Law

Companies Act 2006

United Kingdom · statute

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In force since 2026-07-16, as the publisher states.

Copy read on 2026-11-08. The page it was read from

Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.

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Contents: 1,649 provisions
  1. Title and introductory text
  2. 1 Companies
  3. 2 The Companies Acts
  4. 3 Limited and unlimited companies
  5. 4 Private and public companies
  6. 5 Companies limited by guarantee and having share capital
  7. 6 Community interest companies
  8. 7 Method of forming company
  9. 8 Memorandum of association
  10. 9 Registration documents
  11. 9A Required information about the subscribers
  12. 10 Statement of capital and initial shareholdings
  13. 11 Statement of guarantee
  14. 12 Statement of proposed officers
  15. 12A Statement of initial significant control
  16. 12B Option to provide ID verification information about PSCs
  17. 13 Statement of compliance
  18. 14 Registration
  19. 15 Issue of certificate of incorporation
  20. 16 Effect of registration
  21. 17 A company's constitution
  22. 18 Articles of association
  23. 19 Power of Secretary of State to prescribe model articles
  24. 20 Default application of model articles
  25. 21 Amendment of articles
  26. 22 Entrenched provisions of the articles
  27. 23 Notice to registrar of existence of restriction on amendment of articles
  28. 24 Statement of compliance where amendment of articles restricted
  29. 25 Effect of alteration of articles on company's members
  30. 26 Registrar to be sent copy of amended articles
  31. 27 Registrar's notice to comply in case of failure with respect to amended articles
  32. 28 Existing companies: provisions of memorandum treated as provisions of articles
  33. 29 Resolutions and agreements affecting a company's constitution
  34. 30 Copies of resolutions or agreements to be forwarded to registrar
  35. 31 Statement of company's objects
  36. 32 Constitutional documents to be provided to members
  37. 33 Effect of company's constitution
  38. 34 Notice to registrar where company's constitution altered by enactment
  39. 35 Notice to registrar where company's constitution altered by order
  40. 36 Documents to be incorporated in or accompany copies of articles issued by company
  41. 37 Right to participate in profits otherwise than as member void
  42. 38 Application to single member companies of enactments and rules of law
  43. 39 A company's capacity
  44. 40 Power of directors to bind the company
  45. 41 Constitutional limitations: transactions involving directors or their associates
  46. 42 Constitutional limitations: companies that are charities
  47. 43 Company contracts
  48. 44 Execution of documents
  49. 45 Common seal
  50. 46 Execution of deeds
  51. 47 Execution of deeds or other documents by attorney
  52. 48 Execution of documents by companies
  53. 49 Official seal for use abroad
  54. 50 Official seal for share certificates etc
  55. 51 Pre-incorporation contracts, deeds and obligations
  56. 52 Bills of exchange and promissory notes
  57. 53 Prohibited names
  58. 53A Names for criminal purposes
  59. 54 Names suggesting connection with government or public authority
  60. 55 Other sensitive words or expressions
  61. 56 Duty to seek comments of government department or other specified body
  62. 56A Names suggesting connection with foreign governments etc
  63. 57 Permitted characters etc
  64. 57A Names containing computer code
  65. 57B Prohibition on re-registering name following direction
  66. 57C Name that another company has been directed to change
  67. 58 Public limited companies
  68. 59 Private limited companies
  69. 60 Exemption from requirement as to use of “limited”
  70. 61 Continuation of existing exemption: companies limited by shares
  71. 62 Continuation of existing exemption: companies limited by guarantee
  72. 63 Exempt company: restriction on amendment of articles
  73. 64 Power to direct change of name in case of company ceasing to be entitled to exemption
  74. 65 Inappropriate use of indications of company type or legal form
  75. 66 Name not to be the same as another in the index
  76. 67 Power to direct change of name in case of similarity to existing name
  77. 68 Direction to change name: supplementary provisions
  78. 69 Objection to company's registered name
  79. 70 Company names adjudicators
  80. 71 Procedural rules
  81. 72 Decision of adjudicator to be made available to public
  82. 73 Order requiring name to be changed
  83. 74 Appeal from adjudicator's decision
  84. 75 Provision of misleading information etc
  85. 76 Misleading indication of activities
  86. 76A Power to direct change of name used for criminal purposes
  87. 76B Direction to change name wrongly registered
  88. 76C Registrar’s power to change name containing computer code
  89. 76D Registrar’s power to change name for failure to comply with direction
  90. 76E Exceptions based on national security etc
  91. 77 Change of name
  92. 78 Change of name by special resolution
  93. 79 Change of name by means provided for in company's articles
  94. 80 Change of name: registration and issue of new certificate of incorporation
  95. 81 Change of name: effect
  96. 82 Requirement to disclose company name etc
  97. 83 Civil consequences of failure to make required disclosure
  98. 84 Criminal consequences of failure to make required disclosures
  99. 85 Minor variations in form of name to be left out of account
  100. 86 Duty to ensure registered office at appropriate address
  101. 87 Change of address of registered office
  102. 88 Welsh companies
  103. 88A Duty to maintain a registered email address
  104. 88B Change of registered email address
  105. 89 Alteration of status by re-registration
  106. 90 Re-registration of private company as public
  107. 91 Requirements as to share capital
  108. 92 Requirements as to net assets
  109. 93 Recent allotment of shares for non-cash consideration
  110. 94 Application and accompanying documents
  111. 95 Statement of proposed secretary
  112. 96 Issue of certificate of incorporation on re-registration
  113. 97 Re-registration of public company as private limited company
  114. 98 Application to court to cancel resolution
  115. 99 Notice to registrar of court application or order
  116. 100 Application and accompanying documents
  117. 101 Issue of certificate of incorporation on re-registration
  118. 102 Re-registration of private limited company as unlimited
  119. 103 Application and accompanying documents
  120. 104 Issue of certificate of incorporation on re-registration
  121. 105 Re-registration of unlimited company as limited
  122. 106 Application and accompanying documents
  123. 107 Issue of certificate of incorporation on re-registration
  124. 108 Statement of capital required where company already has share capital
  125. 109 Re-registration of public company as private and unlimited
  126. 110 Application and accompanying documents
  127. 111 Issue of certificate of incorporation on re-registration
  128. 112 The members of a company
  129. 112A Alternative method of record-keeping
  130. 113 Register of members
  131. 113A Required information about members: individuals
  132. 113B Required information about members: corporate members and firms
  133. 113C Power to amend the required information
  134. 113D Duty on new members to notify required information
  135. 113E Duty on member to notify changes to required information
  136. 113F Power for company to require information from members
  137. 113G Failure to comply with section 113D, 113E or 113F
  138. 113H Basic false statement offences in connection with sections 113D to 113F
  139. 113I Aggravated false statement offences in connection with sections 113D to 113F
  140. 113J Index of members
  141. 114 Register to be kept available for inspection
  142. 115 Index of members
  143. 116 Rights to inspect and require copies
  144. 117 Register of members: response to request for inspection or copy
  145. 118 Register of members: refusal of inspection or default in providing copy
  146. 119 Register of members: offences in connection with request for or disclosure of information
  147. 120 Information as to state of register and index
  148. 120A Power to make regulations protecting material
  149. 120B Offence of failing to comply with regulations under section 120A
  150. 121 Removal of entries relating to former members
  151. 122 Share warrants
  152. 123 Single member companies
  153. 124 Company holding its own shares as treasury shares
  154. 125 Power of court to rectify register
  155. 126 Trusts not to be entered on register
  156. 127 Register to be evidence
  157. 128 Time limit for claims arising from entry in register
  158. 128ZA Transitional provision where information kept on central register
  159. 128A Introduction
  160. 128B Right to make an election
  161. 128C Effective date of election
  162. 128D Effect of election on obligations under Chapter 2
  163. 128E Duty to notify registrar of changes
  164. 128F Information as to state of central register
  165. 128H Central register to be evidence
  166. 128I Time limits for claims arising from delivery to registrar
  167. 128J Withdrawing the election
  168. 128K Power to extend option to public companies
  169. 129 Overseas branch registers
  170. 130 Notice of opening of overseas branch register
  171. 131 Keeping of overseas branch register
  172. 132 Register or duplicate to be kept available for inspection in UK
  173. 133 Transactions in shares registered in overseas branch register
  174. 134 Jurisdiction of local courts
  175. 135 Discontinuance of overseas branch register
  176. 136 Prohibition on subsidiary being a member of its holding company
  177. 137 Shares acquired before prohibition became applicable
  178. 138 Subsidiary acting as personal representative or trustee
  179. 139 Interests to be disregarded: residual interest under pension scheme or employees' share scheme
  180. 140 Interests to be disregarded: employer's rights of recovery under pension scheme or employees' share scheme
  181. 141 Subsidiary acting as authorised dealer in securities
  182. 142 Protection of third parties in other cases where subsidiary acting as dealer in securities
  183. 143 Application of provisions to companies not limited by shares
  184. 144 Application of provisions to nominees
  185. 145 Effect of provisions of articles as to enjoyment or exercise of members' rights
  186. 146 Traded companies: nomination of persons to enjoy information rights
  187. 147 Information rights: form in which copies to be provided
  188. 148 Termination or suspension of nomination
  189. 149 Information as to possible rights in relation to voting
  190. 150 Information rights: status of rights
  191. 151 Information rights: power to amend
  192. 152 Exercise of rights where shares held on behalf of others: exercise in different ways
  193. 153 Exercise of rights where shares held on behalf of others: members' requests
  194. 154 Companies required to have directors
  195. 155 Companies required to have at least one director who is a natural person
  196. 156 Direction requiring company to make appointment
  197. 156A Each director to be a natural person
  198. 156B Power to provide for exceptions from requirement that each director be a natural person
  199. 156C Existing director who is not a natural person
  200. 157 Minimum age for appointment as director
  201. 158 Power to provide for exceptions from minimum age requirement
  202. 159. Existing under-age directors
  203. 159A Disqualified person not to be appointed as director
  204. 160 Appointment of directors of public company to be voted on individually
  205. 161 Validity of acts of directors
  206. 161A Alternative method of record-keeping
  207. 162 Register of directors
  208. 163 Particulars of directors to be registered: individuals
  209. 164 Particulars of directors to be registered: corporate directors and firms
  210. 165 Register of directors' residential addresses
  211. 166 Particulars of directors to be registered: power to make regulations
  212. 167 Duty to notify registrar of changes
  213. 167A Right to make an election
  214. 167B Effective date of election
  215. 167C Effect of election on obligations under sections 162 to 167
  216. 167D Duty to notify registrar of changes
  217. 167E Withdrawing the election
  218. 167F Power to extend option to public companies
  219. 167G Duty to notify registrar of change in directors
  220. 167H Duty to notify registrar of changes of information
  221. 167I Notification of changes occurring before company’s incorporation
  222. 167J Required information about a director: individuals
  223. 167K Required information about a director: corporate directors and firms
  224. 167L Directors: offence of failure to notify of changes
  225. 167M Prohibition on director acting unless ID verified
  226. 167N Prohibition on acting unless directorship notified
  227. 168 Resolution to remove director
  228. 169 Director's right to protest against removal
  229. 169A Removal from office of disqualified directors
  230. 170 Scope and nature of general duties
  231. 171 Duty to act within powers
  232. 172 Duty to promote the success of the company
  233. 173 Duty to exercise independent judgment
  234. 174 Duty to exercise reasonable care, skill and diligence
  235. 175 Duty to avoid conflicts of interest
  236. 176 Duty not to accept benefits from third parties
  237. 177 Duty to declare interest in proposed transaction or arrangement
  238. 178 Civil consequences of breach of general duties
  239. 179 Cases within more than one of the general duties
  240. 180 Consent, approval or authorisation by members
  241. 181 Modification of provisions in relation to charitable companies
  242. 182 Declaration of interest in existing transaction or arrangement
  243. 183 Offence of failure to declare interest
  244. 184 Declaration made by notice in writing
  245. 185 General notice treated as sufficient declaration
  246. 186 Declaration of interest in case of company with sole director
  247. 187 Declaration of interest in existing transaction by shadow director
  248. 188 Directors' long-term service contracts: requirement of members' approval
  249. 189 Directors' long-term service contracts: civil consequences of contravention
  250. 190 Substantial property transactions: requirement of members' approval
  251. 191 Meaning of “substantial”
  252. 192 Exception for transactions with members or other group companies
  253. 193 Exception in case of company in winding up or administration
  254. 194 Exception for transactions on recognised investment exchange
  255. 195 Property transactions: civil consequences of contravention
  256. 196 Property transactions: effect of subsequent affirmation
  257. 197 Loans to directors: requirement of members' approval
  258. 198 Quasi-loans to directors: requirement of members' approval
  259. 199 Meaning of “quasi-loan” and related expressions
  260. 200 Loans or quasi-loans to persons connected with directors: requirement of members' approval
  261. 201 Credit transactions: requirement of members' approval
  262. 202 Meaning of “credit transaction”
  263. 203 Related arrangements: requirement of members' approval
  264. 204 Exception for expenditure on company business
  265. 205 Exception for expenditure on defending proceedings etc
  266. 206 Exception for expenditure in connection with regulatory action or investigation
  267. 207 Exceptions for minor and business transactions
  268. 208 Exceptions for intra-group transactions
  269. 209 Exceptions for money-lending companies
  270. 210 Other relevant transactions or arrangements
  271. 211 The value of transactions and arrangements
  272. 212 The person for whom a transaction or arrangement is entered into
  273. 213 Loans etc: civil consequences of contravention
  274. 214 Loans etc: effect of subsequent affirmation
  275. 215 Payments for loss of office
  276. 216 Amounts taken to be payments for loss of office
  277. 217 Payment by company: requirement of members' approval
  278. 218 Payment in connection with transfer of undertaking etc: requirement of members' approval
  279. 219 Payment in connection with share transfer: requirement of members' approval
  280. 220 Exception for payments in discharge of legal obligations etc
  281. 221 Exception for small payments
  282. 222 Payments made without approval: civil consequences
  283. 223 Transactions requiring members' approval: application of provisions to shadow directors
  284. 224 Approval by written resolution: accidental failure to send memorandum
  285. 225 Cases where approval is required under more than one provision
  286. 226 Requirement of consent of Charity Commission: companies that are charities
  287. 226A Key definitions
  288. 226B Remuneration payments
  289. 226C Loss of office payments
  290. 226D Sections 226B and 226C: supplementary
  291. 226E Payments made without approval: civil consequences
  292. 226F Relationship with requirements under Chapter 4
  293. 227 Directors' service contracts
  294. 228 Copy of contract or memorandum of terms to be available for inspection
  295. 229 Right of member to inspect and request copy
  296. 230 Directors' service contracts: application of provisions to shadow directors
  297. 231 Contract with sole member who is also a director
  298. 232 Provisions protecting directors from liability
  299. 233 Provision of insurance
  300. 234 Qualifying third party indemnity provision
  301. 235 Qualifying pension scheme indemnity provision
  302. 236 Qualifying indemnity provision to be disclosed in directors' report
  303. 237 Copy of qualifying indemnity provision to be available for inspection
  304. 238 Right of member to inspect and request copy
  305. 239 Ratification of acts of directors
  306. 240 Protected information
  307. 241 Protected information: restriction on use or disclosure by company
  308. 242 Protected information: restriction on ... disclosure by registrar
  309. 243 Permitted ... disclosure by the registrar
  310. 244 Disclosure under court order
  311. 245 Circumstances in which registrar may put address on the public record
  312. 246 Putting the address on the public record
  313. 247 Power to make provision for employees on cessation or transfer of business
  314. 248 Minutes of directors' meetings
  315. 249 Minutes as evidence
  316. 250 “Director”
  317. 251 “Shadow director”
  318. 252 Persons connected with a director
  319. 253 Members of a director's family
  320. 254 Director “connected with” a body corporate
  321. 255 Director “controlling” a body corporate
  322. 256 Associated bodies corporate
  323. 257 References to company's constitution
  324. 258 Power to increase financial limits
  325. 259 Transactions under foreign law
  326. 260 Derivative claims
  327. 261 Application for permission to continue derivative claim
  328. 262 Application for permission to continue claim as a derivative claim
  329. 263 Whether permission to be given
  330. 264 Application for permission to continue derivative claim brought by another member
  331. 265 Derivative proceedings
  332. 266 Requirement for leave and notice
  333. 267 Application to continue proceedings as derivative proceedings
  334. 268 Granting of leave
  335. 269 Application by member to be substituted for member pursuing derivative proceedings
  336. 270 Private company not required to have secretary
  337. 271 Public company required to have secretary
  338. 272 Direction requiring public company to appoint secretary
  339. 273 Qualifications of secretaries of public companies
  340. 274 Discharge of functions where office vacant or secretary unable to act
  341. 274A Alternative method of record-keeping
  342. 275 Duty to keep register of secretaries
  343. 276 Duty to notify registrar of changes
  344. 277 Particulars of secretaries to be registered: individuals
  345. 278 Particulars of secretaries to be registered: corporate secretaries and firms
  346. 279 Particulars of secretaries to be registered: power to make regulations
  347. 279A Right to make an election
  348. 279B Effective date of election
  349. 279C Effect of election on obligations under sections 275 and 276
  350. 279D Duty to notify registrar of changes
  351. 279E Withdrawing the election
  352. 279F Power to extend option to public companies
  353. 279G Duty to notify registrar of change in secretary or joint secretary
  354. 279H Duty to notify registrar of changes of information
  355. 279I Notification of changes occurring before company’s incorporation
  356. 279J Required information about a secretary etc: individuals
  357. 279K Required information about a secretary etc: corporate secretaries and firms
  358. 279L Firms all of whose partners are joint secretaries
  359. 279M Secretary or joint secretary: offence of failure to notify of changes
  360. 280 Acts done by person in dual capacity
  361. 281 Resolutions
  362. 282 Ordinary resolutions
  363. 283 Special resolutions
  364. 284 Votes: general rules
  365. 285 Voting by proxy
  366. 285A Voting rights on poll or written resolution
  367. 286 Votes of joint holders of shares
  368. 287 Saving for provisions of articles as to determination of entitlement to vote
  369. 288 Written resolutions of private companies
  370. 289 Eligible members
  371. 290 Circulation date
  372. 291 Circulation of written resolutions proposed by directors
  373. 292 Members' power to require circulation of written resolution
  374. 293 Circulation of written resolution proposed by members
  375. 294 Expenses of circulation
  376. 295 Application not to circulate members' statement
  377. 296 Procedure for signifying agreement to written resolution
  378. 297 Period for agreeing to written resolution
  379. 298 Sending documents relating to written resolutions by electronic means
  380. 299 Publication of written resolution on website
  381. 300 Relationship between this Chapter and provisions of company's articles
  382. 301 Resolutions at general meetings
  383. 302 Directors' power to call general meetings
  384. 303 Members' power to require directors to call general meeting
  385. 304 Directors' duty to call meetings required by members
  386. 305 Power of members to call meeting at company's expense
  387. 306 Power of court to order meeting
  388. 307 Notice required of general meeting
  389. 307A Notice required of general meeting: certain meetings of traded companies
  390. 308 Manner in which notice to be given
  391. 309 Publication of notice of meeting on website
  392. 310 Persons entitled to receive notice of meetings
  393. 311 Contents of notices of meetings
  394. 311A Traded companies: publication of information in advance of general meeting
  395. 312 Resolution requiring special notice
  396. 313 Accidental failure to give notice of resolution or meeting
  397. 314 Members' power to require circulation of statements
  398. 315 Company's duty to circulate members' statement
  399. 316 Expenses of circulating members' statement
  400. 317 Application not to circulate members' statement
  401. 318 Quorum at meetings
  402. 319 Chairman of meeting
  403. 319A Traded companies: questions at meetings
  404. 320 Declaration by chairman on a show of hands
  405. 321 Right to demand a poll
  406. 322 Voting on a poll
  407. 322A Voting on a poll: votes cast in advance
  408. 323 Representation of corporations at meetings
  409. 324 Rights to appoint proxies
  410. 324A Obligation of proxy to vote in accordance with instructions
  411. 325 Notice of meeting to contain statement of rights
  412. 326 Company-sponsored invitations to appoint proxies
  413. 327 Notice required of appointment of proxy etc
  414. 328 Chairing meetings
  415. 329 Right of proxy to demand a poll
  416. 330 Notice required of termination of proxy's authority
  417. 331 Saving for more extensive rights conferred by articles
  418. 332 Resolution passed at adjourned meeting
  419. 333 Sending documents relating to meetings etc in electronic form
  420. 333A Traded company: duty to provide electronic address for receipt of proxies etc
  421. 334 Application to class meetings
  422. 335 Application to class meetings: companies without a share capital
  423. 336 Public companies and traded companies: annual general meeting
  424. 337 Public companies and traded companies: notice of AGM
  425. 338 Public companies: members' power to require circulation of resolutions for AGMs
  426. 338A Traded companies: members' power to include other matters in business dealt with at AGM
  427. 339 Public companies: company's duty to circulate members' resolutions for AGMs
  428. 340 Public companies: expenses of circulating members' resolutions for AGM
  429. 340A Traded companies: duty to circulate members' matters for AGM
  430. 340B Traded companies: expenses of circulating members' matters to be dealt with at AGM
  431. 341 Results of poll to be made available on website
  432. 342 Members' power to require independent report on poll
  433. 343 Appointment of independent assessor
  434. 344 Independence requirement
  435. 345 Meaning of “associate”
  436. 346 Effect of appointment of a partnership
  437. 347 The independent assessor's report
  438. 348 Rights of independent assessor: right to attend meeting etc
  439. 349 Rights of independent assessor: right to information
  440. 350 Offences relating to provision of information
  441. 351 Information to be made available on website
  442. 352 Application of provisions to class meetings
  443. 353 Requirements as to website availability
  444. 354 Power to limit or extend the types of company to which provisions of this Chapter apply
  445. 355 Records of resolutions and meetings etc
  446. 356 Records as evidence of resolutions etc
  447. 357 Records of decisions by sole member
  448. 358 Inspection of records of resolutions and meetings
  449. 359 Records of resolutions and meetings of class of members
  450. 360 Computation of periods of notice etc: clear day rule
  451. 360A Electronic meetings and voting
  452. 360AA Traded companies: confirmation of receipt of electronic voting
  453. 360B Traded companies: requirements for participating in and voting at general meetings
  454. 360BA Traded companies: right to confirmation of vote after a general meeting
  455. 360C Meaning of “traded company”
  456. 361 Meaning of “quoted company”
  457. 362 Introductory
  458. 363 Political parties, organisations etc to which this Part applies
  459. 364 Meaning of “political donation”
  460. 365 Meaning of “political expenditure”
  461. 366 Authorisation required for donations or expenditure
  462. 367 Form of authorising resolution
  463. 368 Period for which resolution has effect
  464. 369 Liability of directors in case of unauthorised donation or expenditure
  465. 370 Enforcement of directors' liabilities by shareholder action
  466. 371 Enforcement of directors' liabilities by shareholder action: supplementary
  467. 372 Costs of shareholder action
  468. 373 Information for purposes of shareholder action
  469. 374 Trade unions
  470. 375 Subscription for membership of trade association
  471. 376 All-party parliamentary groups
  472. 377 Political expenditure exempted by order
  473. 378 Donations not amounting to more than £5,000 in any twelve month period
  474. 379 Minor definitions
  475. 380 Scheme of this Part
  476. 381 Companies subject to the small companies regime
  477. 382 Companies qualifying as small: general
  478. 383 Companies qualifying as small: parent companies
  479. 384 Companies excluded from the small companies regime
  480. 384A Companies qualifying as micro-entities
  481. 384B Companies excluded from being treated as micro-entities
  482. 385 Quoted and unquoted companies
  483. 386 Duty to keep accounting records
  484. 387 Duty to keep accounting records: offence
  485. 388 Where and for how long records to be kept
  486. 389 Where and for how long records to be kept: offences
  487. 390 A company's financial year
  488. 391 Accounting reference periods and accounting reference date
  489. 392 Alteration of accounting reference date
  490. 393 Accounts to give true and fair view
  491. 394 Duty to prepare individual accounts
  492. 394A Individual accounts: exemption for dormant subsidiaries
  493. 394B Companies excluded from the dormant subsidiaries exemption
  494. 394C Dormant subsidiaries exemption: parent undertaking declaration of guarantee
  495. 395 Individual accounts: applicable accounting framework
  496. 396 Companies Act individual accounts
  497. 397 IAS individual accounts
  498. 398 Option to prepare group accounts
  499. 399 Duty to prepare group accounts
  500. 400 Exemption for company included in UK group accounts of larger group
  501. 401 Exemption for company included in non-UK group accounts of larger group
  502. 402 Exemption if no subsidiary undertakings need be included in the consolidation
  503. 403 Group accounts: applicable accounting framework
  504. 404 Companies Act group accounts
  505. 405 Companies Act group accounts: subsidiary undertakings included in the consolidation
  506. 406 IAS group accounts
  507. 407 Consistency of financial reporting within group
  508. 408 Individual profit and loss account where group accounts prepared
  509. 409 Information about related undertakings
  510. 410 Information about related undertakings: alternative compliance
  511. 410A Information about off-balance sheet arrangements
  512. 411 Information about employee numbers and costs
  513. 412 Information about directors' benefits: remuneration
  514. 413 Information about directors' benefits: advances, credit and guarantees
  515. 414 Approval and signing of accounts
  516. 414A Duty to prepare strategic report
  517. 414B Strategic report: small companies exemption
  518. 414C Contents of strategic report
  519. 414CZA Section 172(1) statement
  520. 414CA Non-financial and sustainability information statement
  521. 414CB Contents of non-financial and sustainability information statement
  522. 414D Approval and signing of strategic report
  523. 415 Duty to prepare directors' report
  524. 415A Directors' report: small companies exemption
  525. 416 Contents of directors' report: general
  526. 417 Contents of directors' report: business review
  527. 418 Contents of directors' report: statement as to disclosure to auditors
  528. 419 Approval and signing of directors' report
  529. 419A Approval and signing of separate corporate governance statement
  530. 420 Duty to prepare directors' remuneration report
  531. 421 Contents of directors' remuneration report
  532. 422 Approval and signing of directors' remuneration report
  533. 422A Revisions to directors' remuneration policy
  534. 423 Duty to circulate copies of annual accounts and reports
  535. 424 Time allowed for sending out copies of accounts and reports
  536. 425 Default in sending out copies of accounts and reports: offences
  537. 426 Option to provide strategic report with supplementary material
  538. 426A Supplementary material
  539. 426B Section 172(1) statement to be made available on website
  540. 427 Form and contents of summary financial statement: unquoted companies
  541. 428 Form and contents of summary financial statement: quoted companies
  542. 429 Summary financial statements: offences
  543. 430 Quoted companies ...: annual accounts and reports to be made available on website
  544. 431 Right of member or debenture holder to copies of accounts and reports: unquoted companies
  545. 432 Right of member or debenture holder to copies of accounts and reports: quoted companies
  546. 433 Name of signatory to be stated in published copies of accounts and reports
  547. 434 Requirements in connection with publication of statutory accounts
  548. 435 Requirements in connection with publication of non-statutory accounts
  549. 436 Meaning of “publication” in relation to accounts and reports
  550. 437 Public companies: laying of accounts and reports before general meeting
  551. 438 Public companies: offence of failure to lay accounts and reports
  552. 439 Quoted companies ...: members' approval of directors' remuneration report
  553. 439A Quoted companies ...: members' approval of directors' remuneration policy
  554. 440 Quoted companies ...: offences in connection with procedure for approval
  555. 441 Duty to file accounts and reports with the registrar
  556. 442 Period allowed for filing accounts
  557. 443 Calculation of period allowed
  558. 443A Filing obligations of micro-entities
  559. 444 Filing obligations of companies subject to small companies regime Filing obligations of small companies other than micro-entities
