The Company Law Reform Bill ("the Bill") was passed in the House of Lords after receiving its third reading on 23 May 2006. The Bill is now at the committee stage in the House of Commons having been read for the second time on 6 June 2006. As readers of previous articles will be aware, the Bill aims to reform company law and includes many provisions of interest to directors. The provisions relating to the new statutory statement of directors’ duties have been much discussed in both academic and non academic circles. The Bill, however, makes some significant changes to other aspects of the law relating to directors, including in relation to who can serve as a director.
As is currently the case, once the Bill passes into law, private companies will need to have at least one director with public companies having at least two directors. What is new is that each type of company will have to have at least one director who is a natural person i.e.. an individual. It will accordingly no
