FXCM UK amends articles of association, no max number of directors set

Maria Nikolova

Whereas the previous articles of association set the maximum number of directors at 10, the new rules determine no such number.

Forex Capital Markets Limited, also known as FXCM UK, has filed its amended Articles of Association with the Companies House. The document, as one might expect, is quite formal although there are differences (in quantity and in quality) if the new document is compared to the old one which was issued back in 2000.

One noticeable difference concerns the number of directors. Whereas the old articles of association stipulated that “the number of Directors shall not be more than ten”, the new articles of association state:

“the minimum number of Directors shall be one and there shall be no maximum number of Directors”.

The part of the document referring to Directors’ remuneration has become much longer (and detailed). Directors are allowed to undertake such services for the company as the Directors may require in the absolute discretion. The directors’ remuneration:

  • may take any form;

  • may include any arrangements in connection with the payment of a pension, allowance or gratuity, or any death, sickness or disability benefits to or in respect of that director.

Further, the directors are not accountable to the company for any remuneration they receive as directors or as officers or employees of the company’s subsidiaries or any other corporate body in which the company is interested.

Directors may alternate. Any director may appoints as his alternate another director or any other person approved by resolution of the directors.

The directors are authorized to exercise any power of the company to offer or allot ordinary shares in the company, or to grant rights to subscribe for or convert any security into, ordinary shares in the company up to a maximum nominal amount of GBP 100 million.

According to the Companies House, Forex Capital Markets Limited currently has six active officers. Jefferies Financial Group Inc is listed as Person with Significant Control.

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