  560. 444A Filing obligations of companies entitled to small companies exemption in relation to directors' report
  561. 445 Filing obligations of medium-sized companies
  562. 446 Filing obligations of unquoted companies
  563. 447 Filing obligations of quoted companies
  564. 448 Unlimited companies exempt from obligation to file accounts
  565. 448A Dormant subsidiaries exempt from obligation to file accounts
  566. 448B Companies excluded from the dormant subsidiaries exemption
  567. 448C Dormant subsidiaries filing exemption: parent undertaking declaration of guarantee
  568. 449 Special auditor's report where abbreviated accounts delivered
  569. 450 Approval and signing of abbreviated accounts
  570. 451 Default in filing accounts and reports: offences
  571. 452 Default in filing accounts and reports: court order
  572. 453 Civil penalty for failure to file accounts and reports
  573. 454 Voluntary revision of accounts etc
  574. 455 Secretary of State's notice in respect of accounts or reports
  575. 456 Application to court in respect of defective accounts or reports
  576. 457 Other persons authorised to apply to the court
  577. 458 Disclosure of information by tax authorities
  578. 459 Power of authorised person to require documents, information and explanations
  579. 460 Restrictions on disclosure of information obtained under compulsory powers
  580. 461 Permitted disclosure of information obtained under compulsory powers
  581. 462 Power to amend categories of permitted disclosure
  582. 463 Liability for false or misleading statements in reports and statements
  583. 464 Accounting standards
  584. 465 Companies qualifying as medium-sized: general
  585. 466 Companies qualifying as medium-sized: parent companies
  586. 467 Companies excluded from being treated as medium-sized
  587. 468 General power to make further provision about accounts and reports
  588. 468A Use or disclosure of profit and loss accounts for certain companies
  589. 469 Preparation and filing of accounts in euros
  590. 470 Power to apply provisions to banking partnerships
  591. 471 Meaning of “annual accounts” and related expressions
  592. 472 Notes to the accounts
  593. 472A Meaning of “corporate governance statement” etc
  594. 473 Parliamentary procedure for certain regulations under this Part
  595. 474 Minor definitions
  596. 475 Requirement for audited accounts
  597. 476 Right of members to require audit
  598. 477 Small companies: conditions for exemption from audit
  599. 478 Companies excluded from small companies exemption
  600. 479 Availability of small companies exemption in case of group company
  601. 479A Subsidiary companies: conditions for exemption from audit
  602. 479B Companies excluded from the subsidiary companies audit exemption
  603. 479C Subsidiary companies audit exemption: parent undertaking declaration of guarantee
  604. 480 Dormant companies: conditions for exemption from audit
  605. 481 Companies excluded from dormant companies exemption
  606. 482 Non-profit-making companies subject to public sector audit
  607. 483 Scottish public sector companies: audit by Auditor General for Scotland
  608. 484 General power of amendment by regulations
  609. 485 Appointment of auditors of private company: general
  610. 485A Appointment of auditors of private company: additional requirements for public interest entities with audit committees
  611. 485B Appointment of auditors of private company: additional requirements for public interest entities without audit committees
  612. 485C Restriction on appointment of auditor of private company which is a public interest entity
  613. 486 Appointment of auditors of private company: default power of Secretary of State
  614. 486A Defective appointments: default power of Secretary of State
  615. 487 Term of office of auditors of private company
  616. 487A Maximum engagement period: transitional arrangements
  617. 488 Prevention by members of deemed re-appointment of auditor
  618. 489 Appointment of auditors of public company: general
  619. 489A Appointment of auditors of public company: additional requirements for public interest entities with audit committees
  620. 489B Appointment of auditors of public company: additional requirements for public interest entities without audit committees
  621. 489C Restriction on appointment of auditor of public company which is a public interest entity
  622. 490 Appointment of auditors of public company: default power of Secretary of State
  623. 490A Defective appointments: default power of Secretary of State
  624. 491 Term of office of auditors of public company
  625. 491A Maximum engagement period: transitional arrangements
  626. 492 Fixing of auditor's remuneration
  627. 493 Disclosure of terms of audit appointment
  628. 494 Disclosure of services provided by auditor or associates and related remuneration
  629. 494ZA The maximum engagement period
  630. 494A Interpretation
  631. 495 Auditor's report on company's annual accounts
  632. 496 Auditor's report on strategic report and on directors' report
  633. 497 Auditor's report on auditable part of directors' remuneration report
  634. 497A Auditor's report on separate corporate governance statement
  635. 498 Duties of auditor
  636. 498A Auditor's duties in relation to separate corporate governance statement
  637. 499 Auditor's general right to information
  638. 500 Auditor's right to information from overseas subsidiaries
  639. 501 Auditor's rights to information: offences
  640. 502 Auditor's rights in relation to resolutions and meetings
  641. 503 Signature of auditor's report
  642. 504 Senior statutory auditor
  643. 505 Names to be stated in published copies of auditor's report
  644. 506 Circumstances in which names may be omitted
  645. 507 Offences in connection with auditor's report
  646. 508 Guidance for regulatory and prosecuting authorities: England, Wales and Northern Ireland
  647. 509 Guidance for regulatory authorities: Scotland
  648. 510 Resolution removing auditor from office
  649. 511 Special notice required for resolution removing auditor from office
  650. 511A Public interest companies: application to court to remove auditor from office
  651. 512 Notice to registrar of resolution removing auditor from office
  652. 513 Rights of auditor who has been removed from office
  653. 514 Failure to re-appoint auditor: special procedure required for written resolution
  654. 515 Failure to re-appoint auditor: special notice required for resolution at general meeting
  655. 516 Resignation of auditor
  656. 517 Notice to registrar of resignation of auditor
  657. 518 Rights of resigning auditor
  658. 519 Statement by auditor to be sent to company
  659. 519A Meaning of “public interest company”, “non-public interest company” and “exempt reasons”
  660. 520 Company's duties in relation to statement
  661. 521 Copy of statement to be sent to registrar
  662. 522 Duty of auditor to send statement to appropriate audit authority
  663. 523 Duty of company to notify appropriate audit authority
  664. 524 Provision of information to accounting authorities
  665. 525 Meaning of “appropriate audit authority” ...
  666. 526 Effect of casual vacancies
  667. 527 Members' power to require website publication of audit concerns
  668. 528 Requirements as to website availability
  669. 529 Website publication: company's supplementary duties
  670. 530 Website publication: offences
  671. 531 Meaning of “quoted company”
  672. 532 Voidness of provisions protecting auditors from liability
  673. 533 Indemnity for costs of successfully defending proceedings
  674. 534 Liability limitation agreements
  675. 535 Terms of liability limitation agreement
  676. 536 Authorisation of agreement by members of the company
  677. 537 Effect of liability limitation agreement
  678. 538 Disclosure of agreement by company
  679. 538A Meaning of “corporate governance statement” etc
  680. 539 Minor definitions
  681. 540 Shares
  682. 541 Nature of shares
  683. 542 Nominal value of shares
  684. 543 Numbering of shares
  685. 544 Transferability of shares
  686. 545 Companies having a share capital
  687. 546 Issued and allotted share capital
  688. 547 Called-up share capital
  689. 548 Equity share capital
  690. 549 Exercise by directors of power to allot shares etc
  691. 550 Power of directors to allot shares etc: private company with only one class of shares
  692. 551 Power of directors to allot shares etc: authorisation by company
  693. 552 General prohibition of commissions, discounts and allowances
  694. 553 Permitted commission
  695. 554 Registration of allotment
  696. 555 Return of allotment by limited company
  697. 556 Return of allotment by unlimited company allotting new class of shares
  698. 557 Offence of failure to make return
  699. 558 When shares are allotted
  700. 559 Provisions about allotment not applicable to shares taken on formation
  701. 560 Meaning of “equity securities” and related expressions
  702. 561 Existing shareholders' right of pre-emption
  703. 562 Communication of pre-emption offers to shareholders
  704. 563 Liability of company and officers in case of contravention
  705. 564 Exception to pre-emption right: bonus shares
  706. 565 Exception to pre-emption right: issue for non-cash consideration
  707. 566 Exceptions to pre-emption right: employees' share schemes
  708. 566A Exception to pre-emption right: companies in financial difficulty
  709. 567 Exclusion of requirements by private companies
  710. 568 Exclusion of pre-emption right: articles conferring corresponding right
  711. 569 Disapplication of pre-emption rights: private company with only one class of shares
  712. 570 Disapplication of pre-emption rights: directors acting under general authorisation
  713. 571 Disapplication of pre-emption rights by special resolution
  714. 572 Liability for false statement in directors' statement
  715. 573 Disapplication of pre-emption rights: sale of treasury shares
  716. 574 References to holder of shares in relation to offer
  717. 575 Saving for other restrictions on offer or allotment
  718. 576 Saving for certain older pre-emption requirements
  719. 577 Provisions about pre-emption not applicable to shares taken on formation
  720. 578 Public companies: allotment where issue not fully subscribed
  721. 579 Public companies: effect of irregular allotment where issue not fully subscribed
  722. 580 Shares not to be allotted at a discount
  723. 581 Provision for different amounts to be paid on shares
  724. 582 General rule as to means of payment
  725. 583 Meaning of payment in cash
  726. 584 Public companies: shares taken by subscribers of memorandum
  727. 585 Public companies: must not accept undertaking to do work or perform services
  728. 586 Public companies: shares must be at least one-quarter paid up
  729. 587 Public companies: payment by long-term undertaking
  730. 588 Liability of subsequent holders of shares
  731. 589 Power of court to grant relief
  732. 590 Penalty for contravention of this Chapter
  733. 591 Enforceability of undertakings to do work etc
  734. 592 The appropriate rate of interest
  735. 593 Public company: valuation of non-cash consideration for shares
  736. 594 Exception to valuation requirement: arrangement with another company
  737. 595 Exception to valuation requirement: merger or division
  738. 596 Non-cash consideration for shares: requirements as to valuation and report
  739. 597 Copy of report to be delivered to registrar
  740. 598 Public company: agreement for transfer of non-cash asset in initial period
  741. 599 Agreement for transfer of non-cash asset: requirement of independent valuation
  742. 600 Agreement for transfer of non-cash asset: requirements as to valuation and report
  743. 601 Agreement for transfer of non-cash asset: requirement of approval by members
  744. 602 Copy of resolution to be delivered to registrar
  745. 603 Adaptation of provisions in relation to company re-registering as public
  746. 604 Agreement for transfer of non-cash asset: effect of contravention
  747. 605 Liability of subsequent holders of shares
  748. 606 Power of court to grant relief
  749. 607 Penalty for contravention of this Chapter
  750. 608 Enforceability of undertakings to do work etc
  751. 609 The appropriate rate of interest
  752. 610 Application of share premiums
  753. 611 Group reconstruction relief
  754. 612 Merger relief
  755. 613 Merger relief: meaning of 90% equity holding
  756. 614 Power to make further provision by regulations
  757. 615 Relief may be reflected in company's balance sheet
  758. 616 Interpretation of this Chapter
  759. 617 Alteration of share capital of limited company
  760. 618 Sub-division or consolidation of shares
  761. 619 Notice to registrar of sub-division or consolidation
  762. 620 Reconversion of stock into shares
  763. 621 Notice to registrar of reconversion of stock into shares
  764. 622 Redenomination of share capital
  765. 623 Calculation of new nominal values
  766. 624 Effect of redenomination
  767. 625 Notice to registrar of redenomination
  768. 626 Reduction of capital in connection with redenomination
  769. 627 Notice to registrar of reduction of capital in connection with redenomination
  770. 628 Redenomination reserve
  771. 629 Classes of shares
  772. 630 Variation of class rights: companies having a share capital
  773. 631 Variation of class rights: companies without a share capital
  774. 632 Variation of class rights: saving for court's powers under other provisions
  775. 633 Right to object to variation: companies having a share capital
  776. 634 Right to object to variation: companies without a share capital
  777. 635 Copy of court order to be forwarded to the registrar
  778. 636 Notice of name or other designation of class of shares
  779. 637 Notice of particulars of variation of rights attached to shares
  780. 638 Notice of new class of members
  781. 639 Notice of name or other designation of class of members
  782. 640 Notice of particulars of variation of class rights
  783. 641 Circumstances in which a company may reduce its share capital
  784. 642 Reduction of capital supported by solvency statement
  785. 643 Solvency statement
  786. 644 Registration of resolution and supporting documents
  787. 645 Application to court for order of confirmation
  788. 646 Creditors entitled to object to reduction
  789. 647 Offences in connection with list of creditors
  790. 648 Court order confirming reduction
  791. 649 Registration of order and statement of capital
  792. 650 Public company reducing capital below authorised minimum
  793. 651 Expedited procedure for re-registration as a private company
  794. 652 Liability of members following reduction of capital
  795. 653 Liability to creditor in case of omission from list of creditors
  796. 654 Treatment of reserve arising from reduction of capital
  797. 655 Shares no bar to damages against company
  798. 656 Public companies: duty of directors to call meeting on serious loss of capital
  799. 657 General power to make further provision by regulations
  800. 658 General rule against limited company acquiring its own shares
  801. 659 Exceptions to general rule
  802. 660 Treatment of shares held by nominee
  803. 661 Liability of others where nominee fails to make payment in respect of shares
  804. 662 Duty to cancel shares in public company held by or for the company
  805. 663 Notice of cancellation of shares
  806. 664 Re-registration as private company in consequence of cancellation
  807. 665 Issue of certificate of incorporation on re-registration
  808. 666 Effect of failure to re-register
  809. 667 Offence in case of failure to cancel shares or re-register
  810. 668 Application of provisions to company re-registering as public company
  811. 669 Transfer to reserve on acquisition of shares by public company or nominee
  812. 670 Public companies: general rule against lien or charge on own shares
  813. 671 Interests to be disregarded in determining whether company has beneficial interest
  814. 672 Residual interest under pension scheme or employees' share scheme
  815. 673 Employer's charges and other rights of recovery
  816. 674 Rights as personal representative or trustee
  817. 675 Meaning of “pension scheme”
  818. 676 Application of provisions to directors
  819. 677 Meaning of “financial assistance”
  820. 678 Assistance for acquisition of shares in public company
  821. 679 Assistance by public company for acquisition of shares in its private holding company
  822. 680 Prohibited financial assistance an offence
  823. 681 Unconditional exceptions
  824. 682 Conditional exceptions
  825. 683 Definitions for this Chapter
  826. 684 Power of limited company to issue redeemable shares
  827. 685 Terms and manner of redemption
  828. 686 Payment for redeemable shares
  829. 687 Financing of redemption
  830. 688 Redeemed shares treated as cancelled
  831. 689 Notice to registrar of redemption
  832. 690 Power of limited company to purchase own shares
  833. 691 Payment for purchase of own shares
  834. 692 Financing of purchase of own shares
  835. 693 Authority for purchase of own shares
  836. 693A Authority for off-market purchase for the purposes of or pursuant to an employees' share scheme
  837. 694 Authority for off-market purchase
  838. 695 Resolution authorising off-market purchase: exercise of voting rights
  839. 696 Resolution authorising off-market purchase: disclosure of details of contract
  840. 697 Variation of contract for off-market purchase
  841. 698 Resolution authorising variation: exercise of voting rights
  842. 699 Resolution authorising variation: disclosure of details of variation
  843. 700 Release of company's rights under contract for off-market purchase
  844. 701 Authority for market purchase
  845. 702 Copy of contract or memorandum to be available for inspection
  846. 703 Enforcement of right to inspect copy or memorandum
  847. 704 No assignment of company's right to purchase own shares
  848. 705 Payments apart from purchase price to be made out of distributable profits
  849. 706 Treatment of shares purchased
  850. 707 Return to registrar of purchase of own shares
  851. 708 Notice to registrar of cancellation of shares
  852. 709 Power of private limited company to redeem or purchase own shares out of capital
  853. 710 The permissible capital payment
  854. 711 Available profits
  855. 712 Determination of available profits
  856. 713 Requirements for payment out of capital
  857. 714 Directors' statement and auditor's report
  858. 715 Directors' statement: offence if no reasonable grounds for opinion
  859. 716 Payment to be approved by special resolution
  860. 717 Resolution authorising payment: exercise of voting rights
  861. 718 Resolution authorising payment: disclosure of directors' statement and auditor's report
  862. 719 Public notice of proposed payment
  863. 720 Directors' statement and auditor's report to be available for inspection
  864. 720A Reduced requirements for payment out of capital for purchase of own shares for the purposes of or pursuant to an employees' share scheme
  865. 720B Registration of resolution and supporting documents for purchase of own shares for the purposes of or pursuant to an employees' share scheme
  866. 721 Application to court to cancel resolution
  867. 722 Notice to registrar of court application or order
  868. 723 Time when payment out of capital to be made or shares to be surrendered
  869. 724 Treasury shares
  870. 725 Treasury shares: maximum holdings
  871. 726 Treasury shares: exercise of rights
  872. 727 Treasury shares: disposal
  873. 728 Treasury shares: notice of disposal
  874. 729 Treasury shares: cancellation
  875. 730 Treasury shares: notice of cancellation
  876. 731 Treasury shares: treatment of proceeds of sale
  877. 732 Treasury shares: offences
  878. 733 The capital redemption reserve
  879. 734 Accounting consequences of payment out of capital
  880. 735 Effect of company's failure to redeem or purchase
  881. 736 Meaning of “distributable profits”
  882. 737 General power to make further provision by regulations
  883. 738 Meaning of “debenture”
  884. 739 Perpetual debentures
  885. 740 Enforcement of contract to subscribe for debentures
  886. 741 Registration of allotment of debentures
  887. 742 Debentures to bearer (Scotland)
  888. 743 Register of debenture holders
  889. 744 Register of debenture holders: right to inspect and require copy
  890. 745 Register of debenture holders: response to request for inspection or copy
  891. 746 Register of debenture holders: refusal of inspection or default in providing copy
  892. 747 Register of debenture holders: offences in connection with request for or disclosure of information
  893. 748 Time limit for claims arising from entry in register
  894. 749 Right of debenture holder to copy of deed
  895. 750 Liability of trustees of debentures
  896. 751 Liability of trustees of debentures: saving for certain older provisions
  897. 752 Power to re-issue redeemed debentures
  898. 753 Deposit of debentures to secure advances
  899. 754 Priorities where debentures secured by floating charge
  900. 755 Prohibition of public offers by private company
  901. 756 Meaning of “offer to the public”
  902. 757 Enforcement of prohibition: order restraining proposed contravention
  903. 758 Enforcement of prohibition: orders available to the court after contravention
  904. 759 Enforcement of prohibition: remedial order
  905. 760 Validity of allotment etc not affected
  906. 761 Public company: requirement as to minimum share capital
  907. 762 Procedure for obtaining certificate
  908. 763 The authorised minimum
  909. 764 Power to alter authorised minimum
  910. 765 Authorised minimum: application of initial requirement
  911. 766 Authorised minimum: application where shares denominated in different currencies etc
  912. 767 Consequences of doing business etc without a trading certificate
  913. 768 Share certificate to be evidence of title
  914. 769 Duty of company as to issue of certificates etc on allotment
  915. 770 Registration of transfer
  916. 771 Procedure on transfer being lodged
  917. 772 Transfer of shares on application of transferor
  918. 773 Execution of share transfer by personal representative
  919. 774 Evidence of grant of probate etc
  920. 775 Certification of instrument of transfer
  921. 776 Duty of company as to issue of certificates etc on transfer
  922. 777 Issue of certificates etc: cases within the Stock Transfer Act 1982
  923. 778 Issue of certificates etc: allotment or transfer to financial institution
  924. 779 Prohibition on issue of new share warrants and effect of existing share warrants
  925. 780 Duty of company as to issue of certificates on surrender of share warrant
  926. 781 Offences in connection with share warrants (Scotland)
  927. 782 Issue of certificates etc: court order to make good default
  928. 783 Scope of this Chapter
  929. 784 Power to make regulations
  930. 785 Provision enabling procedures for evidencing and transferring title
  931. 786 Provision enabling or requiring arrangements to be adopted
  932. 787 Provision enabling or requiring arrangements to be adopted: order-making powers
  933. 788 Provision that may be included in regulations
  934. 789 Duty to consult
  935. 790 Resolutions to be forwarded to registrar
  936. 790A Overview
  937. 790B Companies to which this Part applies
  938. 790C Key terms
  939. 790CA References to “confirmation” etc of information
  940. 790CB Duty to find out about persons with significant control
  941. 790D Company’s duty to give notices to persons with significant control
  942. 790DA Obtaining information from third parties
  943. 790E Company’s duty to find out about changes in PSC information
  944. 790EA Company’s duty to find out about persons ceasing to be PSCs
  945. 790EB Company’s duty to notify failure to comply with notices
  946. 790EC Company’s duty to notify of late compliance with notices
  947. 790ED Company’s duty to notify that it has given a restrictions notice
  948. 790EE Company’s duty to notify that it has withdrawn a restrictions notice
  949. 790EF Company’s duty to notify that court has ended restrictions
  950. 790F Failure by company to comply with information duties
  951. 790G Duty to notify company on becoming PSC
  952. 790H Duty to notify company of changes in PSC information
  953. 790HA Duty to notify company of ceasing to be a PSC
  954. 790I Enforcement of disclosure requirements
  955. 790IA Power to impose further duties involving nominee shareholders
  956. 790J Power to make exemptions
  957. 790K Required particulars
  958. 790L Required particulars: power to amend
  959. 790LA Duty to notify registrar of confirmed persons with significant control
  960. 790LB Option to provide ID verification information in notice of change
  961. 790LC Duty to notify registrar of unconfirmed persons with significant control
  962. 790LD Duties to notify of changes in required particulars
  963. 790LE Duty to notify of pre-incorporation changes in required particulars
  964. 790LF Duty to notify registrar when person ceases to have significant control
  965. 790LG Notification of someone not becoming person with significant control on incorporation
  966. 790LH Duty to notify registrar if company has no persons with significant control
  967. 790LI Power to create further duties to notify information
  968. 790LJ Persons with significant control: offence of failure to notify
  969. 790LK Power of court to order company to remedy defaults or delay
  970. 790LL Information as to whether information has been delivered
  971. 790LM Initial identity verification: registrable persons
  972. 790LN Initial identity verification for registrable persons: transitional cases
  973. 790LO Initial identity verification: registrable relevant legal entities
  974. 790LP Initial identity verification in respect of registrable relevant legal entities: transitional cases
  975. 790LQ Registrable persons: duty to maintain verified identity status
  976. 790LR Registrable relevant legal entities: duty to maintain registered officer whose identity is verified
  977. 790LS Registrable relevant legal entities: change of registered relevant officer
  978. 790LT Offence of failing to comply with sections 790LM to 790LR
  979. 790ZF Protection of information as to usual residential address
  980. 790ZG Power to make regulations protecting material
  981. 790ZH Offence of failing to comply with regulations under section 790ZG
  982. 791 Companies to which this Part applies
  983. 792 Shares to which this Part applies
  984. 793 Notice by company requiring information about interests in its shares
  985. 794 Notice requiring information: order imposing restrictions on shares
  986. 795 Notice requiring information: offences
  987. 796 Notice requiring information: persons exempted from obligation to comply
  988. 797 Consequences of order imposing restrictions
  989. 798 Penalty for attempted evasion of restrictions
  990. 799 Relaxation of restrictions
  991. 800 Removal of restrictions
  992. 801 Order for sale of shares
  993. 802 Application of proceeds of sale under court order
  994. 803 Power of members to require company to act
  995. 804 Duty of company to comply with requirement
  996. 805 Report to members on outcome of investigation
  997. 806 Report to members: offences
  998. 807 Right to inspect and request copy of reports
  999. 808 Register of interests disclosed
  1000. 809 Register to be kept available for inspection
  1001. 810 Associated index
  1002. 811 Rights to inspect and require copy of entries
  1003. 812 Court supervision of purpose for which rights may be exercised
  1004. 813 Register of interests disclosed: refusal of inspection or default in providing copy
  1005. 814 Register of interests disclosed: offences in connection with request for or disclosure of information
  1006. 815 Entries not to be removed from register
  1007. 816 Removal of entries from register: old entries
  1008. 817 Removal of entries from register: incorrect entry relating to third party
  1009. 818 Adjustment of entry relating to share acquisition agreement
  1010. 819 Duty of company ceasing to be public company
  1011. 820 Interest in shares: general
  1012. 821 Interest in shares: right to subscribe for shares
  1013. 822 Interest in shares: family interests
  1014. 823 Interest in shares: corporate interests
  1015. 824 Interest in shares: agreement to acquire interests in a particular company
  1016. 825 Extent of obligation in case of share acquisition agreement
  1017. 826 Information protected from wider disclosure
  1018. 827 Reckoning of periods for fulfilling obligations
  1019. 828 Power to make further provision by regulations
  1020. 829 Meaning of “distribution”
  1021. 830 Distributions to be made only out of profits available for the purpose
  1022. 831 Net asset restriction on distributions by public companies
  1023. 832 Distributions by investment companies out of accumulated revenue profits
  1024. 833 Meaning of “investment company”
  1025. 833A Distributions by insurance companies authorised under the Solvency 2 Directive
  1026. 834 Investment company: condition as to holdings in other companies
  1027. 835 Power to extend provisions relating to investment companies
  1028. 836 Justification of distribution by reference to relevant accounts
  1029. 837 Requirements where last annual accounts used
  1030. 838 Requirements where interim accounts used
  1031. 839 Requirements where initial accounts used
  1032. 840 Successive distributions etc by reference to the same accounts
  1033. 841 Realised losses and profits and revaluation of fixed assets
  1034. 842 Determination of profit or loss in respect of asset where records incomplete
  1035. 843 Realised profits and losses of long-term insurance business of certain insurance companies
  1036. 844 Treatment of development costs
  1037. 845 Distributions in kind: determination of amount
  1038. 846 Distributions in kind: treatment of unrealised profits
  1039. 847 Consequences of unlawful distribution
  1040. 848 Saving for certain older provisions in articles
  1041. 849 Restriction on application of unrealised profits
  1042. 850 Treatment of certain older profits or losses
  1043. 851 Application of rules of law restricting distributions
  1044. 852 Saving for other restrictions on distributions
  1045. 853 Minor definitions
  1046. 853A Duty to deliver confirmation statements
  1047. 853B Duties to notify a relevant event
  1048. 853BA Duty to confirm lawful purpose
  1049. 853C Duty to notify a change in company's principal business activities
  1050. 853CA Duty to notify a change in registered office
  1051. 853CB Duty to notify a change in registered email address
  1052. 853D Duty to deliver statement of capital
  1053. 853E Duty to notify trading status of shares
  1054. 853F Duty to deliver shareholder information: non-traded companies
  1055. 853G Duty to deliver shareholder information: certain traded companies
  1056. 853H Duty to deliver information about exemption from Part 21A
  1057. 853I Duty to deliver information about people with significant control
  1058. 853J Power to amend duties to deliver certain information
  1059. 853K Confirmation statements: power to make further provision by regulations
  1060. 853L Failure to deliver confirmation statement
  1061. 854 Duty to deliver annual returns
  1062. 855 Contents of annual return: general
  1063. 855A Required particulars of directors and secretaries
  1064. 856 Contents of annual return: information about shares and share capital
  1065. 856A Contents of annual return: information about shareholders: non-traded companies
  1066. 856B Contents of annual return: information about shareholders: certain traded companies
  1067. 857 Contents of annual return: power to make further provision by regulations
  1068. 858 Failure to deliver annual return
  1069. 859 Application of provisions to shadow directors
  1070. 859A Charges created by a company
  1071. 859B Charge in series of debentures
  1072. 859C Charges existing on property or undertaking acquired
  1073. 859D Particulars to be delivered to registrar
  1074. 859E Date of creation of charge
  1075. 859F Extension of period allowed for delivery
  1076. 859G Personal information etc in certified copies
  1077. 859H Consequence of failure to deliver charges
  1078. 859I Entries on the register
  1079. 859J Company holding property or undertaking as trustee
  1080. 859K Registration of enforcement of security
  1081. 859L Entries of satisfaction and release
  1082. 859M Rectification of register
  1083. 859N Replacement of instrument or debenture
  1084. 859O Notification of addition to or amendment of charge
  1085. 859P Companies to keep copies of instruments creating and amending charges
