Introduction
The New Companies Act represents an attempt to update Company Law to ensure that it meets modern needs. A summary of the main changes is given below. Some provisions of the Act are not being commenced until 1 October 2009..  

Company Secretaries
There is no need to appoint a company secretary unless you want to. If you do have one, he/she will have the same rights and responsibilities as now.

Directors
All companies must have at least one actual person as a director. All directors must be at least 16. Existing underage directors will cease to be directors from October 2008. Directors can file service addresses on the public record, with residential addresses held as protected information at Companies House. The VAT Registration number should also be shown, where applicable.

Shareholder meetings
Private companies will no longer hold an AGM. 10% of shareholders can demand a meeting (5% in certain circumstances). If private company meetings take place they require a 14 day notice period.

Decision making
Written resolutions will become easier to use, requiring a simple majority (for ordinary resolutions) or 75% (for special resolution) of eligible votes.

Electronic communications
Arrangements can be made so that communications can be sent and received in certain ways, especially electronically. If there is agreement from shareholders, emails and websites can be used much more than at present. Individual members can still ask for hard copies. A company’s name, number, registered office and other particulars, currently required to be displayed on business letters and other documents, must now also be provided on electronic documents, as well as on any company website. 

Articles
Companies formed under the new Act can choose to have new streamlined default model Articles. Existing companies can also choose to take advantage of these new model articles in whole or in part.

Financial assistance
The statutory rule that private companies can’t give financial assistance to buy their own shares has been abolished. 

Accounts
Private companies must file their annual report within nine (previously ten) months of the year end.
This applies to accounting periods beginning on or after 6 April 2008. The medium-sized group exemption from preparing consolidated accounts has now been removed.

Capital reductions
There is now a simpler solvency-based procedure to enable private companies to reduce capital without court approval. 

Directors Duties
The Companies Act 2006 sets out the statement of general duties of Directors. This statement codifies the existing 'common law' rules and equitable principles relating to the obligations of company directors. The existing common law had focused on the interests of shareholders. The new law extends this by highlighting the connection between what constitutes the good of the company and a consideration of its wider corporate social responsibilities.