutions and agreements. The articles of association are an important document that establishes the company's internal regulations and defines the interaction between the firm and its shareholders and directors. The articles of association often address topics such as shareholder rights, director powers, and meeting procedures. Section 20 of the Companies Act specifies the basic model articles for corporations. Table A would apply to Macy and Robert's company as it is a private company. As a result, the model articles …show more content…

Once established, the articles of association should be kept up to date and reviewed on a regular basis to ensure that they remain relevant and effective in governing the company's operations. Failure to comply with the company's constitution may result in legal action being taken against the company or its directors by its …show more content…

To protect their financial stake in the business, Macy's parents have a couple of options. Firstly, they may choose to include restrictions that could limit the business to its existing trade in the company’s articles. Such restrictions would prevent any unauthorized activities that could harm their investment. However, according to Section 40(4) of the Companies Act 2006, shareholders can only restrict contemplated acts, not those that are already legally binding on the company. Alternatively, Macy's parents could opt to enter into a contract with Macy and Robert to dictate how their money will be used. Macy's parents might want to consider getting a shareholder agreement to safeguard their investment. This agreement between the shareholders can address various topics like the allocation of shares, how profits are distributed, and the rights of shareholders. The shareholder agreement may also contain clauses that restrict the authority of the directors or safeguard the interests of minority shareholders. It's essential to understand that a shareholder agreement can't replace the company's constitution, but it can add to it. If they become shareholders and the directors overstep the restrictions in the articles, the company could take legal action against them for breach of directors' duty under section 171 of the Companies Act 2006, which requires directors to act within the company's

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