  1086. 859Q Instruments creating charges to be available for inspection
  1087. 860 Charges created by a company
  1088. 861 Charges which have to be registered: supplementary
  1089. 862 Charges existing on property acquired
  1090. 863 Charge in series of debentures
  1091. 864 Additional registration requirement for commission etc in relation to debentures
  1092. 865 Endorsement of certificate on debentures
  1093. 866 Charges created in, or over property in, jurisdictions outside the United Kingdom
  1094. 867 Charges created in, or over property in, another United Kingdom jurisdiction
  1095. 868 Northern Ireland: registration of certain charges etc. affecting land
  1096. 869 Register of charges to be kept by registrar
  1097. 870 The period allowed for registration
  1098. 871 Registration of enforcement of security
  1099. 872 Entries of satisfaction and release
  1100. 873 Rectification of register of charges
  1101. 874 Consequence of failure to register charges created by a company
  1102. 875 Companies to keep copies of instruments creating charges
  1103. 876 Company's register of charges
  1104. 877 Instruments creating charges and register of charges to be available for inspection
  1105. 878 Charges created by a company
  1106. 879 Charges which have to be registered: supplementary
  1107. 880 Duty to register charges existing on property acquired
  1108. 881 Charge by way of ex facie absolute disposition, etc
  1109. 882 Charge in series of debentures
  1110. 883 Additional registration requirement for commission etc in relation to debentures
  1111. 884 Charges on property outside United Kingdom
  1112. 885 Register of charges to be kept by registrar
  1113. 886 The period allowed for registration
  1114. 887 Entries of satisfaction and relief
  1115. 888 Rectification of register of charges
  1116. 889 Charges void unless registered
  1117. 890 Copies of instruments creating charges to be kept by company
  1118. 891 Company's register of charges
  1119. 892 Instruments creating charges and register of charges to be available for inspection
  1120. 893 Power to make provision for effect of registration in special register
  1121. 894 General power to make amendments to this Part
  1122. 895 Application of this Part
  1123. 896 Court order for holding of meeting
  1124. 897 Statement to be circulated or made available
  1125. 898 Duty of directors and trustees to provide information
  1126. 899 Court sanction for compromise or arrangement
  1127. 899A Moratorium debts, etc
  1128. 900 Powers of court to facilitate reconstruction or amalgamation
  1129. 901 Obligations of company with respect to articles etc
  1130. 901A Application of this Part
  1131. 901B Power to exclude companies providing financial services, etc
  1132. 901C Court order for holding of meeting
  1133. 901D Statement to be circulated or made available
  1134. 901E Duty of directors and trustees to provide information
  1135. 901F Court sanction for compromise or arrangement
  1136. 901G Sanction for compromise or arrangement where one or more classes dissent
  1137. 901H Moratorium debts, etc
  1138. 901I Pension schemes
  1139. 901J Powers of court to facilitate reconstruction or amalgamation
  1140. 901K Obligations of company with respect to articles etc
  1141. 901L Power to amend Act
  1142. 902 Application of this Part
  1143. 903 Relationship of this Part to Parts 26 and 26A
  1144. 904 Mergers and merging companies
  1145. 905 Draft terms of scheme (merger)
  1146. 906 Publication of draft terms by registrar(merger)
  1147. 906A Publication of draft terms on company website (merger)
  1148. 907 Approval of members of merging companies
  1149. 908 Directors' explanatory report (merger)
  1150. 909 Expert's report (merger)
  1151. 910 Supplementary accounting statement (merger)
  1152. 911 Inspection of documents (merger)
  1153. 911A Publication of documents on company website (merger)
  1154. 911B Report on material changes of assets of merging companies
  1155. 912 Approval of articles of new transferee company (merger)
  1156. 913 Protection of holders of securities to which special rights attached (merger)
  1157. 914 No allotment of shares to transferor company or its nominee (merger)
  1158. 915 Circumstances in which certain particulars and reports not required (merger)
  1159. 915A Other circumstances in which reports and inspection not required (merger)
  1160. 916 Circumstances in which meeting of members of transferee company not required (merger)
  1161. 917 Circumstances in which no meetings required (merger)
  1162. 917A Other circumstances in which meeting of members of transferor company not required (merger)
  1163. 918 Other circumstances in which meeting of members of transferee company not required (merger)
  1164. 918A Agreement to dispense with reports etc (merger)
  1165. 919 Divisions and companies involved in a division
  1166. 920 Draft terms of scheme (division)
  1167. 921 Publication of draft terms by registrar(division)
  1168. 921A Publication of draft terms on company website (division)
  1169. 922 Approval of members of companies involved in the division
  1170. 923 Directors' explanatory report (division)
  1171. 924 Expert's report (division)
  1172. 925 Supplementary accounting statement (division)
  1173. 926 Inspection of documents (division)
  1174. 926A Publication of documents on company website (division)
  1175. 927 Report on material changes of assets of transferor company (division)
  1176. 928 Approval of articles of new transferee company (division)
  1177. 929 Protection of holders of securities to which special rights attached (division)
  1178. 930 No allotment of shares to transferor company or its nominee (division)
  1179. 931 Circumstances in which meeting of members of transferor company not required (division)
  1180. 931A Other circumstances in which meeting of members of transferor company not required (division)
  1181. 932 Circumstances in which meeting of members of transferee company not required (division)
  1182. 933 Agreement to dispense with reports etc (division)
  1183. 933A Certain requirements excluded where shareholders given proportional rights (division)
  1184. 934 Power of court to exclude certain requirements (division)
  1185. 935 Expert's report: valuation by another person
  1186. 936 Experts and valuers: independence requirement
  1187. 937 Experts and valuers: meaning of “associate”
  1188. 938 Power of court to summon meeting of members or creditors of existing transferee company
  1189. 939 Court to fix date for transfer of undertaking etc of transferor company
  1190. 940 Liability of transferee companies for each other's defaults
  1191. 940A Disregard of website failures beyond control of company
  1192. 941 Meaning of “liabilities” and “property”
  1193. 942 The Panel
  1194. 943 Rules
  1195. 944 Further provisions about rules
  1196. 945 Rulings
  1197. 946 Directions
  1198. 947 Power to require documents and information
  1199. 948 Restrictions on disclosure
  1200. 949 Offence of disclosure in contravention of section 948
  1201. 950 Panel's duty of co-operation
  1202. 951 Hearings and appeals
  1203. 952 Sanctions
  1204. 953 Failure to comply with rules about bid documentation
  1205. 954 Compensation
  1206. 955 Enforcement by the court
  1207. 956 No action for breach of statutory duty etc
  1208. 957 Fees and charges
  1209. 958 Levy
  1210. 959 Recovery of fees, charges or levy
  1211. 960 Panel as party to proceedings
  1212. 961 Exemption from liability in damages
  1213. 962 Privilege against self-incrimination
  1214. 963 Annual reports
  1215. 964 Amendments to Financial Services and Markets Act 2000
  1216. 965 Power to extend to Isle of Man and Channel Islands
  1217. 966 Opting in and opting out
  1218. 967 Further provision about opting-in and opting-out resolutions
  1219. 968 Effect on contractual restrictions
  1220. 969 Power of offeror to require general meeting to be called
  1221. 970 Communication of decisions
  1222. 971 Interpretation of this Chapter
  1223. 972 Transitory provision
  1224. 973 Power to extend to Isle of Man and Channel Islands
  1225. 974 Meaning of “takeover offer”
  1226. 975 Shares already held by the offeror etc
  1227. 976 Cases where offer treated as being on same terms
  1228. 977 Shares to which an offer relates
  1229. 978 Effect of impossibility etc of communicating or accepting offer
  1230. 979 Right of offeror to buy out minority shareholder
  1231. 980 Further provision about notices given under section 979
  1232. 981 Effect of notice under section 979
  1233. 982 Further provision about consideration held on trust under section 981(9)
  1234. 983 Right of minority shareholder to be bought out by offeror
  1235. 984 Further provision about rights conferred by section 983
  1236. 985 Effect of requirement under section 983
  1237. 986 Applications to the court
  1238. 987 Joint offers
  1239. 988 Associates
  1240. 989 Convertible securities
  1241. 990 Debentures carrying voting rights
  1242. 991 Interpretation
  1243. 992 Matters to be dealt with in directors' report
  1244. 993 Offence of fraudulent trading
  1245. 994 Petition by company member
  1246. 995 Petition by Secretary of State
  1247. 996 Powers of the court under this Part
  1248. 997 Application of general rule-making powers
  1249. 998 Copy of order affecting company's constitution to be delivered to registrar
  1250. 999 Supplementary provisions where company's constitution altered
  1251. 1000 Power to strike off company not carrying on business or in operation
  1252. 1001 Duty to act in case of company being wound up
  1253. 1002 Supplementary provisions as to service of communication or notice
  1254. 1002A Power to strike off company registered on false basis
  1255. 1003 Striking off on application by company
  1256. 1004 Circumstances in which application not to be made: activities of company
  1257. 1005 Circumstances in which application not to be made: other proceedings not concluded
  1258. 1006 Copy of application to be given to members, employees, etc
  1259. 1007 Copy of application to be given to new members, employees, etc
  1260. 1008 Copy of application: provisions as to service of documents
  1261. 1009 Circumstances in which application to be withdrawn
  1262. 1010 Withdrawal of application
  1263. 1011 Meaning of “creditor”
  1264. 1012 Property of dissolved company to be bona vacantia
  1265. 1013 Crown disclaimer of property vesting as bona vacantia
  1266. 1014 Effect of Crown disclaimer
  1267. 1015 General effect of disclaimer
  1268. 1016 Disclaimer of leaseholds
  1269. 1017 Power of court to make vesting order
  1270. 1018 Protection of persons holding under a lease
  1271. 1019 Land subject to rentcharge
  1272. 1020 General effect of disclaimer
  1273. 1021 Power of court to make vesting order
  1274. 1022 Protection of persons holding under a lease
  1275. 1023 Liability for rentcharge on company's land after dissolution
  1276. 1024 Application for administrative restoration to the register
  1277. 1025 Requirements for administrative restoration
  1278. 1026 Application to be accompanied by statement of compliance
  1279. 1027 Registrar's decision on application for administrative restoration
  1280. 1028 Effect of administrative restoration
  1281. 1028A Administrative restoration of company with share warrants
  1282. 1029 Application to court for restoration to the register
  1283. 1030 When application to the court may be made
  1284. 1031 Decision on application for restoration by the court
  1285. 1032 Effect of court order for restoration to the register
  1286. 1032A Restoration by court of company with share warrants
  1287. 1033 Company's name on restoration
  1288. 1034 Effect of restoration to the register where property has vested as bona vacantia
  1289. 1035 Powers of Secretary of State to give directions to inspectors
  1290. 1036 Resignation, removal and replacement of inspectors
  1291. 1037 Power to obtain information from former inspectors etc
  1292. 1038 Power to require production of documents
  1293. 1039 Disqualification orders: consequential amendments
  1294. 1040 Companies authorised to register under this Act
  1295. 1041 Definition of “joint stock company”
  1296. 1042 Power to make provision by regulations
  1297. 1043 Unregistered companies
  1298. 1044 Overseas companies
  1299. 1045 Company contracts and execution of documents by companies
  1300. 1046 Duty to register particulars
  1301. 1047 Registered name of overseas company
  1302. 1048 Registration under alternative name
  1303. 1048A Registered addresses of an overseas company
  1304. 1048B Identity verification of directors
  1305. 1049 Accounts and reports: general
  1306. 1050 Accounts and reports: credit or financial institutions
  1307. 1051 Trading disclosures
  1308. 1052 Company charges
  1309. 1053 Other returns etc
  1310. 1054 Offences
  1311. 1055 Disclosure of individual's residential address: protection from disclosure
  1312. 1056 Requirement to identify persons authorised to accept service of documents
  1313. 1057 Registrar to whom returns, notices etc to be delivered
  1314. 1058 Duty to give notice of ceasing to have registrable presence
  1315. 1059 Application of provisions in case of relocation of branch
  1316. 1059A Scheme of this Part
  1317. 1060 The registrar
  1318. 1061 The registrar's functions
  1319. 1062 The registrar's official seal
  1320. 1062A Analysis of information for the purposes of crime prevention or detection
  1321. 1063 Fees payable to registrar
  1322. 1064 Public notice of issue of certificate of incorporation
  1323. 1065 Right to certificate of incorporation
  1324. 1066 Company's registered numbers
  1325. 1067 Registered numbers of UK establishments of overseas company
  1326. 1067A Delivery of documents: identity verification requirements etc
  1327. 1067B Disqualification from delivering documents
  1328. 1068 Registrar's requirements as to form, authentication and manner of delivery
  1329. 1068A Registrar’s rules requiring documents to be delivered together
  1330. 1069 Power to require delivery by electronic means
  1331. 1070 Agreement for delivery by electronic means
  1332. 1071 Document not delivered until received
  1333. 1072 Requirements for proper delivery
  1334. 1073 Power to accept documents not meeting requirements for proper delivery
  1335. 1073A Power to reject documents for discrepancies
  1336. 1074 Documents containing unnecessary material
  1337. 1075 Informal correction of document
  1338. 1076 Replacement of document not meeting requirements for proper delivery
  1339. 1077 Public notice of receipt of certain documents
  1340. 1078 Enhanced disclosure documents
  1341. 1079 Effect of failure to give public notice
  1342. 1079A Provision of information for publication on European e-Justice portal
  1343. 1079B Duty to notify directors
  1344. 1080 The register
  1345. 1081 Annotation of the register
  1346. 1081A Registrar’s objectives to promote integrity of registers etc
  1347. 1082 Allocation of unique identifiers
  1348. 1083 Preservation of original documents
  1349. 1084 Records relating to companies that have been dissolved etc
  1350. 1084A Recording of optional information on register
  1351. 1085 Inspection of the register
  1352. 1086 Right to copy of material on the register
  1353. 1087 Material not available for public inspection
  1354. 1087ZA Required particulars available for public inspection for limited period
  1355. 1087A Protection of date of birth information
  1356. 1087B Protection of date of birth information in old documents
  1357. 1087C Disclosure of date of birth information
  1358. 1088 Power to make regulations protecting material
  1359. 1089 Form of application for inspection or copy
  1360. 1090 Form and manner in which copies to be provided
  1361. 1091 Certification of copies as accurate
  1362. 1092 Issue of process for production of records kept by the registrar
  1363. 1092A Power to require information
  1364. 1092B Offence relating to provision of information
  1365. 1092C Privilege against self-incrimination
  1366. 1093 Registrar's notice to resolve inconsistency ...
  1367. 1094 Removal of material from the register
  1368. 1094A Further provision about removal of material from the register
  1369. 1094AB Power of court to make consequential orders following removal
  1370. 1095 Rectification of register on application to registrar
  1371. 1095A Rectification of register to resolve a discrepancy
  1372. 1096 Rectification of the register under court order
  1373. 1097 Powers of court on ordering removal of material from the register
  1374. 1097A Rectification of register relating to company registered office
  1375. 1097B Rectification of register: service addresses
  1376. 1097C Rectification of register: principal office addresses
  1377. 1098 Public notice of removal of certain material from the register
  1378. 1098A Meaning of “authorised corporate service provider”
  1379. 1098B Application to become authorised corporate service provider
  1380. 1098C The required information about an applicant
  1381. 1098D Delivery of applications under section 1098B on behalf of a firm
  1382. 1098E Updating duties of authorised corporate service providers
  1383. 1098F Ceasing to be an authorised corporate service provider
  1384. 1098G Power to impose duties to provide information
  1385. 1098H Power to enable authorisation of foreign corporate service providers
  1386. 1099 The registrar's index of company names
  1387. 1100 Right to inspect index
  1388. 1101 Power to amend enactments relating to bodies other than companies
  1389. 1102 Application of language requirements
  1390. 1103 Documents to be drawn up and delivered in English
  1391. 1104 Documents relating to Welsh companies
  1392. 1105 Documents that may be drawn up and delivered in other languages
  1393. 1106 Voluntary filing of translations
  1394. 1107 Certified translations
  1395. 1108 Transliteration of names and addresses: permitted characters
  1396. 1109 Transliteration of names and addresses: voluntary transliteration into Roman characters
  1397. 1110 Transliteration of names and addresses: certification
  1398. 1110A Meaning of “identity is verified”
  1399. 1110B Verification requirements
  1400. 1110C Identity verification: exemption on national security grounds etc
  1401. 1110D Power to require businesses to report discrepancies
  1402. 1110E Disclosure to the registrar
  1403. 1110F Disclosure by the registrar
  1404. 1110G Disclosure: supplementary
  1405. 1111 Registrar's requirements as to certification or verification
  1406. 1112 False statements: basic offence
  1407. 1112A False statements: aggravated offence
  1408. 1112B False statements offences: national security etc defence
  1409. 1113 Enforcement of company's filing obligations
  1410. 1114 Application of provisions about documents and delivery
  1411. 1115 Supplementary provisions relating to electronic communications
  1412. 1116 Alternative to publication in the Gazette
  1413. 1117 Registrar's rules
  1414. 1118 Payments into the Consolidated Fund
  1415. 1119 Contracting out of registrar's functions
  1416. 1120 Application of this Part to overseas companies
  1417. 1121 Liability of officer in default
  1418. 1122 Liability of company as officer in default
  1419. 1123 Application to bodies other than companies
  1420. 1124 Amendments of the Companies Act 1985
  1421. 1125 Meaning of “daily default fine”
  1422. 1126 Consents required for certain prosecutions
  1423. 1127 Summary proceedings: venue
  1424. 1128 Summary proceedings: time limit for proceedings
  1425. 1129 Legal professional privilege
  1426. 1130 Proceedings against unincorporated bodies
  1427. 1131 Imprisonment on summary conviction in England and Wales: transitory provision
  1428. 1132 Production and inspection of documents where offence suspected
  1429. 1132A Power to make provision for financial penalties
  1430. 1133 Transitional provision
  1431. 1134 Meaning of “company records”
  1432. 1135 Form of company records
  1433. 1136 Regulations about where certain company records to be kept available for inspection
  1434. 1137 Regulations about inspection of records and provision of copies
  1435. 1138 Duty to take precautions against falsification
  1436. 1139 Service of documents on company
  1437. 1140 Service of documents on directors, secretaries and others
  1438. 1141 Service addresses
  1439. 1142 Requirement to give service address
  1440. 1143 The company communications provisions
  1441. 1144 Sending or supplying documents or information
  1442. 1145 Right to hard copy version
  1443. 1146 Requirement of authentication
  1444. 1147 Deemed delivery of documents and information
  1445. 1148 Interpretation of company communications provisions
  1446. 1149 Application of valuation requirements
  1447. 1150 Valuation by qualified independent person
  1448. 1151 The independence requirement
  1449. 1152 Meaning of “associate”
  1450. 1153 Valuer entitled to full disclosure
  1451. 1154 Duty to notify registrar of certain appointments etc
  1452. 1155 Offence of failure to give notice
  1453. 1156 Meaning of “the court”
  1454. 1157 Power of court to grant relief in certain cases
  1455. 1158 Meaning of “UK-registered company”
  1456. 1159 Meaning of “subsidiary” etc
  1457. 1160 Meaning of “subsidiary” etc: power to amend
  1458. 1161 Meaning of “undertaking” and related expressions
  1459. 1162 Parent and subsidiary undertakings
  1460. 1163 “Non-cash asset”
  1461. 1164 Meaning of “banking company” and “banking group”
  1462. 1165 Meaning of “insurance company” and related expressions
  1463. 1166 “Employees' share scheme”
  1464. 1167 Meaning of “prescribed”
  1465. 1168 Hard copy and electronic form and related expressions
  1466. 1169 Dormant companies
  1467. 1170 Meaning of “EEA State” and related expressions
  1468. 1170A Receiver or manager and certain related references
  1469. 1170B Meaning of “contributory”
  1470. 1171 The former Companies Acts
  1471. 1172 References to requirements of this Act
  1472. 1173 Minor definitions: general
  1473. 1174 Index of defined expressions
  1474. 1175 Removal of special provisions about accounts and audit of charitable companies
  1475. 1176 Power of Secretary of State to bring civil proceedings on company's behalf
  1476. 1177 Repeal of certain provisions about company directors
  1477. 1178 Repeal of requirement that certain companies publish periodical statement
  1478. 1179 Repeal of requirement that Secretary of State prepare annual report
  1479. 1180 Repeal of certain provisions about company charges
  1480. 1181 Access to constitutional documents of RTE and RTM companies
  1481. 1182 Persons subject to foreign restrictions
  1482. 1183 Meaning of “the court” and “UK company”
  1483. 1184 Disqualification of persons subject to foreign restrictions
  1484. 1185 Disqualification regulations: supplementary
  1485. 1186 Offence of breach of disqualification
  1486. 1187 Personal liability for debts of company
  1487. 1188 Statements from persons subject to foreign restrictions
  1488. 1189 Statements from persons disqualified
  1489. 1190 Statements: whether to be made public
  1490. 1191 Offences
  1491. 1192 Application of this Chapter
  1492. 1193 Name suggesting connection with government or public authority
  1493. 1194 Other sensitive words or expressions
  1494. 1195 Requirement to seek comments of government department or other relevant body
  1495. 1196 Withdrawal of Secretary of State's approval
  1496. 1196A Names suggesting connection with foreign governments etc
  1497. 1197 Name containing inappropriate indication of company type or legal form
  1498. 1198 Name giving misleading indication of activities
  1499. 1198A Name that a company has been required to change
  1500. 1198B Name that another company has been required to change
  1501. 1199 Savings for existing lawful business names
  1502. 1199A Exceptions based on national security etc
  1503. 1200 Application of this Chapter
  1504. 1201 Information required to be disclosed
  1505. 1202 Disclosure required: business documents etc
  1506. 1203 Exemption for large partnerships if certain conditions met
  1507. 1204 Disclosure required: business premises
  1508. 1205 Criminal consequences of failure to make required disclosure
  1509. 1206 Civil consequences of failure to make required disclosure
  1510. 1207 Application of general provisions about offences
  1511. 1208 Interpretation
  1512. 1209 Main purposes of Part
  1513. 1210 Meaning of “statutory auditor” etc
  1514. 1211 Eligibility for appointment as a statutory auditor: overview
  1515. 1212 Individuals and firms: eligibility for appointment as a statutory auditor
  1516. 1213 Effect of ineligibility
  1517. 1214 Independence requirement
  1518. 1215 Effect of lack of independence
  1519. 1216 Effect of appointment of a partnership
  1520. 1217 Supervisory bodies
  1521. 1218 Exemption from liability for damages
  1522. 1219 Appropriate qualifications
  1523. 1220 Qualifying bodies and recognised professional qualifications
  1524. 1221 Approval of third country qualifications
  1525. 1222 Eligibility of individuals retaining only 1967 Act authorisation
  1526. 1223 Matters to be notified to the Secretary of State
  1527. 1223ZA Matters to be notified to the competent authority
  1528. 1223A Notification of matters relevant to approved third country competent authorities
  1529. 1224 The Secretary of State's power to call for information
  1530. 1224ZA The competent authority’s power to call for information
  1531. 1224A Restrictions on disclosure
  1532. 1224B Offence of disclosure in contravention of section 1224A
  1533. 1225 Enforcement: general
  1534. 1225A Directions: general
  1535. 1225B Directions: supplementary
  1536. 1225C Compliance orders
  1537. 1225D Financial penalties: general
  1538. 1225E Financial penalties: supplementary
  1539. 1225F Appeals against financial penalties
  1540. 1225G Recovery of financial penalties
  1541. 1226 Auditors General: eligibility for appointment as a statutory auditor
  1542. 1227 Individuals responsible for audit work on behalf of Auditors General
  1543. 1228 Appointment of the Independent Supervisor
  1544. 1229 Supervision of Auditors General by the Independent Supervisor
  1545. 1230 Duties of Auditors General in relation to supervision arrangements
  1546. 1231 Reports by the Independent Supervisor
  1547. 1232 Matters to be notified to the Independent Supervisor
  1548. 1233 The Independent Supervisor's power to call for information
  1549. 1234 Suspension notices
  1550. 1235 Effect of suspension notices
  1551. 1236 Compliance orders
  1552. 1237 Proceedings involving the Independent Supervisor
  1553. 1238 Grants to the Independent Supervisor
  1554. 1239 The register of auditors
  1555. 1240 Information to be made available to public
  1556. 1240A Power to approve third countries as equivalent or transitional third countries
  1557. 1240B Power to approve third country competent authorities
  1558. 1241 Meaning of “registered third country auditor” and “UK-traded third country company”
  1559. 1242 Duties of registered third country auditors
  1560. 1243 Matters to be notified to the Secretary of State
  1561. 1244 The Secretary of State's power to call for information
  1562. 1245 Compliance orders
  1563. 1246 Removal of third country auditors from the register of auditors
  1564. 1247 Grants to bodies concerned with arrangements under Schedule 12
  1565. 1248 Secretary of State's power to require second audit of a company
  1566. 1249 Supplementary provision about second audits
  1567. 1250 Misleading, false and deceptive statements
  1568. 1251 Fees
  1569. 1251A Duty of the Secretary of State to report on inspections
  1570. 1252 Delegation of the Secretary of State's functions
  1571. 1253 Delegation of functions to an existing body
  1572. 1253A Requests to foreign competent authorities
  1573. 1253B Requests from approved third country competent authorities
  1574. 1253C Notification to approved third country competent authorities...
  1575. 1253D Restriction on transfer of audit working papers to third countries
  1576. 1253DA Transfer by Secretary of State
  1577. 1253DB Transfer by statutory auditor with approval of Secretary of State
  1578. 1253DC Transfer by statutory auditor for purposes of investigation of auditor
  1579. 1253DD Agreement of third country competent authority
  1580. 1253DE Transfer by means of inspection
  1581. 1253E Working arrangements for transfer of papers
  1582. 1253F Publication of working arrangements
  1583. 1254 Directions to comply with international obligations
  1584. 1255 Offences by bodies corporate, partnerships and unincorporated associations
  1585. 1256 Time limits for prosecution of offences
  1586. 1257 Jurisdiction and procedure in respect of offences
  1587. 1258 Service of notices
  1588. 1259 Documents in electronic form
  1589. 1260 Meaning of “associate”
  1590. 1261 Minor definitions
  1591. 1262 Index of defined expressions
  1592. 1263 Power to make provision in consequence of changes affecting accountancy bodies
  1593. 1264 Consequential amendments
  1594. 1265 The transparency obligations directive
  1595. 1266 Transparency rules
  1596. 1267 Competent authority's power to call for information
  1597. 1268 Powers exercisable in case of infringement of transparency obligation
  1598. 1269 Corporate governance rules
  1599. 1270 Liability for false or misleading statements in certain publications
  1600. 1271 Exercise of powers where UK is host member State
  1601. 1272 Transparency obligations and related matters: minor and consequential amendments
  1602. 1273 Corporate governance regulations
  1603. 1274 Grants to bodies concerned with actuarial standards etc
  1604. 1275 Levy to pay expenses of bodies concerned with actuarial standards etc
  1605. 1276 Application of provisions to Scotland and Northern Ireland
  1606. 1277 Power to require information about exercise of voting rights
  1607. 1278 Institutions to which information provisions apply
  1608. 1279 Shares to which information provisions apply
  1609. 1280 Obligations with respect to provision of information
  1610. 1281 Disclosure of information under the Enterprise Act 2002
  1611. 1282 Payment of expenses of winding up
  1612. 1283 Amendment of memorandum or articles of commonhold association
  1613. 1284 Extension of Companies Acts to Northern Ireland
  1614. 1285 Extension of GB enactments relating to UK Societas
  1615. 1286 Extension of GB enactments relating to certain other forms of business organisation
  1616. 1287 Extension of enactments relating to business names
  1617. 1288 Regulations and orders: statutory instrument
  1618. 1289 Regulations and orders: negative resolution procedure
  1619. 1290 Regulations and orders: affirmative resolution procedure
  1620. 1291 Regulations and orders: approval after being made
  1621. 1292 Regulations and orders: supplementary
  1622. 1292A “Bank of England”
  1623. 1293 Meaning of “enactment”
  1624. 1294 Power to make consequential amendments etc
  1625. 1295 Repeals
  1626. 1296 Power to make transitional provision and savings
  1627. 1297 Continuity of the law
  1628. 1298 Short title
  1629. 1299 Extent
  1630. 1300 Commencement
  1631. SCHEDULE 1 Connected persons: references to an interest in shares or debentures
  1632. SCHEDULE 1A References to people with significant control over a company
  1633. SCHEDULE 1B Enforcement of disclosure requirements
  1634. SCHEDULE 1C Rules of the Takeover Panel: general principles and other provision
  1635. SCHEDULE 2 Specified persons, descriptions of disclosures etc for the purposes of section 948
  1636. SCHEDULE 3 Amendments of remaining provisions of the Companies Act 1985 relating to offences
  1637. SCHEDULE 4 Documents and information sent or supplied to a company
  1638. SCHEDULE 5 Communications by a company
  1639. SCHEDULE 6 Meaning of “subsidiary” etc: supplementary provisions
  1640. SCHEDULE 7 Parent and subsidiary undertakings: supplementary provisions
  1641. SCHEDULE 8 Index of defined expressions
  1642. SCHEDULE 10 Recognised supervisory bodies
  1643. SCHEDULE 11 Recognised professional qualifications
  1644. SCHEDULE 11A Specified persons, descriptions, disclosures etc for the purposes of section 1224A
  1645. SCHEDULE 12 Arrangements in which registered third country auditors are required to participate
  1646. SCHEDULE 13 Supplementary provisions with respect to delegation order
  1647. SCHEDULE 14 Statutory auditors: consequential amendments
  1648. SCHEDULE 15 Transparency obligations and related matters: minor and consequential amendments
  1649. SCHEDULE 16 Repeals

