Companies Act 2006 - section 155 in force on 1 October 2010
1 October 20101 - grace period ends - at least one human director now mandatory
The Companies Act 2006 ('the Act') has introduced a new rule to the effect that at least one director of every company must be a natural person - in other words, a human being, as opposed to a non-human director such as a company or other legal person (a 'corporate director'). This requirement is contained in section 155 of the Act and came into force on 1 October 2008.??
However, under the transitional provisions, any company which, as at 8 November 2006, had only corporate directors was given a period of grace until 1 October this year to comply with the new rule (provided that the company had the requisite number of directors at that time).
Any company still relying on the transitional provisions should ensure that it appoints at least one new director who is a natural person by the deadline of 1 October.