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254.co.ke
#1 Posted : Tuesday, April 21, 2015 6:52:32 AM
Rank: Member


Joined: 11/17/2006
Posts: 143
Hi all? When registering a limited company where the owners are let say 20 with equal number of shares....do you have to get all of them in the memorandums as Directors?
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Lolest!
#2 Posted : Tuesday, April 21, 2015 8:52:50 AM
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Joined: 3/18/2011
Posts: 12,069
Location: Kianjokoma
No, a company needs only 2 directors
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254.co.ke
#3 Posted : Wednesday, April 22, 2015 5:59:14 AM
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Joined: 11/17/2006
Posts: 143
Granted 2 is the MINIMUM number of directors required.The question is still unanswered, if the total number of owners are let say 20, how do the other 18 people 'lay claim of ownership' to the company?
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Mart_Consult
#4 Posted : Wednesday, April 22, 2015 6:40:21 AM
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Joined: 11/7/2013
Posts: 127
Location: Nairobi, Kenya
254.co.ke wrote:
Granted 2 is the MINIMUM number of directors required.The question is still unanswered, if the total number of owners are let say 20, how do the other 18 people 'lay claim of ownership' to the company?


On Page 9, all (20) shareholders will sign showing their level of equity ownership in the entity while on page 16, a max of 7 Directors to sign in the MemArts

These 7 are the max allowed number of directors a private company can use for governance/strategic functions (basically Board functions) not matter the number of shareholders (who never exceed 50 in a private company)
I went into the (Ferry) industry knowing the same thing I knew with all other businesses I went into- Nothing. Then I built it from there. - Sheldon Adelson (Titans at the Table- Giants of Macau)
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mkenyan
#5 Posted : Wednesday, April 22, 2015 9:55:50 AM
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Joined: 4/1/2009
Posts: 1,883
254.co.ke wrote:
Granted 2 is the MINIMUM number of directors required.The question is still unanswered, if the total number of owners are let say 20, how do the other 18 people 'lay claim of ownership' to the company?

ownership is with the shareholders not directors.
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mkonomtupu
#6 Posted : Wednesday, April 22, 2015 10:01:18 AM
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Joined: 2/10/2010
Posts: 1,001
Location: River Road
254.co.ke wrote:
Hi all? When registering a limited company where the owners are let say 20 with equal number of shares....do you have to get all of them in the memorandums as Directors?


The memorandum and articles are for all the shareholders to sign. The shareholders are supposed to elect or nominate people who they want to be directors(directors don't even have to be shareholders). The number of directors is set out in the articles usually 2-7. Then you fill out the details of the directors in Form 203. Directors are responsible for the day to day management of the company and report to the shareholders at the AGM
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