Proposed changes to this act

No one has proposed a change to this act yet.

1,649 provisions

1272 Transparency obligations and related matters: minor and consequential amendments

(1) Schedule 15 to this Act makes minor and consequential amendments in connection with the provision made by this Part. (2) In that Schedule– Part 1 contains amendments of the Financial Services and Markets Act 2000 (c. 8); Part 2 contains amendments of the Companies (Audit, Investigations and Community Enterprise) Act 2004 (c. 27).

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1273 Corporate governance regulations

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1274 Grants to bodies concerned with actuarial standards etc

(1) Section 16 of the Companies (Audit, Investigations and Community Enterprise) Act 2004 (c. 27) (grants to bodies concerned with accounting standards etc) is amended as follows. (2) In subsection (2) (matters carried on by bodies eligible for grants) for paragraph (l) substitute— (l) issuing standards to be applied in actuarial work; (m) issuing standards in respect of matters to be contained in reports or other communications required to be produced or made by actuaries or in accordance with standards within paragraph (l); (n) investigating departures from standards within paragraph (l) or (m); (o) taking steps to secure compliance with standards within paragraph (l) or (m); (p) carrying out investigations into public interest cases arising in connection with the performance of actuarial functions by members of professional actuarial bodies; (q) holding disciplinary hearings relating to members of professional actuarial bodies following the conclusion of investigations within paragraph (p); (r) deciding whether (and, if so, what) disciplinary action should be taken against members of professional actuarial bodies to whom hearings within paragraph (q) related; (s) supervising the exercise by professional actuarial bodies of regulatory functions in relation to their members; (t) overseeing or directing any of the matters mentioned above. . (3) In subsection (5) (definitions) at the appropriate places insert— “professional actuarial body” means— (a) the Institute of Actuaries, or (b) the Faculty of Actuaries in Scotland, and the “members” of a professional actuarial body include persons who, although not members of the body, are subject to its rules in performing actuarial functions; “regulatory functions”, in relation to professional actuarial bodies, means any of the following— (a) investigatory or disciplinary functions exercised by such bodies in relation to the performance by their members of actuarial functions, (b) the setting by such bodies of standards in relation to the performance by their members of actuarial functions, and (c) the determining by such bodies of requirements in relation to the education and training of their members; .

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1275 Levy to pay expenses of bodies concerned with actuarial standards etc

(1) Section 17 of the Companies (Audit, Investigations and Community Enterprise) Act 2004 (c. 27) (levy to pay expenses of bodies concerned with accounting standards etc) is amended in accordance with subsections (2) to (5). (2) In subsection (3)(a) after “to which” insert “ , or persons within subsection (3A) to whom, ”. (3) After subsection (3) insert— (3A) The following persons are within this subsection— (a) the administrators of a public service pension scheme (within the meaning of section 1 of the Pension Schemes Act 1993); (b) the trustees or managers of an occupational or personal pension scheme (within the meaning of that section). . (4) After subsection (4)(b) insert— (c) make different provision for different cases. . (5) After subsection (12) insert— (13) If a draft of any regulations to which subsection (10) applies would, apart from this subsection, be treated for the purposes of the standing orders of either House of Parliament as a hybrid instrument, it is to proceed in that House as if it were not such an instrument. . (6) The above amendments have effect in relation to any exercise of the power to make regulations under section 17 of the Companies (Audit, Investigations and Community Enterprise) Act 2004 after this section comes into force, regardless of when the expenses to be met by the levy in respect of which the regulations are made were incurred. (7) In Schedule 3 to the Pensions Act 2004 (c. 35) (disclosure of information held by the Pensions Regulator), in the entry relating to the Secretary of State, in the second column, for “or” at the end of paragraph (g) substitute— (ga) Section 17 of the Companies (Audit, Investigations and Community Enterprise) Act 2004 (levy to pay expenses of bodies concerned with accounting standards, actuarial standards etc), or .

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1276 Application of provisions to Scotland and Northern Ireland

(1) Section 16 of the Companies (Audit, Investigations and Community Enterprise) Act 2004 (grants to bodies concerned with accounting standards etc) is amended as follows. (2) For subsection (6) (application of section to Scotland) substitute— (6) In their application to Scotland, subsection (2)(a) to (t) are to be read as referring only to matters provision relating to which would be outside the legislative competence of the Scottish Parliament. . (3) In subsection (2) in paragraph (c), after “1985 (c. 6)” insert “ or the 1986 Order ”. (4) In subsection (5)— (a) in the definition of “company” after “1985 (c. 6)” insert “ or the 1986 Order ”, (b) in the definition of “subsidiary” after “1985” insert “ or Article 4 of the 1986 Order ”, and (c) after that definition insert— “the 1986 Order” means the Companies (Northern Ireland) Order 1986 (S.I. 1986/1032 (N.I. 6)). . (5) In section 66 of that Act (extent), in subsection (2) (provisions extending to Northern Ireland, as well as England and Wales and Scotland) for “17” substitute “ 16 to 18 ”.

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1277 Power to require information about exercise of voting rights

(1) The Treasury or the Secretary of State may make provision by regulations requiring institutions to which this section applies to provide information about the exercise of voting rights attached to shares to which this section applies. (2) This power is exercisable in accordance with— section 1278 (institutions to which information provisions apply), section 1279 (shares to which information provisions apply), and section 1280 (obligations with respect to provision of information). (3) In this section and the sections mentioned above— (a) references to a person acting on behalf of an institution include— (i) any person to whom authority has been delegated by the institution to take decisions as to any matter relevant to the subject matter of the regulations, and (ii) such other persons as may be specified; and (b) “specified” means specified in the regulations. (4) The obligation imposed by regulations under this section is enforceable by civil proceedings brought by— (a) any person to whom the information should have been provided, or (b) a specified regulatory authority. (5) Regulations under this section may make different provision for different descriptions of institution, different descriptions of shares and for other different circumstances. (6) Regulations under this section are subject to affirmative resolution procedure.

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1278 Institutions to which information provisions apply

(1) The institutions to which section 1277 applies are— (a) unit trust schemes within the meaning of the Financial Services and Markets Act 2000 (c. 8) in respect of which an order is in force under section 243 of that Act; (b) open-ended investment companies incorporated by virtue of regulations under section 262 of that Act; (c) companies approved for the purposes of Chapter 4 of Part 24 of the Corporation Tax Act 2010(investment trusts); (d) pension schemes as defined in section 1(5) of the Pension Schemes Act 1993 (c. 48) or the Pension Schemes (Northern Ireland) Act 1993 (c. 49); (e) undertakings authorised under the Financial Services and Markets Act 2000 to carry on long-term insurance business (that is, the activity of effecting or carrying out contracts of long-term insurance within the meaning of the Financial Services and Markets (Regulated Activities) Order 2001 (S.I. 2001/544); (f) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2) Regulations under that section may— (a) provide that the section applies to other descriptions of institution; (b) provide that the section does not apply to a specified description of institution. (3) The regulations must specify by whom, in the case of any description of institution, the duty imposed by the regulations is to be fulfilled.

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1279 Shares to which information provisions apply

(1) The shares to which section 1277 applies are shares— (a) of a description traded on a specified market, and (b) in which the institution has, or is taken to have, an interest. Regulations under that section may provide that the section does not apply to shares of a specified description. (2) For this purpose an institution has an interest in shares if the shares, or a depositary certificate in respect of them, are held by it, or on its behalf. A “depositary certificate” means an instrument conferring rights (other than options)— (a) in respect of shares held by another person, and (b) the transfer of which may be effected without the consent of that person. (3) Where an institution has an interest— (a) in a specified description of collective investment scheme (within the meaning of the Financial Services and Markets Act 2000 (c. 8)), or (b) in any other specified description of scheme or collective investment vehicle, it is taken to have an interest in any shares in which that scheme or vehicle has or is taken to have an interest. (4) For this purpose a scheme or vehicle is taken to have an interest in shares if it would be regarded as having such an interest in accordance with subsection (2) if it was an institution to which section 1277 applied.

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1280 Obligations with respect to provision of information

(1) Regulations under section 1277 may require the provision of specified information about— (a) the exercise or non-exercise of voting rights by the institution or any person acting on its behalf, (b) any instructions given by the institution or any person acting on its behalf as to the exercise or non-exercise of voting rights, and (c) any delegation by the institution or any person acting on its behalf of any functions in relation to the exercise or non-exercise of voting rights or the giving of such instructions. (2) The regulations may require information to be provided in respect of specified occasions or specified periods. (3) Where instructions are given to act on the recommendations or advice of another person, the regulations may require the provision of information about what recommendations or advice were given. (4) The regulations may require information to be provided— (a) in such manner as may be specified, and (b) to such persons as may be specified, or to the public, or both. (5) The regulations may provide— (a) that an institution may discharge its obligations under the regulations by referring to information disclosed by a person acting on its behalf, and (b) that in such a case it is sufficient, where that other person acts on behalf of more than one institution, that the reference is to information given in aggregated form, that is— (i) relating to the exercise or non-exercise by that person of voting rights on behalf of more than one institution, or (ii) relating to the instructions given by that person in respect of the exercise or non-exercise of voting rights on behalf of more than one institution, or (iii) relating to the delegation by that person of functions in relation to the exercise or non-exercise of voting rights, or the giving of instructions in respect of the exercise or non-exercise of voting rights, on behalf of more than one institution. (6) References in this section to instructions are to instructions of any description, whether general or specific, whether binding or not and whether or not acted upon.

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1281 Disclosure of information under the Enterprise Act 2002

In Part 9 of the Enterprise Act 2002 (c. 40) (information), after section 241 insert— Civil proceedings 241A (1) A public authority which holds prescribed information to which section 237 applies may disclose that information to any person— (a) for the purposes of, or in connection with, prescribed civil proceedings (including prospective proceedings) in the United Kingdom or elsewhere, or (b) for the purposes of obtaining legal advice in relation to such proceedings, or (c) otherwise for the purposes of establishing, enforcing or defending legal rights that are or may be the subject of such proceedings. (2) Subsection (1) does not apply to— (a) information which comes to a public authority in connection with an investigation under Part 4, 5 or 6 of the 1973 Act or under section 11 of the Competition Act 1980; (b) competition information within the meaning of section 351 of the Financial Services and Markets Act 2000; (c) information which comes to a public authority in connection with an investigation under Part 3 or 4 or section 174 of this Act; (d) information which comes to a public authority in connection with an investigation under the Competition Act 1998 (c. 41). (3) In subsection (1) “prescribed” means prescribed by order of the Secretary of State. (4) An order under this section— (a) may prescribe information, or civil proceedings, for the purposes of this section by reference to such factors as appear to the Secretary of State to be appropriate; (b) may prescribe for the purposes of this section all information, or civil proceedings, or all information or civil proceedings not falling within one or more specified exceptions; (c) must be made by statutory instrument subject to annulment in pursuance of a resolution of either House of Parliament. (5) Information disclosed under this section must not be used by the person to whom it is disclosed for any purpose other than those specified in subsection (1). .

