And if I don`t want a shareholders` agreement, what are the risks? 3) The method of adding or removing shareholders for fault, death or inability to function within management In addition to all relevant laws (including the various company laws), a company is mainly governed by its articles of association. Prior to the Companies Act 2006, a memorandum of association set out a company`s objectives that were in fact limits to what a company could or could not do, for example. B what kind of activity it could act. As a result of the Companies Act of 2006, an association protocol for new companies does not say much more than the company`s first shareholders wish to set up a company. . . .