Constitutional Upgrade

When might the 'Constitutional Upgrade' service be used? 

What are the types of Constitutional Upgrades available on the platform? 

Question

When might the 'Constitutional Upgrade' service be used? 

Answer

• When a Company is registered outside of NowInfinity and does not have a Constitution (i.e. the Company is governed by replaceable rules)
• To change the Company "type" (e.g. from a Special Purpose SMSF Trustee Company to a Standard Company in order to trade)
• To "update" an older Constitution to one that incorporates more recent legislative changes

Question 

What are the types of Constitutional Upgrades available on the platform? 

Answer

The drop down menu for 'Constitution Upgrade Type' within the document form depends on the current company/constitution type and reason for the upgrade. 

• Standard Company to Special Purpose - E.g. The company type is changing to be a corporate trustee of an SMSF and the applicable constitution is required to be put in place
• Special Purpose to Standard Company - E.g. A "single purpose" SMSF trustee company is no longer associated with the SMSF and the intention is that, going forward, the company will trade
• Standard Company Upgrade - E.g. No changes are being made to the status of the Standard Company, but a constitution was not established at registration
• Special Purpose Company Upgrade - E.g. No changes are made to the status of the Special Purpose Company, but a constitution may not have been provided on registration 

Note:

• If you have access to Corporate Messenger, and the status of a company has not yet been changed with ASIC, the Form 484B3 can also generate the applicable Constitution. The Constitutional Upgrade service would not be necessary in this circumstance.
• If you are not 100% comfortable adopting a new Constitution, or you do not plan to engage your own solicitor, then we recommend you add on legal review to your order. 

Further Information

My client has lost their Constitution