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

917 Circumstances in which no meetings required (merger)

(1) This section applies in the case of a merger by absorption where all of the relevant securities of the transferor company (or, if there is more than one transferor company, of each of them) are held by or on behalf of the transferee company. (2) It is not necessary for the scheme to be approved at a meeting of the members, or any class of members, of any of the merging companies if the court is satisfied that the following conditions have been complied with. (3) The first condition is that either subsection (3A) or subsection (3B) is satisfied. (3A) This subsection is satisfied if publication of notice of receipt of the draft terms by the registrar took place in respect of all the merging companies at least one month before the date of the court's order. (3B) This subsection is satisfied if— (a) the conditions in section 906A(2) to (4) are met in respect of each of the merging companies, (b) in each case, the registrar published the notice mentioned in subsection (4) of that section in the Gazette at least one month before the date of the court's order, and (c) the draft terms remained available on the website throughout the period beginning one month before, and ending on, that date. (4) The second condition is that subsection (4A) or (4B) is satisfied for each of the documents listed in the applicable paragraphs of section 911(3)(a) to (f) relating to the transferee company and the transferor company (or, if there is more than one transferor company, each of them). (4A) This subsection is satisfied for a document if the members of the transferee company were able during the period beginning one month before, and ending on, the date mentioned in subsection (3A) to inspect that document at the registered office of that company. (4B) This subsection is satisfied for a document if— (a) the document is made available on a website which is maintained by or on behalf of the transferee company and identifies the company, (b) access to the document on the website is not conditional on the payment of a fee or otherwise restricted, and (c) the document remains available on the website throughout the period beginning one month before, and ending on, the date mentioned in subsection (3A). (4C) The third condition is that the members of the transferee company were able to obtain copies of the documents mentioned in subsection (4), or any part of those documents, on request and free of charge, throughout the period beginning one month before, and ending on, the date mentioned in subsection (3A). (4D) For the purposes of subsection (4C)— (a) section 911A(5) applies as it applies for the purposes of section 911(1)(b), and (b) Part 4 of Schedule 5 (communications by means of a website) does not apply. (5) The fourth condition is that— (a) one or more members of the transferee company, who together held not less than 5% of the paid-up capital of the company which carried the right to vote at general meetings of the company (excluding any shares in the company held as treasury shares) would have been able, during that period, to require a meeting of each class of members to be called for the purpose of deciding whether or not to agree to the scheme, and (b) no such requirement was made. (6) In this section “relevant securities”, in relation to a company, means shares or other securities carrying the right to vote at general meetings of the company.

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917A Other circumstances in which meeting of members of transferor company not required (merger)

In the case of a compromise or arrangement to be sanctioned under Part 26A, it is not necessary for the scheme to be approved by the members of the company in respect of which the compromise or arrangement is proposed.

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918 Other circumstances in which meeting of members of transferee company not required (merger)

