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The Company Law Reform Bill is now called the Companies Bill. It was introduced into the House of Lords on 1 November 2005 and brought forward to the House of Commons on 24 May 2006. After its Second Reading on 6 June, the Bill was committed to a Standing Committee. Proceedings in the Standing Committee were concluded and the Bill was reported to the House on 20 July. Following its decision to consolidate the unchanged sections of the Companies Act 1985 into the Bill, the government has published the appropriate “restatement clauses” along with a table of derivations and destinations. Comments are invited on the drafting of these clauses, which in some cases has changed slightly to bring them into line with the Bill’s approach, by 8 September 2006. The DTI has published draft model articles for public companies limited by shares and is inviting comments to be submitted by 30 August 2006. Further consultations on the model articles for private companies limited by shares and by guarantee will be opened in due course. The text of the Bill as amended by the Standing Committee was published on 28 July and can be accessed on the UK Parliament website. |
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COMPANIES BILL PROGRESS UPDATE |