Q. Will there be a minimum and maximum age for directors?
A. The Act introduces a minimum age for a director of 16. Any directors under 16, when the Act is implemented in October 2009, will automatically cease to be a director.
From 6th April 2007 the maximum age for directors of PLCs, which was 70, has been removed.
Q. What will happen to existing under age directors on implementation of the 2006 Act?
A. Existing under age directors will cease, with no notification to the registrar required. However, the company will need to amend their register of directors to reflect the fact that the appointment has ceased.
Q. Will the under age directors'�� rules apply retrospectively?
A. Yes. Where a person appointed a director of a company before section 157 (minimum age for appointment as director) comes into force has not attained the age of 16 when that section comes into force, that person ceases to be a director.
Q. When will the new requirement for each company to have at least one director who is a natural person take effect?
A. 1 October 2009, but there will be a grace period until October 2010 for any Company which did not have at least one director who is a natural person at the time when the 2006 Act received Royal Assent (8 November 2006).
Q. When the new restrictions on directors are introduced e.g. no sole corporate or under age directors, will they apply to dormant companies?
Q. What if, as a consequence of the changes, the company does not have an eligible director?
A. Companies without an eligible director will be in default.
Q. When will the requirements repealing the need for disclosing other directorships come into force?
A. The requirements for ´other directorships´ will not be repealed until 1st October 2009, the same time as the remainder of Part 10 A Directors.
Q. S.288 of the 1985 Act was repealed on 1st October 2007. If a new director is appointed after that date, which company form do I use to comply with the new S.167 2006 Act?
A. It is only certain sections of Part 10 of the Act that are being implemented in October 2007; these are the sections relating to director's duties. The repeal of Section 288 will not be repealed until 1st October 2009 so directors should continue to be appointed on the current form until section 167 of the Companies Act 2006 comes into force