(1) In the case of any merger by absorption, it is not necessary for the scheme to be approved by the members of the transferee company if the court is satisfied that the following conditions have been complied with. (2) The first condition is that either subsection (2A) or subsection (2B) is satisfied. (2A) This subsection is satisfied if publication of notice of receipt of the draft terms by the registrar took place in respect of the transferee company at least one month before the date of the first meeting of members, or any class of members, of the transferor company (or, if there is more than one transferor company, any of them) summoned for the purposes of agreeing to the scheme. (2B) This subsection is satisfied if— (a) the conditions in section 906A(2) to (4) are met in respect of the transferee company, (b) the registrar published the notice mentioned in subsection (4) of that section in the Gazette at least one month before the date of the first meeting of members, or any class of members, of the transferor company (or, if there is more than one transferor company, any of them) summoned for the purposes of agreeing to the scheme, and (c) the draft terms remained available on the website throughout the period beginning one month before, and ending on, that date. (3) The second condition is that subsection (3A) or (3B) is satisfied for each of the documents listed in the applicable paragraphs of section 911(3) relating to the transferee company and the transferor company (or, if there is more than one transferor company, each of them). (3A) This subsection is satisfied for a document if the members of the transferee company were able during the period beginning one month before, and ending on, the date of any such meeting as is mentioned in subsection (2A) to inspect that document at the registered office of that company. (3B) This subsection is satisfied for a document if— (a) the document is made available on a website which is maintained by or on behalf of the transferee company and identifies the company, (b) access to the document on the website is not conditional on the payment of a fee or otherwise restricted, and (c) the document remains available on the website throughout the period beginning one month before, and ending on, the date of any such meeting as is mentioned in subsection (2A). (3C) The third condition is that the members of the transferee company were able to obtain copies of the documents mentioned in subsection (3), or any part of those documents, on request and free of charge, throughout the period beginning one month before, and ending on, the date of any such meeting as is mentioned in subsection (2A). (3D) For the purposes of subsection (3C)— (a) section 911A(5) applies as it applies for the purposes of section 911(1)(b), and (b) Part 4 of Schedule 5 (communications by means of a website) does not apply. (4) The fourth condition is that— (a) one or more members of that company, who together held not less than 5% of the paid-up capital of the company which carried the right to vote at general meetings of the company (excluding any shares in the company held as treasury shares) would have been able, during that period, to require a meeting of each class of members to be called for the purpose of deciding whether or not to agree to the scheme, and (b) no such requirement was made.

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918A Agreement to dispense with reports etc (merger)

(1) If all members holding shares in, and all persons holding other securities of, the merging companies, being shares or securities that carry a right to vote in general meetings of the company in question, so agree, the following requirements do not apply. (1A) The requirements that may be dispensed with under this section are— (a) the requirements of— (i) i)section 908 (directors' explanatory report), (ii) section 909 (expert's report), (iii) section 910 (supplementary accounting statement), and (iv) section 911B (report on material changes of assets of merging company); and (b) the requirements of section 911 (inspection of documents) so far as relating to any document required to be drawn up under sections 908, 909 or 910. (2) For the purposes of this section— (a) the members, or holders of other securities, of a company, and (b) whether shares or other securities carry a right to vote in general meetings of the company, are determined as at the date of the relevant application. (3) In subsection (2) “the relevant application” means— (a) in the case of a compromise or arrangement to be sanctioned under Part 26, the application to the court under section 896; (b) in the case of a compromise or arrangement to be sanctioned under Part 26A, the application to the court under section 901C(1).

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919 Divisions and companies involved in a division

(1) The scheme involves a division where under the scheme the undertaking, property and liabilities of the company in respect of which the compromise or arrangement is proposed are to be divided among and transferred to two or more companies each of which is either— (a) an existing public company, or (b) a new company (whether or not a public company). (2) References in this Part to the companies involved in the division are to the transferor company and any existing transferee companies.

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920 Draft terms of scheme (division)

(1) A draft of the proposed terms of the scheme must be drawn up and adopted by the directors of each of the companies involved in the division. (2) The draft terms must give particulars of at least the following matters— (a) in respect of the transferor company and each transferee company— (i) its name, (ii) the address of its registered office, and (iii) whether it is a company limited by shares or a company limited by guarantee and having a share capital; (b) the number of shares in a transferee company to be allotted to members of the transferor company for a given number of their shares (the “share exchange ratio”) and the amount of any cash payment; (c) the terms relating to the allotment of shares in a transferee company; (d) the date from which the holding of shares in a transferee company will entitle the holders to participate in profits, and any special conditions affecting that entitlement; (e) the date from which the transactions of the transferor company are to be treated for accounting purposes as being those of a transferee company; (f) any rights or restrictions attaching to shares or other securities in a transferee company to be allotted under the scheme to the holders of shares or other securities in the transferor company to which any special rights or restrictions attach, or the measures proposed concerning them; (g) any amount of benefit paid or given or intended to be paid or given— (i) to any of the experts referred to in section 924 (expert's report), or (ii) to any director of a company involved in the division, and the consideration for the payment of benefit. (3) The draft terms must also— (a) give particulars of the property and liabilities to be transferred (to the extent that these are known to the transferor company) and their allocation among the transferee companies; (b) make provision for the allocation among and transfer to the transferee companies of any other property and liabilities that the transferor company has acquired or may subsequently acquire; and (c) specify the allocation to members of the transferor company of shares in the transferee companies and the criteria upon which that allocation is based.

