The PR is a private limited company and wishes to nominate one of its directors (by written resolution) to take out a grant for the use and benefit of the company, such grant to be limited until further representation be granted.
I have checked the articles of association for the company but there is no mention of any power to delegate. Is such a power in the articles necessary for the appointment of the nominee to take out a grant?
Thanks,
Mattias Wright
Capstone Solicitors
Hi Mattias,
I’m not sure which articles Table A or the model articles where used on incorporation - Part (2) Directors - (5) Directors may delegate is in the articles.
Part (2)(3) allows a ‘general authority’ which is ‘subject to the articles’ - as there appears no restriction then “the directors are responsible for the management of the company’s business, for which purpose they may exercise all the powers of the company”.
You’re able to proceed under the powers and delegation articles - the delegation is only applicable if the Directors decided to delegate the grant to a third party.
I do not see the need for a resolution - unless there is a conflict if interests.
Hope the above helps
Richard Bishop
PFEP