You’re the founder of your company. You’ve appointed a person as the director of your company as you can see potential in him. You know he can handle the daily tasks and oversee the company’s operation.
Suddenly, the director that you’ve appointed wanted to quit the job for his personal reasons. And you think to yourself:
“Oh Sh*t, my director wants to leave my company!”
You’ve tried to convince your director to stay but the decision was solid. There’s nothing you can do. Well, I guess you will just need to bid farewell to your director. Yes, he’ll just need to hand out his resignation letter and that’s it, right? No. No, it’s not that simple.
Before you read this, make sure that you have read the explanation of a director or shareholder.
If your director has left your company, there are some things that you will need to make sure of. according to the Companies Act 2016, every business will need to have at least one operating director in a company. If the director that just left you is the only director in your business, then you will have to look for someone to replace that director as it is against the law to operate a business without the presence of a director.
Fun Fact: If your company is created before 2016, your company must have a minimum of 2 directors. So, if you want to change your company’s constitution from the Company Act 1956 to 2016, you will need your member’s resolution and director’s resolution to lodge a form to SSM to abolish the old Memorandum and Articles of Association (M&A) and adopt the new constitution.
Feeling lost? Well, Fret not as we are here to help you deal with your troublesome company problems email us [email protected] for more information!