Prodedure for changing Articles and Memorandum

[bbva]

We are a share of freehold company and wish to change one of the articles. Currently directors are appointed indefintely and do not need to be re elected, rotate or retire

We would like to change this to directors need to be re elected every 3 years. How do we go about changing this?

Thanks

[leaseholdanswers]

No you are not, no such thing. The company owns the freehold. You own a share in or a member of that company.

You need to pass a resolution with the revised wording and take a vote either by a written resolution or at a general meeting with appropriate notice.

Given the close nature of such companies, and the annual cycle of accounts and budgeting, it is far more common to have directors routinely resign each year and who are eligible for reelection without nomination.

As you all have the same interests at heart, the directors are there to carry out the wishes of the group rather then have a long term executive role.