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1282 Payment of expenses of winding up

(1) In Chapter 8 of Part 4 of the Insolvency Act 1986 (c. 45) (winding up of companies: provisions of general application), before section 176A (under the heading “Property subject to floating charge”) insert— Payment of expenses of winding up (England and Wales) 176ZA (1) The expenses of winding up in England and Wales, so far as the assets of the company available for payment of general creditors are insufficient to meet them, have priority over any claims to property comprised in or subject to any floating charge created by the company and shall be paid out of any such property accordingly. (2) In subsection (1)— (a) the reference to assets of the company available for payment of general creditors does not include any amount made available under section 176A(2)(a); (b) the reference to claims to property comprised in or subject to a floating charge is to the claims of— (i) the holders of debentures secured by, or holders of, the floating charge, and (ii) any preferential creditors entitled to be paid out of that property in priority to them. (3) Provision may be made by rules restricting the application of subsection (1), in such circumstances as may be prescribed, to expenses authorised or approved— (a) by the holders of debentures secured by, or holders of, the floating charge and by any preferential creditors entitled to be paid in priority to them, or (b) by the court. (4) References in this section to the expenses of the winding up are to all expenses properly incurred in the winding up, including the remuneration of the liquidator. . (2) In Chapter 8 of Part 5 of the Insolvency (Northern Ireland) Order 1989 (S.I. 1989/2405 (N.I. 19)) (winding up of companies: provisions of general application), before Article 150A (under the heading “Property subject to floating charge”) insert— Payment of expenses of winding up 150ZA (1) The expenses of winding up, so far as the assets of the company available for payment of general creditors are insufficient to meet them, have priority over any claims to property comprised in or subject to any floating charge created by the company and shall be paid out of any such property accordingly. (2) In paragraph (1)— (a) the reference to assets of the company available for payment of general creditors does not include any amount made available under Article 150A(2)(a); (b) the reference to claims to property comprised in or subject to a floating charge is to the claims of— (i) the holders of debentures secured by, or holders of, the floating charge, and (ii) any preferential creditors entitled to be paid out of that property in priority to them. (3) Provision may be made by rules restricting the application of paragraph (1), in such circumstances as may be prescribed, to expenses authorised or approved— (a) by the holders of debentures secured by, or holders of, the floating charge and by any preferential creditors entitled to be paid in priority to them, or (b) by the Court. (4) References in this Article to the expenses of the winding up are to all expenses properly incurred in the winding up, including the remuneration of the liquidator. .

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1283 Amendment of memorandum or articles of commonhold association

In paragraph 3(1) of Schedule 3 to the Commonhold and Leasehold Reform Act 2002 (c. 15) (alteration of memorandum or articles by commonhold association to be of no effect until altered version registered with Land Registry) for “An alteration of the memorandum or articles of association” substitute “ Where a commonhold association alters its memorandum or articles at a time when the land specified in its memorandum is commonhold land, the alteration ”.

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1284 Extension of Companies Acts to Northern Ireland

(1) The Companies Acts as defined by this Act (see section 2) extend to Northern Ireland. (2) The Companies (Northern Ireland) Order 1986 (S.I. 1986/1032 (N.I. 6)), the Companies Consolidation (Consequential Provisions) (Northern Ireland) Order 1986 (S.I. 1986/1035 (N.I. 9)) and Part 3 of the Companies (Audit, Investigations and Community Enterprise) Order 2005 (S.I. 2005/1967 (N.I. 17)) shall cease to have effect accordingly.

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1285 Extension of GB enactments relating to UK Societas

(1) The enactments in force in Great Britain relating to UK Societas extend to Northern Ireland. (2) The following enactments shall cease to have effect accordingly— (a) the European Public Limited-Liability Company Regulations (Northern Ireland) 2004 (SR 2004/417), and (b) the European Public Limited-Liability Company (Fees) Regulations (Northern Ireland) 2004 (SR 2004/418). (3) In this section “UK Societas” means a United Kingdom Societas within the meaning of Council Regulation 2157/2001/EC of 8 October 2001 on the Statute for a European Company.

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1286 Extension of GB enactments relating to certain other forms of business organisation

(1) The enactments in force in Great Britain relating to— (a) limited liability partnerships, (b) limited partnerships, (c) open-ended investment companies, ... (d) European Economic Interest Groupings, and (e) UK Economic Interest Groupings, extend to Northern Ireland. (2) The following enactments shall cease to have effect accordingly— (a) the Limited Liability Partnerships Act (Northern Ireland) 2002 (c. 12 (N. I.)); (b) the Limited Partnerships Act 1907 (c. 24) as it formerly had effect in Northern Ireland; (c) the Open-Ended Investment Companies Act (Northern Ireland) 2002 (c. 13 (N.I.)); (d) the European Economic Interest Groupings Regulations (Northern Ireland) 1989 (SR 1989/216).

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1287 Extension of enactments relating to business names

(1) The provisions of Part 41 of this Act (business names) extend to Northern Ireland. (2) The Business Names (Northern Ireland) Order 1986 (S.I. 1986/1033 (N.I. 7)) shall cease to have effect accordingly.

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1288 Regulations and orders: statutory instrument

Except as otherwise provided, regulations and orders under this Act shall be made by statutory instrument.

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1289 Regulations and orders: negative resolution procedure

Where regulations or orders under this Act are subject to “negative resolution procedure” the statutory instrument containing the regulations or order shall be subject to annulment in pursuance of a resolution of either House of Parliament.

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1290 Regulations and orders: affirmative resolution procedure

Where regulations or orders under this Act are subject to “affirmative resolution procedure” the regulations or order must not be made unless a draft of the statutory instrument containing them has been laid before Parliament and approved by a resolution of each House of Parliament.

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1291 Regulations and orders: approval after being made

(1) Regulations or orders under this Act that are subject to “approval after being made”— (a) must be laid before Parliament after being made, and (b) cease to have effect at the end of 28 days beginning with the day on which they were made unless during that period they are approved by resolution of each House. (2) In reckoning the period of 28 days no account shall be taken of any time during which Parliament is dissolved or prorogued or during which both Houses are adjourned for more than four days. (3) The regulations or order ceasing to have effect does not affect— (a) anything previously done under them or it, or (b) the making of new regulations or a new order.

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1292 Regulations and orders: supplementary

(1) Regulations or orders under this Act may— (a) make different provision for different cases or circumstances, (b) include supplementary, incidental and consequential provision, and (c) make transitional provision and savings. (2) Any provision that may be made by regulations under this Act may be made by order; and any provision that may be made by order under this Act may be made by regulations. (3) Any provision that may be made by regulations or order under this Act for which no Parliamentary procedure is prescribed may be made by regulations or order subject to negative or affirmative resolution procedure. (4) Any provision that may be made by regulations or order under this Act subject to negative resolution procedure may be made by regulations or order subject to affirmative resolution procedure.

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1292A “Bank of England”

In this Act, except in section 796, references to the Bank of England do not include the Bank acting in its capacity as the Prudential Regulation Authority.

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1293 Meaning of “enactment”

In this Act, unless the context otherwise requires, “enactment” includes— (a) an enactment contained in subordinate legislation within the meaning of the Interpretation Act 1978 (c. 30), (aa) an enactment contained in, or in an instrument made under, a Measure or Act of the National Assembly for Wales, (b) an enactment contained in, or in an instrument made under, an Act of the Scottish Parliament, and (c) an enactment contained in, or in an instrument made under, Northern Ireland legislation within the meaning of the Interpretation Act 1978.

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1294 Power to make consequential amendments etc

(1) The Secretary of State or the Treasury may by order make such provision amending, repealing or revoking any enactment to which this section applies as they consider necessary or expedient in consequence of any provision made by or under this Act. (2) This section applies to— (a) any enactment passed or made before the passing of this Act, (b) any enactment contained in this Act or in subordinate legislation made under it, and (c) any enactment passed or made before the end of the session after that in which this Act is passed. (3) Without prejudice to the generality of the power conferred by subsection (1), orders under this section may— (a) make provision extending to other forms of organisation any provision made by or under this Act in relation to companies, or (b) make provision corresponding to that made by or under this Act in relation to companies, in either case with such adaptations or other modifications as appear to the Secretary of State or the Treasury to be necessary or expedient. (4) The references in subsection (3) to provision made by this Act include provision conferring power to make provision by regulations, orders or other subordinate legislation. (5) Amendments and repeals made under this section are additional, and without prejudice, to those made by or under any other provision of this Act. (6) Orders under this section are subject to affirmative resolution procedure.

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1295 Repeals

The enactments specified in Schedule 16, which include enactments that are no longer of practical utility, are repealed to the extent specified.

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1296 Power to make transitional provision and savings

(1) The Secretary of State or the Treasury may by order make such transitional provision and savings as they consider necessary or expedient in connection with the commencement of any provision made by or under this Act. (2) An order may, in particular, make such adaptations of provisions brought into force as appear to be necessary or expedient in consequence of other provisions of this Act not yet having come into force. (3) Transitional provision and savings made under this section are additional, and without prejudice, to those made by or under any other provision of this Act. (4) Orders under this section are subject to negative resolution procedure.

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1297 Continuity of the law

(1) This section applies where any provision of this Act re-enacts (with or without modification) an enactment repealed by this Act. (2) The repeal and re-enactment does not affect the continuity of the law. (3) Anything done (including subordinate legislation made), or having effect as if done, under or for the purposes of the repealed provision that could have been done under or for the purposes of the corresponding provision of this Act, if in force or effective immediately before the commencement of that corresponding provision, has effect thereafter as if done under or for the purposes of that corresponding provision. (4) Any reference (express or implied) in this Act or any other enactment, instrument or document to a provision of this Act shall be construed (so far as the context permits) as including, as respects times, circumstances or purposes in relation to which the corresponding repealed provision had effect, a reference to that corresponding provision. (5) Any reference (express or implied) in any enactment, instrument or document to a repealed provision shall be construed (so far as the context permits), as respects times, circumstances and purposes in relation to which the corresponding provision of this Act has effect, as being or (according to the context) including a reference to the corresponding provision of this Act. (6) This section has effect subject to any specific transitional provision or saving contained in this Act. (7) References in this section to this Act include subordinate legislation made under this Act. (8) In this section “subordinate legislation” has the same meaning as in the Interpretation Act 1978 (c. 30).

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1298 Short title

The short title of this Act is the Companies Act 2006.

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1299 Extent

Except as otherwise provided (or the context otherwise requires), the provisions of this Act extend to the whole of the United Kingdom.

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1300 Commencement

(1) The following provisions come into force on the day this Act is passed— (a) Part 43 (transparency obligations and related matters), except the amendment in paragraph 11(2) of Schedule 15 of the definition of “regulated market” in Part 6 of the Financial Services and Markets Act 2000 (c. 8), (b) in Part 44 (miscellaneous provisions)— section 1274 (grants to bodies concerned with actuarial standards etc), and section 1276 (application of provisions to Scotland and Northern Ireland), (c) Part 46 (general supplementary provisions), except section 1295 and Schedule 16 (repeals), and (d) this Part. (2) The other provisions of this Act come into force on such day as may be appointed by order of the Secretary of State or the Treasury.

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SCHEDULE 1 Connected persons: references to an interest in shares or debentures

Sections 254 and 255 Introduction 1 (1) The provisions of this Schedule have effect for the interpretation of references in sections 254 and 255 (directors connected with or controlling a body corporate) to an interest in shares or debentures. (2) The provisions are expressed in relation to shares but apply to debentures as they apply to shares. General provisions 2 (1) A reference to an interest in shares includes any interest of any kind whatsoever in shares. (2) Any restraints or restrictions to which the exercise of any right attached to the interest is or may be subject shall be disregarded. (3) It is immaterial that the shares in which a person has an interest are not identifiable. (4) Persons having a joint interest in shares are deemed each of them to have that interest. Rights to acquire shares 3 (1) A person is taken to have an interest in shares if he enters into a contract to acquire them. (2) A person is taken to have an interest in shares if— (a) he has a right to call for delivery of the shares to himself or to his order, or (b) he has a right to acquire an interest in shares or is under an obligation to take an interest in shares, whether the right or obligation is conditional or absolute. (3) Rights or obligations to subscribe for shares are not to be taken for the purposes of sub-paragraph (2) to be rights to acquire or obligations to take an interest in shares. (4) A person ceases to have an interest in shares by virtue of this paragraph— (a) on the shares being delivered to another person at his order— (i) in fulfilment of a contract for their acquisition by him, or (ii) in satisfaction of a right of his to call for their delivery; (b) on a failure to deliver the shares in accordance with the terms of such a contract or on which such a right falls to be satisfied; (c) on the lapse of his right to call for the delivery of shares. Right to exercise or control exercise of rights 4 (1) A person is taken to have an interest in shares if, not being the registered holder, he is entitled— (a) to exercise any right conferred by the holding of the shares, or (b) to control the exercise of any such right. (2) For this purpose a person is taken to be entitled to exercise or control the exercise of a right conferred by the holding of shares if he— (a) has a right (whether subject to conditions or not) the exercise of which would make him so entitled, or (b) is under an obligation (whether or not so subject) the fulfilment of which would make him so entitled. (3) A person is not by virtue of this paragraph taken to be interested in shares by reason only that— (a) he has been appointed a proxy to exercise any of the rights attached to the shares, or (b) he has been appointed by a body corporate to act as its representative at any meeting of a company or of any class of its members. Bodies corporate 5 (1) A person is taken to be interested in shares if a body corporate is interested in them and— (a) the body corporate or its directors are accustomed to act in accordance with his directions or instructions, or (b) he is entitled to exercise or control the exercise of more than one-half of the voting power at general meetings of the body corporate. (2) For the purposes of sub-paragraph (1)(b) where— (a) a person is entitled to exercise or control the exercise of more than one-half of the voting power at general meetings of a body corporate, and (b) that body corporate is entitled to exercise or control the exercise of any of the voting power at general meetings of another body corporate, the voting power mentioned in paragraph (b) above is taken to be exercisable by that person. Trusts 6 (1) Where an interest in shares is comprised in property held on trust, every beneficiary of the trust is taken to have an interest in shares, subject as follows. (2) So long as a person is entitled to receive, during the lifetime of himself or another, income from trust property comprising shares, an interest in the shares in reversion or remainder or (as regards Scotland) in fee shall be disregarded. (3) A person is treated as not interested in shares if and so long as he holds them— (a) under the law in force in any part of the United Kingdom, as a bare trustee or as a custodian trustee, or (b) under the law in force in Scotland, as a simple trustee. (4) There shall be disregarded any interest of a person subsisting by virtue of— (a) an authorised unit trust scheme (within the meaning of section 237 of the Financial Services and Markets Act 2000 (c. 8)); (b) a scheme made under section 22 or 22A of the Charities Act 1960 (c. 58), section 25 of the Charities Act (Northern Ireland) 1964 (c. 33 (N.I.)) , section 24 or 25 of the Charities Act 1993 or section 96 or 100 of the Charities Act 2011, section 11 of the Trustee Investments Act 1961 (c. 62) or section 42 of the Administration of Justice Act 1982 (c. 53); or (c) the scheme set out in the Schedule to the Church Funds Investment Measure 1958 (1958 No. 1). (5) There shall be disregarded any interest— (a) of the Church of Scotland General Trustees or of the Church of Scotland Trust in shares held by them; (b) of any other person in shares held by those Trustees or that Trust otherwise than as simple trustees. “The Church of Scotland General Trustees” are the body incorporated by the order confirmed by the Church of Scotland (General Trustees) Order Confirmation Act 1921 (1921 c. xxv), and “the Church of Scotland Trust” is the body incorporated by the order confirmed by the Church of Scotland Trust Order Confirmation Act 1932 (1932 c. xxi).

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SCHEDULE 1A References to people with significant control over a company

Section 790C PART 1 The specified conditions Introduction 1 This Part of this Schedule specifies the conditions at least one of which must be met by an individual (“X”) in relation to a company (“company Y”) in order for the individual to be a person with “significant control” over the company. Ownership of shares 2 The first condition is that X holds, directly or indirectly, more than 25% of the shares in company Y. Ownership of voting rights 3 The second condition is that X holds, directly or indirectly, more than 25% of the voting rights in company Y. Ownership of right to appoint or remove directors 4 The third condition is that X holds the right, directly or indirectly, to appoint or remove a majority of the board of directors of company Y. Significant influence or control 5 The fourth condition is that X has the right to exercise, or actually exercises, significant influence or control over company Y. Trusts, partnerships etc 6 The fifth condition is that— (a) the trustees of a trust or the members of a firm that, under the law by which it is governed, is not a legal person meet any of the other specified conditions (in their capacity as such) in relation to company Y, or would do so if they were individuals, and (b) X has the right to exercise, or actually exercises, significant influence or control over the activities of that trust or firm. PART 2 Holding an interest in a company etc Introduction 7 This Part of this Schedule specifies the circumstances in which, for the purposes of section 790C(4) or (8)— (a) a person (“V”) is to be regarded as holding an interest in a company (“company W”); (b) an interest held by V in company W is to be regarded as held through a legal entity. Holding an interest 8 (1) V holds an interest in company W if— (a) V holds shares in company W, directly or indirectly, (b) V holds, directly or indirectly, voting rights in company W, (c) V holds, directly or indirectly, the right to appoint or remove any member of the board of directors of company W, (d) V has the right to exercise, or actually exercises, significant influence or control over company W, or (e) sub-paragraph (2) is satisfied. (2) This sub-paragraph is satisfied where— (a) the trustees of a trust or the members of a firm that, under the law by which it is governed, is not a legal person hold an interest in company W in a way mentioned in sub-paragraph (1)(a) to (d), and (b) V has the right to exercise, or actually exercises, significant influence or control over the activities of that trust or firm. Interests held through a legal entity 9 (1) This paragraph applies where V— (a) holds an interest in company W by virtue of indirectly holding shares or a right, and (b) does so by virtue of having a majority stake (see paragraph 18) in— (i) a legal entity (“L”) which holds the shares or right directly, or (ii) a legal entity that is part of a chain of legal entities such as is described in paragraph 18(1)(b) or (2)(b) that includes L. (2) Where this paragraph applies, V holds the interest in company W— (a) through L, and (b) through each other legal entity in the chain mentioned in sub-paragraph (1)(b)(ii). PART 3 Supplementary provision Introduction 10 This Part sets out rules for the interpretation of this Schedule. Joint interests 11 If two or more persons each hold a share or right jointly, each of them is treated for the purposes of this Schedule as holding that share or right. Joint arrangements 12 (1) If shares or rights held by a person and shares or rights held by another person are the subject of a joint arrangement between those persons, each of them is treated for the purposes of this Schedule as holding the combined shares or rights of both of them. (2) A “joint arrangement” is an arrangement between the holders of shares (or rights) that they will exercise all or substantially all the rights conferred by their respective shares (or rights) jointly in a way that is pre-determined by the arrangement. (3) “Arrangement” has the meaning given by paragraph 21. Calculating shareholdings 13 (1) In relation to a legal entity that has a share capital, a reference to holding “more than 25% of the shares” in that entity is to holding shares comprised in the issued share capital of that entity of a nominal value exceeding (in aggregate) 25% of that share capital. (2) In relation to a legal entity that does not have a share capital— (a) a reference to holding shares in that entity is to holding a right to share in the capital or, as the case may be, profits of that entity; (b) a reference to holding “more than 25% of the shares” in that entity is to holding a right or rights to share in more than 25% of the capital or, as the case may be, profits of that entity. Voting rights 14 (1) A reference to the voting rights in a legal entity is to the rights conferred on shareholders in respect of their shares (or, in the case of an entity not having a share capital, on members) to vote at general meetings of the entity on all or substantially all matters. (2) In relation to a legal entity that does not have general meetings at which matters are decided by the exercise of voting rights— (a) a reference to exercising voting rights in the entity is to be read as a reference to exercising rights in relation to the entity that are equivalent to those of a person entitled to exercise voting rights in a company; (b) a reference to exercising more than 25% of the voting rights in the entity is to be read as a reference to exercising the right under the constitution of the entity to block changes to the overall policy of the entity or to the terms of its constitution. 15 In applying this Schedule, the voting rights in a legal entity are to be reduced by any rights held by the entity itself. Rights to appoint or remove members of the board 16 A reference to the right to appoint or remove a majority of the board of directors of a legal entity is to the right to appoint or remove directors holding a majority of the voting rights at meetings of the board on all or substantially all matters. 17 References to a board of directors, in the case of an entity that does not have such a board, are to be read as references to the equivalent management body of that entity. Shares or rights held “indirectly” 18 (1) A person holds a share “indirectly” if the person has a majority stake in a legal entity and that entity— (a) holds the share in question, or (b) is part of a chain of legal entities— (i) each of which (other than the last) has a majority stake in the entity immediately below it in the chain, and (ii) the last of which holds the share. (2) A person holds a right “indirectly” if the person has a majority stake in a legal entity and that entity— (a) holds that right, or (b) is part of a chain of legal entities— (i) each of which (other than the last) has a majority stake in the entity immediately below it in the chain, and (ii) the last of which holds that right. (3) For these purposes, A has a “majority stake” in B if— (a) A holds a majority of the voting rights in B, (b) A is a member of B and has the right to appoint or remove a majority of the board of directors of B, (c) A is a member of B and controls alone, pursuant to an agreement with other shareholders or members, a majority of the voting rights in B, or (d) A has the right to exercise, or actually exercises, dominant influence or control over B. (4) In the application of this paragraph to the right to appoint or remove a majority of the board of directors, a legal entity is to be treated as having the right to appoint a director if— (a) a person's appointment as director follows necessarily from that person's appointment as director of the legal entity, or (b) the directorship is held by the legal entity itself. Shares held by nominees 19 A share held by a person as nominee for another is to be treated for the purposes of this Schedule as held by the other (and not by the nominee). Rights treated as held by person who controls their exercise 20 (1) Where a person controls a right, the right is to be treated for the purposes of this Schedule as held by that person (and not by the person who in fact holds the right, unless that person also controls it). (2) A person “controls” a right if, by virtue of any arrangement between that person and others, the right is exercisable only— (a) by that person, (b) in accordance with that person's directions or instructions, or (c) with that person's consent or concurrence. 21 (1) “Arrangement” includes— (a) any scheme, agreement or understanding, whether or not it is legally enforceable, and (b) any convention, custom or practice of any kind. (2) But something does not count as an arrangement unless there is at least some degree of stability about it (whether by its nature or terms, the time it has been in existence or otherwise). Rights exercisable only in certain circumstances etc 22 (1) Rights that are exercisable only in certain circumstances are to be taken into account only— (a) when the circumstances have arisen, and for so long as they continue to obtain, or (b) when the circumstances are within the control of the person having the rights. (2) But rights that are exercisable by an administrator or by creditors while a legal entity is in relevant insolvency proceedings are not to be taken into account even while the entity is in those proceedings. (3) “Relevant insolvency proceedings” means— (a) administration within the meaning of the Insolvency Act 1986, (b) administration within the meaning of the Insolvency (Northern Ireland) Order 1989 (S.I. 1989/2405 (N.I. 19)), or (c) proceedings under the insolvency law of another country or territory during which an entity's assets and affairs are subject to the control or supervision of a third party or creditor. (4) Rights that are normally exercisable but are temporarily incapable of exercise are to continue to be taken into account. Rights attached to shares held by way of security 23 Rights attached to shares held by way of security provided by a person are to be treated for the purposes of this Schedule as held by that person— (a) where apart from the right to exercise them for the purpose of preserving the value of the security, or of realising it, the rights are exercisable only in accordance with that person's instructions, and (b) where the shares are held in connection with the granting of loans as part of normal business activities and apart from the right to exercise them for the purpose of preserving the value of the security, or of realising it, the rights are exercisable only in that person's interests. Significant influence or control 24 (1) The Secretary of State must issue guidance about the meaning of “significant influence or control” for the purposes of this Schedule. (2) Regard must be had to that guidance in interpreting references in this Schedule to “significant influence or control”. (3) Before issuing guidance under this paragraph the Secretary of State must lay a draft of it before Parliament. (4) If, within the 40-day period, either House of Parliament resolves not to approve the draft guidance, the Secretary of State must take no further steps in relation to it. (5) If no such resolution is made within that period, the Secretary of State must issue and publish the guidance in the form of the draft. (6) Sub-paragraph (4) does not prevent a new draft of proposed guidance from being laid before Parliament. (7) In this section “the 40-day period”, in relation to draft guidance, means the period of 40 days beginning with the day on which the draft is laid before Parliament (or, if it is not laid before each House on the same day, the later of the days on which it is laid). (8) In calculating the 40-day period, no account is to be taken of any period during which— (a) Parliament is dissolved or prorogued, or (b) both Houses are adjourned for more than 4 days. (9) The Secretary of State may revise guidance issued under this paragraph, and a reference in this paragraph to guidance includes a reference to revised guidance. Limited partnerships 25 (1) An individual does not meet the specified condition in paragraph 2, 3 or 4 in relation to a company by virtue only of being a limited partner. (2) An individual does not meet the specified condition in paragraph 2, 3 or 4 in relation to a company by virtue only of, directly or indirectly— (a) holding shares, or (b) holding a right, in or in relation to a limited partner which (in its capacity as such) would meet the condition if it were an individual. (3) Sub-paragraphs (1) and (2) do not apply for the purposes of determining whether the requirement set out in paragraph (a) of the specified condition in paragraph 6 is met. (4) In this paragraph “ limited partner ” means— (a) a limited partner in a limited partnership registered under the Limited Partnerships Act 1907 (other than one who takes part in the management of the partnership business), or (b) a foreign limited partner. (5) In this paragraph “ foreign limited partner ” means an individual who— (a) participates in arrangements established under the law of a country or territory outside the United Kingdom, and (b) has the characteristics prescribed by regulations made by the Secretary of State. (6) Regulations under this paragraph may, in particular, prescribe characteristics by reference to— (a) the nature of arrangements; (b) the nature of an individual's participation in the arrangements. (7) Regulations under this paragraph are subject to affirmative resolution procedure. PART 4 Power to amend thresholds etc 26 (1) The Secretary of State may by regulations amend this Schedule for a permitted purpose. (2) The permitted purposes are— (a) to replace any or all references in this Schedule to a percentage figure with references to some other (larger or smaller) percentage figure; (b) to change or supplement the specified conditions in Part 1 of this Schedule so as to include circumstances (for example, circumstances involving more complex structures) that give individuals a level of control over company Y broadly similar to the level of control given by the other specified conditions; (c) in consequence of any provision made by virtue of paragraph (b), to change or supplement Part 2 of this Schedule so that circumstances specified in that Part in which a person is to be regarded as holding an interest in a company correspond to any of the specified conditions, or would do so but for the extent of the interest. (3) Regulations under this paragraph are subject to affirmative resolution procedure.

