Section 228 Memorandum of Terms of Director’s Service Contract

A company must keep available for inspection a copy of every director’s service contract with the company or if the contract is not in writing, a written memorandum setting out the terms of the contract (s.228 Companies Act 2006).

If the company does not have a written service contract with its director(s), the terms of the contract(s) must be set out in a written memorandum. This template memorandum may be used to comply with section 228 of the Companies Act 2006.

Section 228 is not prescriptive as to the level of detail that the memo must contain in relation to the contract. However, the memorandum should clearly state the services and duties of the director and include certain key provisions such as commencement of employment, term, pay and other benefits.

The memorandum must be retained by the company for at least one year from the date of termination or expiry of the contract and must be available for inspection.

The document is in open format. Fields should be completed where indicated. Wording in square brackets is optional and can be deleted or retained according to requirements.

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Section 228 Memorandum of Terms of Director’s Service Contract is part of Corporate Documents. Just £35.00 + VAT provides unlimited downloads from Corporate Documents for 1 year.