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Companies Bill 2006 - Consultation on Draft Model Articles 28 July 2006

The Companies Bill 2006, generally known as the New Manx Vehicle (NMV) completed its passage through the House of Keys and Legislative Council before the summer recess. It is anticipated that Royal Assent to the Bill will be available to be announced at the October sitting of Tynwald.

If Royal Assent is available to be announced in October it is hoped that the Bill will be operational from 1st November 2006.

In preparation for this date work is being done on drafting the annual return form that will have to be prescribed and a fees Order. These are currently being prepared by the Financial Supervision Commission. Consultation on those documents will commence shortly and will be available for viewing on the FSC website at www.gov.im/fsc.

In the meantime however, the Treasury has issued draft Memoranda and “Model” Articles of Association for consultation. Model Articles are not a requirement under the Bill, but as they are generally used under the existing companies legislation Treasury considered that there would be an expectation that they would be made available and could be helpful to users of the NMV legislation.

Two versions of the documents have been issued for consultation – one for companies with shares and one for companies limited by guarantee.

The documents have been drafted with the aim of providing practical working documents that Corporate Service Providers can use generally. However, bespoke articles are permitted under the legislation and could be commissioned to meet the specific needs of a company, if required.

The model articles documents and the Bill can be viewed below and Paper copies of the document can be requested by phoning 685980. Consultation responses are invited on:

  • the need for model Articles
  • the suitability of the model articles as drafted with comment also being sought on the approach taken
  • any amendments proposed

Consultation responses are requested by 1st September 2006 and should be sent to kim.corlett@treasury.gov.im or

Kim Corlett
The Treasury
Government Office
Bucks Road
Douglas IM1 3PU
Downloadable Documents
Acrobat PDF FileCompanies Bill 2006 (316 kb)
Format: Acrobat PDF File
Companies Bill 2006
Acrobat PDF FileMemorandum of Association of a Company Limited by Guarantee - Companies Bill 2006 (140 kb)
Format: Acrobat PDF File
Memorandum of Association of a Company Limited by Guarantee - Companies Bill 2006
Acrobat PDF FileModel Articles of Association for a Company Limited by Guarantee - Companies Bill 2006 (190 kb)
Format: Acrobat PDF File
Model Articles of Association for a Company Limited by Guarantee - Companies Bill 2006
Acrobat PDF FileMemorandum of Association of a Company Limited by Shares - Companies Act 2006 (141 kb)
Format: Acrobat PDF File
Memorandum of Association of a Company Limited by Shares - Companies Act 2006
Acrobat PDF FileModel Articles of Association for a Company Limited by shares - Companies Bill 2006 (203 kb)
Format: Acrobat PDF File
Model Articles of Association for a Company Limited by shares - Companies Bill 2006

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