They do not allow for the issue of nil or partly paid shares.
They make no proper provision for multiple classes of shares.
They do not contain provision for alternate directors which may be useful where directors are absent for extended periods.
They contain no provision for members’ rights, proxies, meetings regimes, share pre-emption or director conflicts and unreasonably assume that directors will have sufficient knowledge of these matters as outlined in the Act.
They include no provision for the appointment of a company secretary.
For this reason, ACRA members have access to bespoke ACRA Approved Articles of Association that are fully compliant, more comprehensive and equipped to enable companies to benefit from the new Act to their full advantage.
ACRA approved Articles are prepared by senior lawyers with over 20 years experience as members of the Law Society Standing Committee on Company Law.