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SCHEDULE 1B Enforcement of disclosure requirements

Section 790I Right to issue restrictions notice 1 (1) This paragraph applies if— (a) a notice under section 790D , 790DA, 790E or 790EA is served by a company on a person who has a relevant interest in the company, and (b) the person fails to comply with that notice within the time specified in it. (2) The company may give the person a notice under this paragraph (a “warning notice”) informing the person that it is proposing to issue the person with a notice (a “restrictions notice”) with respect to the relevant interest. (3) The company may issue the restrictions notice if, by the end of the period of one month beginning with the date on which the warning notice was given— (a) the person has not complied with the notice served under section 790D , 790DA, 790E or 790EA, and (b) the company has not been provided with a valid reason sufficient to justify the person's failure to comply with the notice served under that section. (4) A restrictions notice is issued on a person by sending the notice to the person. (5) The effect of a restrictions notice is set out in paragraph 3. (6) In deciding whether to issue a restrictions notice, the company must have regard to the effect of the notice on the rights of third parties in respect of the relevant interest. Relevant interests 2 (1) For the purposes of this Schedule, a person has a relevant interest in a company if the person— (a) holds any shares in the company, (b) holds any voting rights in the company, or (c) holds the right to appoint or remove any member of the board of directors of the company. (2) References to “the relevant interest” are to the shares or right in question. (3) Part 3 of Schedule 1A applies for the interpretation of sub-paragraph (1) save that, where the relevant interest is by virtue of paragraph 19 or 20 of that Schedule treated for the purposes of that Schedule as held by a person other than the person who in fact holds the interest, both the holder and the other person are to be regarded for the purposes of this Schedule as having the relevant interest. Effect of restrictions notice 3 (1) The effect of a restrictions notice issued under paragraph 1 with respect to a relevant interest is as follows— (a) any transfer of the interest is void, (b) no rights are exercisable in respect of the interest, (c) no shares may be issued in right of the interest or in pursuance of an offer made to the interest-holder, (d) except in a liquidation, no payment may be made of sums due from the company in respect of the interest, whether in respect of capital or otherwise. (2) An agreement to transfer an interest that is subject to the restriction in sub-paragraph (1)(a) is void. (3) Sub-paragraph (2) does not apply to an agreement to transfer the interest on the making of an order under paragraph 8 made by virtue of sub-paragraph (3)(b) of that paragraph (removal of restrictions in case of court-approved transfer). (4) An agreement to transfer any associated right (otherwise than in a liquidation) is void. (5) Sub-paragraph (4) does not apply to an agreement to transfer any such right on the making of an order under paragraph 8 made by virtue of sub-paragraph (3)(b) of that paragraph (removal of restrictions in case of court-approved transfer). (6) An “ associated right ”, in relation to a relevant interest, is— (a) a right to be issued with any shares issued in right of the relevant interest, or (b) a right to receive payment of any sums due from the company in respect of the relevant interest. (7) The provisions of this section are subject to any directions given under paragraph 4. Protection of third party rights 4 (1) The court may give a direction under this paragraph if, on application by any person aggrieved, the court is satisfied that a restrictions notice issued by the company under paragraph 1 unfairly affects the rights of third parties in respect of the relevant interest. (2) The direction is given for the purpose of protecting those third party rights. (3) The direction is a direction that certain acts will not constitute a breach of the restrictions placed on the relevant interest by the restrictions notice. (4) An order containing a direction under this paragraph— (a) must specify the acts that will not constitute a breach of the restrictions, and (b) may confine the direction to cases where those acts are done by persons, or for purposes, described in the order. (5) The direction may be given subject to such terms as the court thinks fit. Breach of restrictions 5 (1) A person commits an offence if the person does anything listed in sub-paragraph (2) knowing that the interest is subject to restrictions. (2) The things are— (a) exercising or purporting to exercise any right to dispose of a relevant interest, (b) exercising or purporting to exercise any right to dispose of any right to be issued with a relevant interest, or (c) voting in respect of a relevant interest (whether as holder of the interest or as proxy) or appointing a proxy to vote in respect of a relevant interest. (3) A person who has a relevant interest that the person knows to be subject to restrictions commits an offence if the person— (a) knows a person to be entitled (apart from the restrictions) to vote in respect of the interest, whether as holder or as proxy, (b) does not know the person to be aware of the fact that the interest is subject to restrictions, and (c) fails to notify the person of that fact. (4) A person commits an offence if the person— (a) either has a relevant interest that the person knows to be subject to restrictions or is entitled to an associated right, and (b) enters in that capacity into an agreement that is void by virtue of paragraph 3(2) or (4). (5) References in this Schedule to an interest being “subject to restrictions” are to an interest being subject to restrictions by virtue of a restrictions notice under paragraph 1. 6 If shares in a company are issued in contravention of a restriction imposed by virtue of a restrictions notice under paragraph 1, an offence is committed by— (a) the company, and (b) every officer of the company who is in default. 7 (1) A person guilty of an offence under paragraph 5 or 6 is liable— (a) on conviction on indictment, to a fine; (b) on summary conviction— (i) in England and Wales, to a fine, (ii) in Scotland or Northern Ireland, to a fine not exceeding the statutory maximum. (2) The provisions of those paragraphs are subject to any direction given under paragraph 4 or 8. Relaxation of restrictions 8 (1) An application may be made to the court for an order directing that the relevant interest cease to be subject to restrictions. (2) An application for an order under this paragraph may be made by the company in question or by any person aggrieved. (3) The court must not make an order under this paragraph unless— (a) it is satisfied that the information required by the notice served under section 790D , 790DA, 790E or 790EA has been disclosed to the company and no unfair advantage has accrued to any person as a result of the earlier failure to make that disclosure, or (b) the relevant interest is to be transferred for valuable consideration and the court approves the transfer. (4) An order under this paragraph made by virtue of sub-paragraph (3)(b) may continue, in whole or in part, the restrictions mentioned in paragraph 3(1)(c) and (d) so far as they relate to a right acquired or offer made before the transfer. (5) Where any restrictions continue in force under sub-paragraph (4)— (a) an application may be made under this paragraph for an order directing that the relevant interest cease to be subject to those restrictions, and (b) sub-paragraph (3) does not apply in relation to the making of such an order. Orders for sale 9 (1) The court may order that the relevant interest subject to restrictions be sold subject to the court's approval as to the sale. (2) An application for an order under sub-paragraph (1) may only be made by the company in question. (3) If the court makes an order under this paragraph, it may make such further order relating to the sale or transfer of the interest as it thinks fit. (4) An application for an order under sub-paragraph (3) may be made— (a) by the company in question, (b) by the person appointed by or in pursuance of the order to effect the sale, or (c) by any person with an interest in the relevant interest. (5) On making an order under sub-paragraph (1) or (3), the court may order that the applicant's costs (in Scotland, expenses) be paid out of the proceeds of sale. 10 (1) If a relevant interest is sold in pursuance of an order under paragraph 9, the proceeds of the sale, less the costs of the sale, must be paid into court for the benefit of those who are beneficially interested in the relevant interest. (2) A person who is beneficially interested in the relevant interest may apply to the court for the whole or part of those proceeds to be paid to that person. (3) On such an application, the court must order the payment to the applicant of— (a) the whole of the proceeds of sale together with any interest on the proceeds, or (b) if another person was also beneficially interested in the relevant interest at the time of the sale, such proportion of the proceeds (and any interest) as the value of the applicant's interest bears to the total value of the relevant interest. (4) If the court has ordered under paragraph 9 that the costs (in Scotland, expenses) of an applicant under that paragraph are to be paid out of the proceeds of sale, the applicant is entitled to payment of those costs (or expenses) out of the proceeds before any person receives any part of the proceeds under this paragraph. Company's power to withdraw restrictions notice 11 A company that issues a person with a restrictions notice under paragraph 1 must by notice withdraw the restrictions notice if— (a) it is satisfied that there is a valid reason sufficient to justify the person's failure to comply with the notice served under section 790D , 790DA, 790E or 790EA, (b) the notice served under section 790D , 790DA, 790E or 790EA is complied with, or (c) it discovers that the rights of a third party in respect of the relevant interest are being unfairly affected by the restrictions notice. Supplementary provision 12 (1) The Secretary of State may by regulations make provision about the procedure to be followed by companies in issuing and withdrawing restrictions notices. (2) The regulations may in particular make provision about— (a) the form and content of warning notices and restrictions notices, and the manner in which they must be given, (b) the factors to be taken into account in deciding what counts as a “valid reason” sufficient to justify a person's failure to comply with a notice under section 790D , 790DA, 790E or 790EA, and (c) the effect of withdrawing a restrictions notice on matters that are pending with respect to the relevant interest when the notice is withdrawn. (3) Regulations under this paragraph are subject to negative resolution procedure. Offence of failing to comply with notices 13 (1) A person to whom a notice under section 790D, 790DA, 790E or 790EA is addressed commits an offence if the person fails, without reasonable excuse, to comply with the notice. (2) Where the person is a legal entity, the offence is also committed by every officer of the entity who is in default. (3) A person guilty of an offence under this paragraph is liable— (a) on conviction on indictment, to imprisonment for a term not exceeding two years or a fine (or both); (b) on summary conviction— (i) in England and Wales, to imprisonment for a term not exceeding the general limit in a magistrates’ court or a fine (or both); (ii) in Scotland, to imprisonment for a term not exceeding 12 months or a fine not exceeding the statutory maximum (or both); (iii) in Northern Ireland, to imprisonment for a term not exceeding 6 months or a fine not exceeding the statutory maximum (or both). Offence of failing to provide information 14 (1) A person commits an offence if the person fails, without reasonable excuse, to comply with a duty under section 790G, 790H or 790HA. (2) Where the person is a legal entity, the offence is also committed by every officer of the entity who is in default. (3) A person guilty of an offence under this paragraph is liable— (a) on conviction on indictment, to imprisonment for a term not exceeding two years or a fine (or both); (b) on summary conviction— (i) in England and Wales, to imprisonment for a term not exceeding the general limit in a magistrates’ court or a fine (or both); (ii) in Scotland, to imprisonment for a term not exceeding 12 months or a fine not exceeding the statutory maximum (or both); (iii) in Northern Ireland, to imprisonment for a term not exceeding 6 months or a fine not exceeding the statutory maximum (or both). False statements: basic offence 14A (1) A person commits an offence if, in purported compliance with a notice under section 790D, 790DA, 790E or 790EA or in purported compliance with a duty imposed by section 790G, 790H or 790HA, and without reasonable excuse, the person makes a statement that is misleading, false or deceptive in a material particular. (2) Where the person is a legal entity, the offence is also committed by every officer of the entity who is in default. (3) A person guilty of an offence under this paragraph is liable on summary conviction— (a) in England and Wales, to a fine; (b) in Scotland, to a fine not exceeding level 5 on the standard scale; (c) in Northern Ireland, to a fine not exceeding level 5 on the standard scale. False statements: aggravated offence 14B (1) A person commits an offence if, in purported compliance with a notice under section 790D, 790DA, 790E or 790EA or in purported compliance with a duty imposed by section 790G, 790H or 790HA, the person makes a statement that the person knows is misleading, false or deceptive in a material particular. (2) Where the person is a legal entity, the offence is also committed by every officer of the entity who is in default. (3) A person guilty of an offence under this paragraph is liable— (a) on conviction on indictment, to imprisonment for a term not exceeding two years or a fine (or both); (b) on summary conviction— (i) in England and Wales, to imprisonment for a term not exceeding the general limit in a magistrates’ court or to a fine (or both); (ii) in Scotland, to imprisonment for a term not exceeding twelve months or to a fine not exceeding the statutory maximum (or both); (iii) in Northern Ireland, to imprisonment for a term not exceeding six months or to a fine not exceeding the statutory maximum (or both).

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SCHEDULE 1C Rules of the Takeover Panel: general principles and other provision

Section 943 PART 1 General principles 1. (1) All holders of the securities of an offeree company of the same class must be afforded equivalent treatment. (2) If a person acquires control of a company, the other holders of securities must be protected. 2. (1) The holders of the securities of an offeree company must have sufficient time and information to enable them to reach a properly informed decision on the takeover bid. (2) Where it advises the holders of securities, the board of directors of the offeree company must give its views on the effects of implementation of the takeover bid on— (a) employment, (b) conditions of employment, and (c) the locations of the company’s places of business. 3. The board of directors of an offeree company must act in the interests of the company as a whole and must not deny the holders of securities the opportunity to decide on the merits of the takeover bid. 4. False markets must not be created in the securities of— (a) the offeree company, (b) if the offeror is a company, that company, or (c) any other company concerned by the takeover bid, in such a way that the rise or fall of the prices of the securities becomes artificial and the normal functioning of the markets is distorted. 5. An offeror must announce a takeover bid only after— (a) ensuring that the offeror can fulfil in full any cash consideration, if such is offered, and (b) taking all reasonable measures to secure the implementation of any other type of consideration. 6. An offeree company must not be hindered in the conduct of its affairs for longer than is reasonable by a takeover bid for its securities. PART2 Other provision Protection of minority shareholders, the mandatory takeover bid and the equitable price 7. (1) Rules must ensure that a person (“P”) is required to make a takeover bid (“a mandatory takeover bid”) where— (a) P, or any person acting in concert with P, has acquired securities in a company, and (b) the acquired securities, when added to any existing securities held by P or by persons acting in concert with P, directly or indirectly give P control of that company. (2) Rules must ensure that the mandatory takeover bid must be addressed at the earliest opportunity to all of the holders of those securities for all their holdings at the equitable price. (3) Rules must ensure that where control has been acquired following a voluntary takeover bid to all the holders of securities for all their holdings, the obligation referred to in sub-paragraph (1) to make a mandatory takeover bid no longer applies. 8. (1) For the purposes of paragraph 7, “the equitable price” is the highest price paid for the same securities by the offeror, or by persons acting in concert with the offeror, over a period, determined by rules, of not less than 6 and not more than 12 months before the mandatory takeover bid is announced. (2) Rules must ensure that if, after the mandatory takeover bid has been made public and before the offer closes for acceptance, the offeror or any person acting in concert with the offeror purchases securities at a price higher than the offer price, the offeror must increase the offer consideration so that it is not less than the highest price paid for the securities so acquired. (3) Rules may confer power on the Panel to adjust the equitable price in circumstances and in accordance with criteria that are clearly determined. (4) Rules must ensure that any decision by the Panel to adjust the equitable price must be substantiated and made public. 9. (1) Rules must ensure that the offeror may offer by way of consideration for the securities which are the subject of the mandatory takeover bid— (a) securities, (b) cash, or (c) a combination of both. (2) Rules must ensure that cash must be offered— (a) as an alternative where the consideration offered does not consist of liquid securities admitted to trading on a UK regulated market, and (b) at least as an alternative where the securities purchased for cash over a relevant period by the offeror or by persons acting in concert with the offeror, taken together, carry 5% or more of the voting rights in the offeree company. (3) “A relevant period” is a period— (a) beginning at the same time as the period determined in accordance with paragraph 8(1), and (b) ending when the offer closes for acceptance. (4) Rules may require that cash must be offered, at least as an alternative, in all cases. 10. Any rules that make provision to protect the interests of the holders of securities that goes beyond the provision referred to in paragraphs 7 to 9 must not hinder the normal course of a takeover bid. Information concerning takeover bids 11. (1) Rules must ensure that a decision to make a takeover bid must be made public without delay and the Panel must be informed of the bid. (2) Rules may require that the Panel is informed before such a decision is made public. (3) Rules must ensure that, as soon as the takeover bid has been made public, the boards of directors of the offeree company and of the offeror must inform— (a) the representatives of their respective employees, or (b) where there are no such representatives, the employees themselves. 12. (1) Rules must ensure that an offeror must draw up and make public in good time an offer document containing the information necessary to enable the holders of the offeree company’s securities to reach a properly informed decision on the takeover bid. (2) Rules must ensure that, before the offer document is made public, the offeror must provide a copy to the Panel. (3) Rules must ensure that, when the offer document is made public, the boards of directors of the offeree company and of the offeror must communicate it— (a) to the representatives of their respective employees, or (b) where there are no such representatives, to the employees themselves. (4) Rules must ensure that the offer document must state at least— (a) the terms of the takeover bid, (b) the identity of the offeror and, where the offeror is a company, the company’s type, name and registered office, (c) the securities or, where appropriate, the class or classes of securities for which the takeover bid is made, (d) the consideration offered for each security or class of securities and, in the case of a mandatory takeover bid, the method employed in determining it, with particulars of the way in which that consideration is to be paid, (e) the compensation offered for the rights which might be removed as a result of a company’s opting-in resolution under Chapter 2, with particulars of the way in which that compensation is to be paid and the method employed in determining it, (f) the maximum and minimum percentages or quantities of securities which the offeror undertakes to acquire, (g) details of any existing holdings of the offeror, and of any person acting in concert with the offeror, in the offeree company, (h) all the conditions to which the takeover bid is subject, (i) the offeror’s intentions with regard to the future business of the offeree company, (j) the offeror’s intentions with regard to the safeguarding of the jobs of the employees and management of the offeree company, including any material change in the conditions of employment, (k) the offeror’s strategic plans for the offeree company, and their likely repercussions on employment and the locations of the company’s places of business, (l) if the offeror is a company and in so far as it is affected by the takeover bid— (i) the offeror’s intentions with regard to its future business, (ii) the offeror’s intentions with regard to the safeguarding of the jobs of its employees and management, including any material change in the conditions of employment, and (iii) the offeror’s strategic plans for itself, and their likely repercussions on employment and the locations of its places of business, (m) the time allowed for acceptance of the takeover bid, (n) where the consideration offered includes securities of any kind, information concerning those securities, (o) information concerning the financing for the takeover bid, (p) the identity of persons acting in concert with the offeror or with the offeree company and, in the case of companies, the types, names, registered offices and relationships with the offeror and, where possible, with the offeree company, and (q) the national law which will govern contracts concluded between the offeror and the holders of the offeree company’s securities as a result of the takeover bid and the competent courts. Time allowed for acceptance 13. (1) Rules must ensure that, subject to any provision made in accordance with paragraph 14, the time allowed for the acceptance of a takeover bid must not be less than the period of two weeks nor more than the period of 10 weeks beginning with the day after the date of publication of the offer document. (2) Rules may provide that the maximum period allowed for acceptance of a takeover bid may be extended on the condition that the offeror gives at least two weeks’ notice of the offeror’s intention to close the takeover bid. 14. (1) Rules may contain provision changing the time allowed for the acceptance of a takeover bid in specific cases. (2) Rules may confer power on the Panel to grant a derogation from the time allowed for the acceptance of a takeover bid in order to allow the offeree company to call a general meeting of the company to consider the takeover bid. Disclosure 15. Rules must ensure that a takeover bid must be made public in such a way as to ensure market transparency and integrity for the securities of— (a) the offeree company, (b) if the offeror is a company, that company, or (c) any other company affected by the takeover bid, in particular in order to prevent the publication or dissemination of false or misleading information. 16. Rules must ensure that all information and documents required by provision made in accordance with paragraphs 11 and 12 must be disclosed in such a manner as to ensure that they are both readily and promptly available— (a) to the holders of securities admitted to trading on a UK regulated market who are located in the United Kingdom, and (b) to the representatives of the employees of the offeree company and of the offeror, or where there are no such representatives, to the employees themselves. Obligations of the board of directors of the offeree company 17. (1) Rules must ensure that, during the relevant period, the board of directors of the offeree company must obtain the prior authorisation of a general meeting of the company given for this purpose— (a) before taking any action, other than seeking alternative takeover bids, which may result in the frustration of the bid, and (b) in particular, before issuing any shares which may result in a lasting impediment to the offeror’s acquiring control of the offeree company. (2) “The relevant period”— (a) begins when the board of directors of the offeree company receives the information that a decision to make a takeover bid has been made public, or at such earlier stage as rules may determine, and (b) ends when the result of the bid is made public or the bid lapses. (3) Rules must ensure that, with regard to decisions taken before the beginning of the relevant period and not yet partly or fully implemented, a general meeting of the company must approve or confirm any decision— (a) which does not form part of the normal course of the company’s business, and (b) the implementation of which may result in the frustration of the takeover bid. (4) For the purposes of this paragraph, where a company has a two-tier board structure, “board of directors” means both the management board and the supervisory board. 18. (1) Rules must ensure that the board of directors of the offeree company must draw up and make public a document setting out its opinion of the takeover bid and the reasons for the opinion, including its views on— (a) the effects of implementation of the takeover bid on all the company’s interests and specifically employment, and (b) the offeror’s strategic plans for the offeree company and their likely repercussions on employment and the locations of the company’s places of business as set out in the offer document in accordance with paragraph 12(4)(k). (2) Rules must ensure that the board of directors of the offeree company must at the same time communicate that opinion— (a) to the representatives of its employees, or (b) where there are no such representatives, to the employees themselves. (3) Rules must ensure that, where the board of directors of the offeree company receives in good time a separate opinion from the representatives of its employees on the effects of the takeover bid on employment, that opinion must be appended to the document. Other rules applicable to the conduct of takeover bids 19. Rules must make provision governing the conduct of takeover bids which must address at least— (a) the lapsing of takeover bids, (b) the revision of takeover bids, (c) competing takeover bids, (d) the disclosure of the results of takeover bids, and (e) the irrevocability of takeover bids and the conditions permitted. Interpretation 20. (1) In this Schedule— “offer document” means a document required to be published by rules made in accordance with paragraph 12; “offeree company” means a company, the securities of which are the subject of a takeover bid; “offeror”, in relation to a takeover bid, means the person making the bid; “rules” means rules made by the Panel under section 943(1); “securities” means transferable securities carrying voting rights in a company; “takeover bid” means a public offer made to the holders of the securities of a company to acquire some or all of those securities, whether mandatory or voluntary, which follows or has as its objective the acquisition of control of that company, but does not include cases where the offer is made by the company itself; “voting rights” means rights to vote at general meetings of the company in question. (2) For the purposes of this Schedule, securities are of one class if the rights attached to them are in all respects uniform; and for that purpose the rights attached to securities are not regarded as different from those attached to other securities by reason only that they do not carry the same rights to dividends in the twelve months immediately following their allotment. (3) In this Schedule, “persons acting in concert” means persons who co-operate with the offeror or the offeree company on the basis of an agreement or understanding aimed at— (a) acquiring control of the offeree company, or (b) frustrating the successful outcome of a takeover bid. (4) For the purposes of this Schedule, where a person (“A”) is a subsidiary undertaking of another person (“B”) within the meaning of section 420 of the Financial Services and Markets Act 2000 (but disregarding subsections (2)(b) and (3) of that section, and subsections (2)(c) and (4)(b) of section 1162 of the Companies Act 2006)— (a) A is deemed to be acting in concert with B and with any other subsidiary undertakings of B, and (b) B and those subsidiary undertakings are deemed to be acting in concert with A. 21. (1) In this Schedule, other than in the listed provisions, “company” means a company that has securities admitted to trading on a UK regulated market. (2) The listed provisions are— paragraph 4(b) and (c); paragraph 12(4)(b), (l) and (p); paragraph 15(b) and (c). (3) Section 1 (meaning of “company”) does not apply for the purposes of the listed provisions.

