Companies registered after 1st. October 2009 have very different articles of association from those which still have memorandum and articles registered before that date. The old style memorandum of association has now gone and modern company articles are based on the new Model Articles instead of the old Table A.
Whether a company registered before 1st. October 2009 needs to update its articles, or would benefit from doing so, depends on the circumstances. In many small companies updating is probably not necessary. In some, updating alone would be insufficient because the company and its members should undertake a detailed review of the articles and make detailed decisions as to the appropriate provisions. It is vitally important that a company's articles contain the provisions that are right for that company. This is particularly the case where there are two or more directors or shareholders as the protection of their rights and interests in the company depend on the articles. In particular, it is essential that appropriate share transfer provisions are in place, either in the articles or in a shareholders' agreement.
Before making any decision, we recommend that you refer to the following web pages for detailed information:
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