Dear Formations Factory,
I am one of three directors in a limited by shares company. We are also shareholders, but there are 4 additional shareholders who are not involved in the management side of things - they just invested in our business when we started up.
We were chatting yesterday about altering the memorandum to remove the name of an 8th shareholder who recently sold his shares me. Can we take his name off the memorandum since he is no longer involved? Is that a legal requirement?
Another thing we were wondering - we wanted to change the articles to enable us three directors to have control over the issue and transfer of shares. It makes more sense to be able to authorise these things ourselves without having to consult the other 4 shareholders who are not directors. They are happy with this because they are family members (they trust us!) and they find it a bit of a hassle having to sign resolutions.
Sorry if this is a lot to ask but I figure someone on here will know. Thanks a lot. Looking forward to your replies.
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