Propose a change

SCHEDULE 2 Specified persons, descriptions of disclosures etc for the purposes of section 948

Section 948 PART 1 SPECIFIED PERSONS (A) UNITED KINGDOM 1 The Secretary of State. 2 The Department of Enterprise, Trade and Investment for Northern Ireland. 3 The Treasury. 4 The Bank of England. 5 The Financial Conduct Authority. 6 The Commissioners for Her Majesty's Revenue and Customs. 7 The Lord Advocate. 8 The Director of Public Prosecutions. 9 The Director of Public Prosecutions for Northern Ireland. 10 A constable. 11 A procurator fiscal. 12 The Scottish Ministers. (B) JERSEY 1 The Minister for Economic Development. 2 The Minister for Treasury and Resources. 3 The Jersey Financial Services Commission. 4 The Comptroller of Income Tax. 5 The Agent of the Impôts. 6 Her Majesty's Attorney General for Jersey. 7 The Viscount. 8 A police officer (within the meaning of the Interpretation (Jersey) Law 1954: see Part 1 of the Schedule to that Law). (C) GUERNSEY 1 The Commerce and Employment Department. 2 The Treasury and Resources Department. 3 The Guernsey Financial Services Commission. 4 The Director of Income Tax. 5 The Chief Officer of Customs and Excise. 6 Her Majesty's Procureur. 7 A police officer (within the meaning of the Companies (Guernsey) Law 2008: see section 532 of that Law). (D) ISLE OF MAN 1 (1) The members and officers of each of the Departments constituted by section 1(1) of the Government Departments Act 1987 (an Act of Tynwald: c. 13). (2) In sub-paragraph (1) “ member ” has the same meaning as it has by virtue of section 7(1) of that Act. 2 The Treasury of the Isle of Man. 3 The Financial Supervision Commission of the Isle of Man. 4 Her Majesty's Attorney General of the Isle of Man. 5 A constable (within the meaning of the Interpretation Act 1976 (an Act of Tynwald: c. 11): see section 3 of that Act). PART 2 SPECIFIED DESCRIPTIONS OF DISCLOSURES (A) UNITED KINGDOM 1 A disclosure for the purpose of enabling or assisting a person authorised under section 457 of this Act (revision of defective accounts: persons authorised to apply to court) to exercise their functions. 2 A disclosure for the purpose of enabling or assisting an inspector appointed under Part 14 of the Companies Act 1985 (c. 6) (investigation of companies and their affairs, etc ) to exercise their functions. 3 A disclosure for the purpose of enabling or assisting a person authorised under section 447 of the Companies Act 1985 (power to require production of documents) or section 84 of the Companies Act 1989 (c. 40) (exercise of powers by officer etc ) to exercise their functions. 4 A disclosure for the purpose of enabling or assisting a person appointed under section 167 of the Financial Services and Markets Act 2000 (c. 8) (general investigations) to conduct an investigation to exercise their functions. 5 A disclosure for the purpose of enabling or assisting a person appointed under section 168 of the Financial Services and Markets Act 2000 (investigations in particular cases) to conduct an investigation to exercise their functions. 6 A disclosure for the purpose of enabling or assisting a person appointed under section 169(1)(b) of the Financial Services and Markets Act 2000 (investigation in support of overseas regulator) to conduct an investigation to exercise their functions. 7 A disclosure for the purpose of enabling or assisting the body corporate responsible for administering the scheme referred to in section 225 of the Financial Services and Markets Act 2000 (the ombudsman scheme) to exercise its functions. 8 A disclosure for the purpose of enabling or assisting a person appointed under paragraph 4 or 5 of Schedule 17 to the Financial Services and Markets Act 2000 (the panel of ombudsmen or the Chief Ombudsman) to exercise their functions. 9 A disclosure for the purpose of enabling or assisting a person appointed under regulations made under section 262(1) and (2)(k) of the Financial Services and Markets Act 2000 (investigations into open-ended investment companies) to conduct an investigation to exercise their functions. 10 A disclosure for the purpose of enabling or assisting a person appointed under section 284 of the Financial Services and Markets Act 2000 (investigations into affairs of certain collective investment schemes) to conduct an investigation to exercise their functions. 11 A disclosure for the purpose of enabling or assisting the investigator appointed under section 84 of the Financial Services Act 2012 (arrangements for investigation of complaints) to exercise their functions. 12 A disclosure for the purpose of enabling or assisting a person appointed by the Treasury to hold an inquiry into matters relating to financial services (including an inquiry under section 69 of the Financial Services Act 2012) to exercise their functions. 13 A disclosure for the purpose of enabling or assisting the Secretary of State or the Treasury to exercise any of their functions under any of the following— (a) the Companies Acts; (b) the Insolvency Act 1986 (c. 45); (c) the Company Directors Disqualification Act 1986 (c. 46); (d) Part 3 (investigations and powers to obtain information) or 7 (financial markets and insolvency) of the Companies Act 1989 (c. 40); (e) Part 5 of the Criminal Justice Act 1993 (c. 36) (insider dealing); (f) the Financial Services and Markets Act 2000; (g) Part 42 of this Act (statutory auditors). 14 A disclosure for the purpose of enabling or assisting the Scottish Ministers to exercise their functions under the enactments relating to insolvency. 15 A disclosure for the purpose of enabling or assisting the Department of Enterprise, Trade and Investment for Northern Ireland to exercise any powers conferred on it by the enactments relating to companies or insolvency. 16 A disclosure for the purpose of enabling or assisting a person appointed or authorised by the Department of Enterprise, Trade and Investment for Northern Ireland under the enactments relating to companies or insolvency to exercise their functions. 17 A disclosure for the purpose of enabling or assisting an official receiver (including the Accountant in Bankruptcy in Scotland and the Official Assignee in Northern Ireland) to exercise their functions under the enactments relating to insolvency. 18 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19 A disclosure for the purpose of enabling or assisting a body that is for the time being a recognised professional body for the purposes of section 391 of the Insolvency Act 1986 (recognised professional bodies) to exercise its functions as such. 20 A disclosure for the purpose of enabling or assisting the Pensions Regulator to exercise the functions conferred on it by or by virtue of any of the following— (a) the Pension Schemes Act 1993 (c. 48); (b) the Pensions Act 1995 (c. 26); (c) the Welfare Reform and Pensions Act 1999 (c. 30); (d) the Pensions Act 2004 (c. 35); (e) any enactment in force in Northern Ireland corresponding to any of those enactments. 21 A disclosure for the purpose of enabling or assisting the Board of the Pension Protection Fund to exercise the functions conferred on it by or by virtue of Part 2 of the Pensions Act 2004 or any enactment in force in Northern Ireland corresponding to that Part. 22 A disclosure for the purpose of enabling or assisting the Bank of England to exercise its functions. 23 A disclosure for the purpose of enabling or assisting the Commissioners for Her Majesty's Revenue and Customs to exercise their functions. 24 A disclosure for the purpose of enabling or assisting organs of the Society of Lloyd's (being organs constituted by or under the Lloyd's Act 1982 (c. xiv)) to exercise their functions under or by virtue of the Lloyd's Acts 1871 to 1982. 25 A disclosure for the purpose of enabling or assisting the Competition and Markets Authority to exercise its functions under any of the following— (a) the Fair Trading Act 1973 (c. 41); (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (d) the Competition Act 1980 (c. 21); (e) the Competition Act 1998 (c. 41); (f) the Financial Services and Markets Act 2000 (c. 8); (g) the Enterprise Act 2002 (c. 40); (h) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (i) the Business Protection from Misleading Marketing Regulations 2008 (S.I. 2008/1276); (j) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (k) Parts 3 and 4 of the Enterprise and Regulatory Reform Act 2013; (l) Schedule 3 to the Consumer Rights Act 2015 (m) the following provisions of the Digital Markets, Competition and Consumers Act 2024— (i) Part 3; (ii) Chapter 1 of Part 4; (iii) Chapter 2 of Part 5. 26 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27 A disclosure with a view to the institution of, or otherwise for the purposes of, proceedings before the Competition Appeal Tribunal. 28 A disclosure for the purpose of enabling or assisting an enforcer under Chapter 3 or 4 of Part 3 of the Digital Markets, Competition and Consumers Act 2024 (enforcement of consumer legislation) to exercise their functions under that Chapter. 29 A disclosure for the purpose of enabling or assisting the Charity Commission to exercise its functions. 30 A disclosure for the purpose of enabling or assisting the Attorney General to exercise their functions in connection with charities. 31 A disclosure for the purpose of enabling or assisting the Gambling Commission to exercise its functions under sections 5 to 10 and 15 of the National Lottery etc. Act 1993 (c. 39) (licensing and power of Secretary of State to require information). 32 A disclosure by the Gambling Commission to the Comptroller and Auditor General for the purpose of enabling or assisting the Comptroller and Auditor General to carry out an examination under Part 2 of the National Audit Act 1983 (c. 44) into the economy, effectiveness and efficiency with which the Gambling Commission has used its resources in discharging its functions under sections 5 to 10 of the National Lottery etc. Act 1993. 33 A disclosure for the purposes of enabling or assisting a regulator under Schedule 3 to the Consumer Rights Act 2015 other than the Competition and Markets Authority to exercise its functions under that Schedule. 34 A disclosure for the purpose of enabling or assisting an enforcement authority under the Consumer Contracts (Information, Cancellation and Additional Charges) Regulations 2013 to exercise its functions under those Regulations. 35 A disclosure for the purpose of enabling or assisting an enforcement authority under the Financial Services (Distance Marketing) Regulations 2004 ( S.I. 2004/2095) to exercise its functions under those Regulations. 36 A disclosure for the purpose of enabling or assisting a local weights and measures authority in England and Wales to exercise its functions under section 171(2) of the Digital Markets, Competition and Consumers Act 2024. 36A. A disclosure for the purpose of enabling or assisting the lead enforcement authority (as defined in section 33(1) of the Estate Agents Act 1979) to exercise its functions under the Estate Agents Act 1979. 37 A disclosure for the purpose of enabling or assisting the Financial Conduct Authority or the Prudential Regulation Authority to exercise its functions under any of the following— (a) the legislation relating to friendly societies ...; (aa) the Consumer Credit Act 1974; (ab) the Credit Unions Act 1979; (b) the Building Societies Act 1986 (c. 53); (c) Part 7 of the Companies Act 1989 (c. 40) (financial markets and insolvency); (d) the Financial Services and Markets Act 2000 (c. 8). (e) the Co-operative and Community Benefit Societies Act 2014. 38 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39 A disclosure for the purpose of enabling or assisting a body corporate established in accordance with section 212(1) of the Financial Services and Markets Act 2000 (compensation scheme manager) to exercise its functions. 40 (1) A disclosure for the purpose of enabling or assisting a recognised investment exchange , a recognised clearing house or a recognised CSD to exercise its functions as such. (2) In sub-paragraph (1) “ recognised investment exchange ” , “recognised clearing house” and “recognised CSD” ” have the same meaning as in section 285 of the Financial Services and Markets Act 2000. 41 A disclosure for the purpose of enabling or assisting a person who is an operator of a relevant system for the purposes of the Uncertificated Securities Regulations 2001 (SI 2001/3755) to exercise their functions. 42 A disclosure for the purpose of enabling or assisting a body designated under section 326(1) of the Financial Services and Markets Act 2000 (designated professional bodies) to exercise its functions in its capacity as a body designated under that section. 43 A disclosure with a view to the institution of, or otherwise for the purposes of, civil proceedings arising under or by virtue of the Financial Services and Markets Act 2000. 44 A disclosure for the purpose of enabling or assisting a body designated by order under section 1252 of this Act (delegation of functions of Secretary of State) to exercise its functions under Part 42 of this Act (statutory auditors). 45 A disclosure for the purpose of enabling or assisting a recognised supervisory or qualifying body, within the meaning of Part 42 of this Act, to exercise its functions as such. 46 A disclosure for the purpose of enabling or assisting the Regulator of Community Interest Companies to exercise functions under the Companies (Audit, Investigations and Community Enterprise) Act 2004 (c. 27). 47 A disclosure for the purpose of enabling or assisting a person authorised by the Secretary of State under Part 2, 3 or 4 of the Proceeds of Crime Act 2002 (c. 29) to exercise their functions. 48 A disclosure with a view to the institution of, or otherwise for the purposes of, proceedings on an application under section 6, 7 or 8 of the Company Directors Disqualification Act 1986 (c. 46) (disqualification for unfitness). 49 A disclosure with a view to the institution of, or otherwise for the purposes of, proceedings before the Upper Tribunal in respect of— (a) a decision of the Financial Services Authority; (aa) a decision of the Prudential Regulation Authority; (b) a decision of the Bank of England; or (c) a decision of a person relating to the assessment of any compensation or consideration under the Banking (Special Provisions) Act 2008 , the Banking Act 2009 or the Financial Services and Markets Act 2023. 50 A disclosure for the purposes of proceedings before a tribunal in relation to a decision of the Pensions Regulator 51 A disclosure for the purpose of enabling or assisting a body appointed under section 14 of the Companies (Audit, Investigations and Community Enterprise) Act 2004 (supervision of periodic accounts and reports of issuers of listed securities) to exercise functions mentioned in subsection (2) of that section. 52 (1) A disclosure with a view to the institution of, or otherwise for the purposes of, disciplinary proceedings relating to the performance by a lawyer, auditor, accountant, valuer or actuary of their professional duties. (2) In sub-paragraph (1) “ lawyer ” means— (a) a person who for the purposes of the Legal Services Act 2007 (c. 29) is an authorised person in relation to an activity that constitutes a reserved legal activity (within the meaning of that Act), (b) a solicitor or barrister in Northern Ireland, (c) a solicitor or advocate in Scotland, or (d) a person who is a member, and entitled to practise as such, of a legal profession regulated in a jurisdiction outside the United Kingdom. (3) Until the coming into force of section 18 of the Legal Services Act 2007, the following is substituted for paragraph (a) of sub-paragraph (2) above— (a) a solicitor or barrister in England and Wales, . 53 (1) A disclosure with a view to the institution of, or otherwise for the purposes of, disciplinary proceedings relating to the performance by a public servant of their duties. (2) In sub-paragraph (1) “ public servant ” means— (a) an officer or employee of the Crown, or (b) an officer or employee of any public or other authority for the time being designated for the purposes of this paragraph by the Secretary of State by order subject to negative resolution procedure. (B) JERSEY 1 A disclosure for the purpose of enabling or assisting an inspector appointed under Part 19 of the Companies (Jersey) Law 1991 to exercise their functions. 2 A disclosure for the purpose of enabling or assisting a person appointed under Article 33 of the Financial Services (Jersey) Law 1998 to exercise their functions. 3 A disclosure for the purpose of enabling or assisting an inspector appointed under Article 22 of the Collective Investment Funds (Jersey) Law 1988 to exercise their functions. 4 A disclosure for the purpose of enabling or assisting the Minister for Economic Development to exercise functions under any of the following— (a) the Bankruptcy Désastre (Jersey) Law 1990; (b) the Companies (Jersey) Law 1991; (c) the Financial Services (Jersey) Law 1998. 5 A disclosure for the purpose of enabling or assisting the Comptroller of Income Tax to exercise their functions. 6 A disclosure for the purpose of enabling or assisting the Agent of the Impôts to exercise their functions. 7 A disclosure for the purpose of enabling or assisting the Jersey Competition Regulatory Authority to exercise its functions. 8 A disclosure for the purpose of enabling or assisting Her Majesty's Attorney General for Jersey to exercise their functions in connection with charities. 9 A disclosure for the purpose of enabling or assisting Her Majesty's Attorney General for Jersey to exercise their functions under the Distance Selling (Jersey) Law 2007. 10 A disclosure for the purpose of enabling or assisting the Viscount to exercise their functions in relation to désastre or in relation to Part 2 of the Proceeds of Crime (Jersey) Law 1999. 11 A disclosure with a view to the institution of, or otherwise for the purposes of, proceedings on an application under Article 78 of the Companies (Jersey) Law 1991 (disqualification orders). 12 (1) A disclosure with a view to the institution of, or otherwise for the purposes of, disciplinary proceedings relating to the performance by a solicitor, advocate, foreign lawyer, auditor, accountant, valuer or actuary of their professional duties. (2) In sub-paragraph (1)— (a) “ solicitor ” means a person who has been admitted as a solicitor under the Advocates and Solicitors (Jersey) Law 1997; (b) “ advocate ” means a person who has been admitted to the Bar under that Law; and (c) “ foreign lawyer ” means a person who has not been admitted as mentioned in paragraph (a) or (b) but is a member, and entitled to practise as such, of a legal profession regulated within a jurisdiction outside Jersey. 13 (1) A disclosure with a view to the institution of, or otherwise for the purposes of, disciplinary proceedings relating to the performance by a public servant of their duties. (2) In sub-paragraph (1) “ public servant ” means— (a) an individual who holds office under, or is employed by, the Crown, (b) a member, officer or employee of the States of Jersey or an officer or employee in an administration of the States of Jersey, (c) a member, officer or employee of the Jersey Financial Services Commission, or (d) any person exercising public functions who is declared by Order of the Minister for Economic Development to be a public servant for the purposes of paragraph 25 of the Schedule to the Companies (Takeovers and Mergers Panel) (Jersey) Law 2009. (C) GUERNSEY 1 A disclosure for the purpose of enabling or assisting the Registrar of Companies appointed under the Companies (Guernsey) Law 2008 to exercise their functions under that Law. 2 A disclosure for the purpose of enabling or assisting a person appointed under— (a) section 27E or 41I of the Protection of Investors (Bailiwick of Guernsey) Law 1987, (b) section 27 of the Banking Supervision (Bailiwick of Guernsey) Law 1994, (c) section 10 of the Company Securities (Insider Dealing) (Bailiwick of Guernsey) Law 1996, (d) section 24 of the Regulation of Fiduciaries, Administration Businesses and Company Directors (Bailiwick of Guernsey) Law 2000, (e) section 69 of the Insurance Business (Bailiwick of Guernsey) Law 2002, (f) section 46 of the Insurance Managers and Insurance Intermediaries (Bailiwick of Guernsey) Law 2002, (g) section 19 of the Registration of Non-Regulated Financial Services Business (Bailiwick of Guernsey) Law 2008, to exercise their functions. 3 A disclosure for the purpose of enabling or assisting Her Majesty's Procureur to exercise their functions in connection with charities. 4 A disclosure for the purpose of enabling or assisting the Guernsey Banking Deposit Compensation Scheme, established under section 46 of the Banking Supervision (Bailiwick of Guernsey) Law 1987 by the Banking Deposit Compensation Scheme (Bailiwick of Guernsey) Ordinance 2008, to exercise its functions. 5 A disclosure for the purpose of enabling or assisting any supervisory body or professional oversight body to exercise its functions under Part XVIA of the Companies (Guernsey) Law 2008 (regulation of auditors). 6 A disclosure with a view to the institution of, or otherwise for the purposes of, proceedings on an application under Part XXV of the Companies (Guernsey) Law 2008 (disqualification orders). 7 (1) A disclosure with a view to the institution of, or otherwise for the purposes of, disciplinary proceedings relating to the performance by an Advocate of the Royal Court, foreign lawyer, auditor, accountant, valuer or actuary of their professional duties. (2) In sub-paragraph (1) “ foreign lawyer ” means a person who has not been admitted as an Advocate of the Royal Court, but is a member, and entitled to practise as such, of a legal profession regulated within a jurisdiction outside Guernsey. 8 (1) A disclosure with a view to the institution of, or otherwise for the purposes of, disciplinary proceedings relating to the performance by a public servant of their duties. (2) In sub-paragraph (1) “ public servant ” means— (a) an officer or employee of the Crown, (b) a member, officer or employee of the States of Guernsey, (c) a member, officer or employee of the Guernsey Financial Services Commission, or (d) any person exercising public functions who is declared by regulations of the Commerce and Employment Department to be a public servant for the purposes of paragraph 17 of Schedule 6 to the Companies (Guernsey) Law 2008. (D) ISLE OF MAN 1 A disclosure for the purpose of enabling or assisting an inspector appointed by the High Court of the Isle of Man under the enactments of the Isle of Man relating to companies to discharge their functions. 2 A disclosure for the purpose of enabling or assisting a person conducting an investigation under— (a) section 16 of the Collective Investment Schemes Act 2008 (an Act of Tynwald: c. 7); (b) Schedule 2 to the Financial Services Act 2008 (an Act of Tynwald: c. 8); or (c) Schedule 5 to the Insurance Act 2008 (an Act of Tynwald: c. 16), to exercise their functions. 3 A disclosure for the purpose of enabling or assisting the Financial Supervision Commission of the Isle of Man to exercise any of its functions. 4 A disclosure for the purpose of enabling or assisting an auditor of a permitted person (within the meaning of the Financial Services Act 2008 (an Act of Tynwald)) to exercise their functions. 5 A disclosure for the purpose of enabling or assisting the Office of Fair Trading of the Isle of Man to exercise its functions under Schedule 4 to the Financial Services Act 2008 (an Act of Tynwald) in relation to a financial services dispute within the meaning of paragraph 1(1) of that Schedule. 6 A disclosure for the purpose of enabling or assisting an adjudicator appointed under paragraph 4 of Schedule 4 to the Financial Services Act 2008 (an Act of Tynwald) to exercise their functions. 7 A disclosure for the purpose of enabling or assisting the body administering a scheme under section 25 of the Financial Services Act 2008 (an Act of Tynwald) (compensation schemes) to exercise its functions under the scheme. 8 A disclosure with a view to the institution of, or otherwise for the purposes of, civil proceedings arising under or by virtue of the Financial Services Act 2008 (an Act of Tynwald). 9 A disclosure for the purpose of enabling or assisting— (a) the Insurance and Pensions Authority of the Isle of Man; or (b) the Retirement Benefits Schemes Supervisor of the Isle of Man, to exercise its functions under the Retirement Benefits Schemes Act 2000 (an Act of Tynwald: c 14). 10 A disclosure for the purpose of enabling or assisting the Assessor of Income Tax to exercise their functions under enactments of the Isle of Man relating to income tax. 11 A disclosure for the purpose of enabling or assisting the Office of Fair Trading of the Isle of Man to exercise its functions under any of the following— (a) the Unsolicited Goods and Services (Isle of Man) Act 1974 (an Act of Tynwald: c. 5); (b) the Moneylenders Act 1991 (an Act of Tynwald: c. 6); (c) the Consumer Protection Act 1991 (an Act of Tynwald: c. 11); (d) the Fair Trading Act 1996 (an Act of Tynwald: c. 15). 12 A disclosure for the purpose of enabling or assisting the Department of Local Government and the Environment of the Isle of Man to exercise its functions under the Estate Agents Act 1975 (an Act of Tynwald: c. 6) or the Estate Agents Act 1999 (an Act of Tynwald: c. 7). 13 A disclosure for the purpose of enabling or assisting Her Majesty's Attorney General of the Isle of Man to exercise their functions in connection with charities. 14 A disclosure for the purpose of enabling or assisting the Treasury of the Isle of Man to exercise its functions under the enactments of the Isle of Man relating to companies, insurance companies or insolvency. 15 A disclosure for the purpose of enabling or assisting an official receiver appointed in the Isle of Man to exercise their functions under the enactments of the Isle of Man relating to insolvency. 16 (1) A disclosure with a view to the institution of, or otherwise for the purposes of, disciplinary proceedings relating to the performance by an advocate, registered legal practitioner, auditor, accountant, valuer or actuary of their professional duties. (2) In sub-paragraph (1)— “ advocate ” means a person who is qualified to act as an advocate in any court in the Island in accordance with section 7 of the Advocates Act 1976 (an Act of Tynwald: c. 27); “ registered legal practitioner ” means a legal practitioner within the meaning of section 10 of the Legal Practitioners Registration Act 1986 (an Act of Tynwald: c. 15) who is registered within the meaning of that Act. 17 (1) A disclosure with a view to the institution of, or otherwise for the purposes of, disciplinary proceedings relating to the performance by a public servant of their duties. (2) In sub-paragraph (1) “ public servant ” means— (a) an officer or employee of the Crown, or (b) an officer or employee of any public or other authority for the time being designated for the purposes of this paragraph by order made by the Council of Ministers of the Isle of Man. (E) GENERAL 1 A disclosure for the purpose of enabling or assisting— (a) the European Central Bank, or (b) the central bank of any country or territory outside the British Islands, to exercise its functions. 2 (1) A disclosure for the purpose of enabling or assisting an overseas regulatory authority to exercise its regulatory functions. (2) In sub-paragraph (1) “ overseas regulatory authority ” and “ regulatory functions ” have the same meaning as in section 82 of the Companies Act 1989 (assistance for overseas regulatory authorities). 3 A disclosure with a view to the institution of, or otherwise for the purposes of, criminal proceedings in the British Islands or elsewhere. 4 A disclosure for the purpose of the provision of a summary or collection of information framed in such a way as not to enable the identity of any person to whom the information relates to be ascertained. 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . PART 3 OVERSEAS REGULATORY BODIES 1 (1) A disclosure is made in accordance with this Part of this Schedule if— (a) it is made to a person or body exercising relevant functions under legislation in a country or territory outside the British Islands, and (b) it is made for the purpose of enabling or assisting that person or body to exercise those functions. (2) “Relevant functions” for this purpose are functions of a public nature that appear to the Panel to be similar to its own functions or those of the Financial Conduct Authority or the Prudential Regulation Authority or similar to the regulatory functions of the Bank of England. 2 In determining whether to disclose information to a person or body in accordance with this Part of this Schedule, the Panel must have regard to the following considerations— (a) whether the use that the person or body is likely to make of the information is sufficiently important to justify making the disclosure; (b) whether the person or body has adequate arrangements to prevent the information from being used or further disclosed, otherwise than— (i) for the purposes of carrying out the functions mentioned in paragraph 1(1)(a), or (ii) for other purposes substantially similar to those for which information disclosed to the Panel could be used or further disclosed.

