Via the excellent Darius Whelan on the IrishLaw List (no relation), I learn that the Company Law Review Group has published its proposals for a new consolidated Companies Act, the first consolidation since 1963.
These are worth looking at, because the CLRG is not any old group, or even any old government- sponsored commission: it is a high-powered collection of some of the best minds in the country in this area of law, and it has a record of getting its suggestions implemented.
The proposed statute would have 1,263 sections, about three times the number of the 1963 Act, and I obviously cannot summarise it here now, but the highlights are:
A one document constitution, in place of the current Memorandum and Articles of Association
The possibility to waive the holding of an AGM
A minimum of one director instead of two, as currently required
Removal of the need for a company to set down its 'objects' thus removing the legal risk of exceeding its powers ('ultra vires').
A reduction in Court involvement in the winding-up of companies.
A root and branch updating of criminal offences, leading to a new four-fold categorisation of all but the most serious of offences.