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SCHEDULE 3 Amendments of remaining provisions of the Companies Act 1985 relating to offences

Section 1124 Failure to give information about interests in shares etc 1 (1) In subsection (3) of section 444 of the Companies Act 1985 (c. 6) (failure to give information requested by Secretary of State relating to interests in shares etc) for “is liable to imprisonment or a fine, or both” substitute “ commits an offence ”. (2) At the end of that section add— (4) A person guilty of an offence under this section is liable— (a) on conviction on indictment, to imprisonment for a term not exceeding two years or a fine (or both); (b) on summary conviction— (i) in England and Wales, to imprisonment for a term not exceeding twelve months or to a fine not exceeding the statutory maximum (or both) and, for continued contravention, a daily default fine not exceeding one-fiftieth of the statutory maximum; (ii) in Scotland or Northern Ireland, to imprisonment for a term not exceeding six months, or to a fine not exceeding the statutory maximum (or both) and, for continued contravention, a daily default fine not exceeding one-fiftieth of the statutory maximum. . Obstruction of rights conferred by a warrant or failure to comply with requirement under section 448 2 (1) In section 448(7) of the Companies Act 1985 (obstruction of rights conferred by or by virtue of warrant for entry and search of premises) omit the words “and liable to a fine.” to the end. (2) After that provision insert— (7A) A person guilty of an offence under this section is liable— (a) on conviction on indictment, to a fine; (b) on summary conviction, to a fine not exceeding the statutory maximum. . Wrongful disclosure of information to which section 449 applies 3 (1) Section 449 of the Companies Act 1985 (wrongful disclosure of information obtained in course of company investigation) is amended as follows. (2) For subsection (6)(a) and (b) substitute “ is guilty of an offence. ” (3) After subsection (6) insert— (6A) A person guilty of an offence under this section is liable— (a) on conviction on indictment, to imprisonment for a term not exceeding two years or a fine (or both); (b) on summary conviction— (i) in England and Wales, to imprisonment for a term not exceeding twelve months or to a fine not exceeding the statutory maximum (or both); (ii) in Scotland or Northern Ireland, to imprisonment for a term not exceeding six months, or to a fine not exceeding the statutory maximum (or both). . (4) Omit subsection (7). Destruction, mutilation etc of company documents 4 (1) For subsection (3) of section 450 of the Companies Act 1985 (offence of destroying, etc company documents) substitute— (3) A person guilty of an offence under this section is liable— (a) on conviction on indictment, to imprisonment for a term not exceeding seven years or a fine (or both); (b) on summary conviction— (i) in England and Wales, to imprisonment for a term not exceeding twelve months or to a fine not exceeding the statutory maximum (or both); (ii) in Scotland or Northern Ireland, to imprisonment for a term not exceeding six months, or to a fine not exceeding the statutory maximum (or both). . (2) Omit subsection (4) of that section. Provision of false information in purported compliance with section 447 5 (1) For subsection (2) of section 451 of the Companies Act 1985 (c. 6) (provision of false information in response to requirement under section 447) substitute— (2) A person guilty of an offence under this section is liable— (a) on conviction on indictment, to imprisonment for a term not exceeding two years or a fine (or both); (b) on summary conviction— (i) in England and Wales, to imprisonment for a term not exceeding twelve months or to a fine not exceeding the statutory maximum (or both); (ii) in Scotland or Northern Ireland, to imprisonment for a term not exceeding six months, or to a fine not exceeding the statutory maximum (or both). . (2) Omit subsection (3) of that section. Obstruction of inspector, etc exercising power to enter and remain on premises 6 (1) Section 453A of the Companies Act 1985 (obstruction of inspector etc exercising power to enter and remain on premises) is amended as follows. (2) For subsection (5)(a) and (b) substitute “ is guilty of an offence. ” (3) After subsection (5) insert— (5A) A person guilty of an offence under this section is liable— (a) on conviction on indictment, to a fine; (b) on summary conviction, to a fine not exceeding the statutory maximum. . (4) Omit subsection (6). Attempted evasion of restrictions under Part 15 7 (1) In subsection (1) of section 455 of the Companies Act 1985 (attempted evasion of restrictions under Part 15) for “is liable to a fine if he” substitute “ commits an offence if he ”. (2) In subsection (2) of that section for the words “the company” to the end substitute an offence is committed by— (a) the company, and (b) every officer of the company who is in default. (3) After that subsection insert— (2A) A person guilty of an offence under this section is liable— (a) on conviction on indictment, to a fine; (b) on summary conviction, to a fine not exceeding the statutory maximum. .

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SCHEDULE 4 Documents and information sent or supplied to a company

Section 1144(1) Part 1 Introduction Application of Schedule 1 (1) This Schedule applies to documents or information sent or supplied to a company. (2) It does not apply to documents or information sent or supplied by another company (see section 1144(3) and Schedule 5). Part 2 Communications in hard copy form Introduction 2 A document or information is validly sent or supplied to a company if it is sent or supplied in hard copy form in accordance with this Part of this Schedule. Method of communication in hard copy form 3 (1) A document or information in hard copy form may be sent or supplied by hand or by post to an address (in accordance with paragraph 4). (2) For the purposes of this Schedule, a person sends a document or information by post if he posts a prepaid envelope containing the document or information. Address for communications in hard copy form 4 A document or information in hard copy form may be sent or supplied— (a) to an address specified by the company for the purpose; (b) to the company's registered office; (c) to an address to which any provision of the Companies Acts authorises the document or information to be sent or supplied. PART 2A Communications in electronic form from the registrar or the Secretary of State 4A (1) A document or information is validly sent or supplied to a company by the registrar or the Secretary of State if it is sent or supplied in electronic form in accordance with sub-paragraph (2) or (3). (2) Where the document or information is sent or supplied by electronic means it may only be sent— (a) in the case of a company registered under this Act, to the company’s registered email address; (b) in the case of any company, to an address specified by the company for that purpose (generally or specifically). (3) Where the document or information is sent or supplied in electronic form by hand or by post, it must be sent or supplied to an address to which it could be validly sent if it were in hard copy form. Part 3 Communications in electronic form in other cases Introduction 5 A document or information is validly sent or supplied to a company by a person other than the registrar or the Secretary of State if it is sent or supplied in electronic form in accordance with this Part of this Schedule. Conditions for use of communications in electronic form 6 A document or information may only be sent or supplied to a company in electronic form if— (a) the company has agreed (generally or specifically) that the document or information may be sent or supplied in that form (and has not revoked that agreement), or (b) the company is deemed to have so agreed by a provision in the Companies Acts. Address for communications in electronic form 7 (1) Where the document or information is sent or supplied by electronic means, it may only be sent or supplied to an address— (a) specified for the purpose by the company (generally or specifically), or (b) deemed by a provision in the Companies Acts to have been so specified. (2) Where the document or information is sent or supplied in electronic form by hand or by post, it must be sent or supplied to an address to which it could be validly sent if it were in hard copy form. Part 4 Other agreed forms of communication 8 A document or information that is sent or supplied to a company otherwise than in hard copy form or electronic form is validly sent or supplied if it is sent or supplied in a form or manner that has been agreed by the company.

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SCHEDULE 5 Communications by a company

Section 1144(2) Part 1 Introduction Application of this Schedule 1 This Schedule applies to documents or information sent or supplied by a company. Part 2 Communications in hard copy form Introduction 2 A document or information is validly sent or supplied by a company if it is sent or supplied in hard copy form in accordance with this Part of this Schedule. Method of communication in hard copy form 3 (1) A document or information in hard copy form must be— (a) handed to the intended recipient, or (b) sent or supplied by hand or by post to an address (in accordance with paragraph 4). (2) For the purposes of this Schedule, a person sends a document or information by post if he posts a prepaid envelope containing the document or information. Address for communications in hard copy form 4 (1) A document or information in hard copy form may be sent or supplied by the company— (a) to an address specified for the purpose by the intended recipient; (b) to a company at its registered office; (c) to a person in his capacity as a member of the company at his address as shown in the company's register of members; (d) to a person in his capacity as a director of the company at his address as shown in the register; (e) to an address to which any provision of the Companies Acts authorises the document or information to be sent or supplied. (1A) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (2) Where the company is unable to obtain an address falling within sub-paragraph (1), the document or information may be sent or supplied to the intended recipient's last address known to the company. Part 3 Communications in electronic form Introduction 5 A document or information is validly sent or supplied by a company if it is sent in electronic form in accordance with this Part of this Schedule. Agreement to communications in electronic form 6 A document or information may only be sent or supplied by a company in electronic form— (a) to a person who has agreed (generally or specifically) that the document or information may be sent or supplied in that form (and has not revoked that agreement), or (b) to a company that is deemed to have so agreed by a provision in the Companies Acts. Address for communications in electronic form 7 (1) Where the document or information is sent or supplied by electronic means, it may only be sent or supplied to an address— (a) specified for the purpose by the intended recipient (generally or specifically), or (b) where the intended recipient is a company, deemed by a provision of the Companies Acts to have been so specified. (2) Where the document or information is sent or supplied in electronic form by hand or by post, it must be— (a) handed to the intended recipient, or (b) sent or supplied to an address to which it could be validly sent if it were in hard copy form. Part 4 Communications by means of a website Use of website 8 A document or information is validly sent or supplied by a company if it is made available on a website in accordance with this Part of this Schedule. Agreement to use of website 9 A document or information may only be sent or supplied by the company to a person by being made available on a website if the person— (a) has agreed (generally or specifically) that the document or information may be sent or supplied to him in that manner, or (b) is taken to have so agreed under— (i) paragraph 10 (members of the company etc), or (ii) paragraph 11 (debenture holders), and has not revoked that agreement. Deemed agreement of members of company etc to use of website 10 (1) This paragraph applies to a document or information to be sent or supplied to a person— (a) as a member of the company, or (b) as a person nominated by a member in accordance with the company's articles to enjoy or exercise all or any specified rights of the member in relation to the company, or (c) as a person nominated by a member under section 146 to enjoy information rights. (2) To the extent that— (a) the members of the company have resolved that the company may send or supply documents or information to members by making them available on a website, or (b) the company's articles contain provision to that effect, a person in relation to whom the following conditions are met is taken to have agreed that the company may send or supply documents or information to him in that manner. (3) The conditions are that— (a) the person has been asked individually by the company to agree that the company may send or supply documents or information generally, or the documents or information in question, to him by means of a website, and (b) the company has not received a response within the period of 28 days beginning with the date on which the company's request was sent. (4) A person is not taken to have so agreed if the company's request— (a) did not state clearly what the effect of a failure to respond would be, or (b) was sent less than twelve months after a previous request made to him for the purposes of this paragraph in respect of the same or a similar class of documents or information. (5) Chapter 3 of Part 3 (resolutions affecting a company's constitution) applies to a resolution under this paragraph. Deemed agreement of debenture holders to use of website 11 (1) This paragraph applies to a document or information to be sent or supplied to a person as holder of a company's debentures. (2) To the extent that— (a) the relevant debenture holders have duly resolved that the company may send or supply documents or information to them by making them available on a website, or (b) the instrument creating the debenture in question contains provision to that effect, a debenture holder in relation to whom the following conditions are met is taken to have agreed that the company may send or supply documents or information to him in that manner. (3) The conditions are that— (a) the debenture holder has been asked individually by the company to agree that the company may send or supply documents or information generally, or the documents or information in question, to him by means of a website, and (b) the company has not received a response within the period of 28 days beginning with the date on which the company's request was sent. (4) A person is not taken to have so agreed if the company's request— (a) did not state clearly what the effect of a failure to respond would be, or (b) was sent less than twelve months after a previous request made to him for the purposes of this paragraph in respect of the same or a similar class of documents or information. (5) For the purposes of this paragraph— (a) the relevant debenture holders are the holders of debentures of the company ranking pari passu for all purposes with the intended recipient, and (b) a resolution of the relevant debenture holders is duly passed if they agree in accordance with the provisions of the instruments creating the debentures. Availability of document or information 12 (1) A document or information authorised or required to be sent or supplied by means of a website must be made available in a form, and by a means, that the company reasonably considers will enable the recipient— (a) to read it, and (b) to retain a copy of it. (2) For this purpose a document or information can be read only if— (a) it can be read with the naked eye, or (b) to the extent that it consists of images (for example photographs, pictures, maps, plans or drawings), it can be seen with the naked eye. Notification of availability 13 (1) The company must notify the intended recipient of— (a) the presence of the document or information on the website, (b) the address of the website, (c) the place on the website where it may be accessed, and (d) how to access the document or information. (2) The document or information is taken to be sent— (a) on the date on which the notification required by this paragraph is sent, or (b) if later, the date on which the document or information first appears on the website after that notification is sent. Period of availability on website 14 (1) The company must make the document or information available on the website throughout— (a) the period specified by any applicable provision of the Companies Acts, or (b) if no such period is specified, the period of 28 days beginning with the date on which the notification required under paragraph 13 is sent to the person in question. (2) For the purposes of this paragraph, a failure to make a document or information available on a website throughout the period mentioned in sub-paragraph (1) shall be disregarded if— (a) it is made available on the website for part of that period, and (b) the failure to make it available throughout that period is wholly attributable to circumstances that it would not be reasonable to have expected the company to prevent or avoid. Part 5 Other agreed forms of communication 15 A document or information that is sent or supplied otherwise than in hard copy or electronic form or by means of a website is validly sent or supplied if it is sent or supplied in a form or manner that has been agreed by the intended recipient. Part 6 Supplementary provisions Joint holders of shares or debentures 16 (1) This paragraph applies in relation to documents or information to be sent or supplied to joint holders of shares or debentures of a company. (2) Anything to be agreed or specified by the holder must be agreed or specified by all the joint holders. (3) Anything authorised or required to be sent or supplied to the holder may be sent or supplied either— (a) to each of the joint holders, or (b) to the holder whose name appears first in the register of members or the relevant register of debenture holders. (3A) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4) This paragraph has effect subject to anything in the company's articles. Death or bankruptcy of holder of shares 17 (1) This paragraph has effect in the case of the death or bankruptcy of a holder of a company's shares. (2) Documents or information required or authorised to be sent or supplied to the member may be sent or supplied to the persons claiming to be entitled to the shares in consequence of the death or bankruptcy— (a) by name, or (b) by the title of representatives of the deceased, or trustee of the bankrupt, or by any like description, at the address in the United Kingdom supplied for the purpose by those so claiming. (3) Until such an address has been so supplied, a document or information may be sent or supplied in any manner in which it might have been sent or supplied if the death or bankruptcy had not occurred. (4) This paragraph has effect subject to anything in the company's articles. (5) References in this paragraph to the bankruptcy of a person include— (a) the sequestration of the estate of a person; (b) a person's estate being the subject of a protected trust deed (within the meaning of the Bankruptcy (Scotland) Act 2016). In such a case the reference in sub-paragraph (2)(b) to the trustee of the bankrupt is to be read as the trustee or interim trustee (under that Act) on the sequestrated estate or, as the case may be, the trustee under the protected deed.

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SCHEDULE 6 Meaning of “subsidiary” etc: supplementary provisions

Section 1159 Introduction 1 The provisions of this Part of this Schedule explain expressions used in section 1159 (meaning of “subsidiary” etc) and otherwise supplement that section. Voting rights in a company 2 In section 1159(1)(a) and (c) the references to the voting rights in a company are to the rights conferred on shareholders in respect of their shares or, in the case of a company not having a share capital, on members, to vote at general meetings of the company on all, or substantially all, matters. Right to appoint or remove a majority of the directors 3 (1) In section 1159(1)(b) the reference to the right to appoint or remove a majority of the board of directors is to the right to appoint or remove directors holding a majority of the voting rights at meetings of the board on all, or substantially all, matters. (2) A company shall be treated as having the right to appoint to a directorship if— (a) a person's appointment to it follows necessarily from his appointment as director of the company, or (b) the directorship is held by the company itself. (3) A right to appoint or remove which is exercisable only with the consent or concurrence of another person shall be left out of account unless no other person has a right to appoint or, as the case may be, remove in relation to that directorship. Rights exercisable only in certain circumstances or temporarily incapable of exercise 4 (1) Rights which are exercisable only in certain circumstances shall be taken into account only— (a) when the circumstances have arisen, and for so long as they continue to obtain, or (b) when the circumstances are within the control of the person having the rights. (2) Rights which are normally exercisable but are temporarily incapable of exercise shall continue to be taken into account. Rights held by one person on behalf of another 5 Rights held by a person in a fiduciary capacity shall be treated as not held by him. 6 (1) Rights held by a person as nominee for another shall be treated as held by the other. (2) Rights shall be regarded as held as nominee for another if they are exercisable only on his instructions or with his consent or concurrence. Rights attached to shares held by way of security 7 Rights attached to shares held by way of security shall be treated as held by the person providing the security— (a) where apart from the right to exercise them for the purpose of preserving the value of the security, or of realising it, the rights are exercisable only in accordance with his instructions, and (b) where the shares are held in connection with the granting of loans as part of normal business activities and apart from the right to exercise them for the purpose of preserving the value of the security, or of realising it, the rights are exercisable only in his interests. Rights attributed to holding company 8 (1) Rights shall be treated as held by a holding company if they are held by any of its subsidiary companies. (2) Nothing in paragraph 6 or 7 shall be construed as requiring rights held by a holding company to be treated as held by any of its subsidiaries. (3) For the purposes of paragraph 7 rights shall be treated as being exercisable in accordance with the instructions or in the interests of a company if they are exercisable in accordance with the instructions of or, as the case may be, in the interests of— (a) any subsidiary or holding company of that company, or (b) any subsidiary of a holding company of that company. Disregard of certain rights 9 The voting rights in a company shall be reduced by any rights held by the company itself. Supplementary 10 References in any provision of paragraphs 5 to 9 to rights held by a person include rights falling to be treated as held by him by virtue of any other provision of those paragraphs but not rights which by virtue of any such provision are to be treated as not held by him.

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SCHEDULE 7 Parent and subsidiary undertakings: supplementary provisions

Section 1162 Introduction 1 The provisions of this Schedule explain expressions used in section 1162 (parent and subsidiary undertakings) and otherwise supplement that section. Voting rights in an undertaking 2 (1) In section 1162(2)(a) and (d) the references to the voting rights in an undertaking are to the rights conferred on shareholders in respect of their shares or, in the case of an undertaking not having a share capital, on members, to vote at general meetings of the undertaking on all, or substantially all, matters. (2) In relation to an undertaking which does not have general meetings at which matters are decided by the exercise of voting rights the references to holding a majority of the voting rights in the undertaking shall be construed as references to having the right under the constitution of the undertaking to direct the overall policy of the undertaking or to alter the terms of its constitution. Right to appoint or remove a majority of the directors 3 (1) In section 1162(2)(b) the reference to the right to appoint or remove a majority of the board of directors is to the right to appoint or remove directors holding a majority of the voting rights at meetings of the board on all, or substantially all, matters. (2) An undertaking shall be treated as having the right to appoint to a directorship if— (a) a person's appointment to it follows necessarily from his appointment as director of the undertaking, or (b) the directorship is held by the undertaking itself. (3) A right to appoint or remove which is exercisable only with the consent or concurrence of another person shall be left out of account unless no other person has a right to appoint or, as the case may be, remove in relation to that directorship. Right to exercise dominant influence 4 (1) For the purposes of section 1162(2)(c) an undertaking shall not be regarded as having the right to exercise a dominant influence over another undertaking unless it has a right to give directions with respect to the operating and financial policies of that other undertaking which its directors are obliged to comply with whether or not they are for the benefit of that other undertaking. (2) A “control contract” means a contract in writing conferring such a right which— (a) is of a kind authorised by the articles of the undertaking in relation to which the right is exercisable, and (b) is permitted by the law under which that undertaking is established. (3) This paragraph shall not be read as affecting the construction of section 1162(4)(a). Rights exercisable only in certain circumstances or temporarily incapable of exercise 5 (1) Rights which are exercisable only in certain circumstances shall be taken into account only— (a) when the circumstances have arisen, and for so long as they continue to obtain, or (b) when the circumstances are within the control of the person having the rights. (2) Rights which are normally exercisable but are temporarily incapable of exercise shall continue to be taken into account. Rights held by one person on behalf of another 6 Rights held by a person in a fiduciary capacity shall be treated as not held by him. 7 (1) Rights held by a person as nominee for another shall be treated as held by the other. (2) Rights shall be regarded as held as nominee for another if they are exercisable only on his instructions or with his consent or concurrence. Rights attached to shares held by way of security 8 Rights attached to shares held by way of security shall be treated as held by the person providing the security— (a) where apart from the right to exercise them for the purpose of preserving the value of the security, or of realising it, the rights are exercisable only in accordance with his instructions, and (b) where the shares are held in connection with the granting of loans as part of normal business activities and apart from the right to exercise them for the purpose of preserving the value of the security, or of realising it, the rights are exercisable only in his interests. Rights attributed to parent undertaking 9 (1) Rights shall be treated as held by a parent undertaking if they are held by any of its subsidiary undertakings. (2) Nothing in paragraph 7 or 8 shall be construed as requiring rights held by a parent undertaking to be treated as held by any of its subsidiary undertakings. (3) For the purposes of paragraph 8 rights shall be treated as being exercisable in accordance with the instructions or in the interests of an undertaking if they are exercisable in accordance with the instructions of or, as the case may be, in the interests of any group undertaking. Disregard of certain rights 10 The voting rights in an undertaking shall be reduced by any rights held by the undertaking itself. Supplementary 11 References in any provision of paragraphs 6 to 10 to rights held by a person include rights falling to be treated as held by him by virtue of any other provision of those paragraphs but not rights which by virtue of any such provision are to be treated as not held by him.

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