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921 Publication of draft terms by registrar(division)

(1) The directors of each company involved in the division must deliver a copy of the draft terms to the registrar. (2) The registrar must publish in the Gazette notice of receipt by him from that company of a copy of the draft terms. (3) That notice must be published at least one month before the date of any meeting of that company summoned for the purposes of approving the scheme. (4) The requirements in this section are subject to section 921A (publication of draft terms on company website) and section 934 (power of court to exclude certain requirements).

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921A Publication of draft terms on company website (division)

(1) Section 921 does not apply in respect of a company if the conditions in subsections (2) to (6) are met. (2) The first condition is that the draft terms are made available on a website which— (a) is maintained by or on behalf of the company, and (b) identifies the company. (3) The second condition is that neither access to the draft terms on the website nor the supply of a hard copy of them from the website is conditional on payment of a fee or otherwise restricted. (4) The third condition is that the directors of the company deliver to the registrar a notice giving details of the website. (5) The fourth condition is that the registrar publishes the notice in the Gazette at least one month before the date of any meeting of the company summoned for the purpose of approving the scheme. (6) The fifth condition is that the draft terms remain available on the website throughout the period beginning one month before, and ending on, the date of any such meeting.

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922 Approval of members of companies involved in the division

(1) The scheme must be approved by a majority in number, representing 75% in value, of each class of members of each of the companies involved in the division, present and voting either in person or by proxy at a meeting. (2) This requirement is subject to sections 931, 931A and 932 (circumstances in which meeting of members not required).

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923 Directors' explanatory report (division)

(1) The directors of the transferor and each existing transferee company must draw up and adopt a report. (2) The report must consist of— (a) the required statement explaining the effect of the compromise or arrangement, and (b) insofar as that statement does not deal with the following matters, a further statement— (i) setting out the legal and economic grounds for the draft terms, and in particular for the share exchange ratio and for the criteria on which the allocation to the members of the transferor company of shares in the transferee companies was based, and (ii) specifying any special valuation difficulties. (2A) In subsection (2) “the required statement explaining the effect of the compromise or arrangement” means— (a) in a case where a meeting is summoned under section 896 in relation to the compromise or arrangement, the statement required by section 897; (b) in a case where a meeting is summoned under section 901C in relation to the compromise or arrangement, the statement required by section 901D. (3) The report must also state— (a) whether a report has been made to any transferee company under section 593 (valuation of non-cash consideration for shares), and (b) if so, whether that report has been delivered to the registrar of companies. (4) The requirement in this section is subject to section 933 (agreement to dispense with reports etc) and section 933A (certain requirements excluded where shareholders given proportional rights).

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924 Expert's report (division)

(1) An expert's report must be drawn up on behalf of each company involved in the division. (2) The report required is a written report on the draft terms to the members of the company. (3) The court may on the joint application of the companies involved in the division approve the appointment of a joint expert to draw up a single report on behalf of all those companies. If no such appointment is made, there must be a separate expert's report to the members of each company involved in the division drawn up by a separate expert appointed on behalf of that company. (4) The expert must be a person who— (a) is eligible for appointment as a statutory auditor (see section 1212), and (b) meets the independence requirement in section 936. (5) The expert's report must— (a) indicate the method or methods used to arrive at the share exchange ratio; (b) give an opinion as to whether the method or methods used are reasonable in all the circumstances of the case, indicate the values arrived at using each such method and (if there is more than one method) give an opinion on the relative importance attributed to such methods in arriving at the value decided on; (c) describe any special valuation difficulties that have arisen; (d) state whether in the expert's opinion the share exchange ratio is reasonable; and (e) in the case of a valuation made by a person other than himself (see section 935), state that it appeared to him reasonable to arrange for it to be so made or to accept a valuation so made. (6) The expert (or each of them) has— (a) the right of access to all such documents of the companies involved in the division, and (b) the right to require from the companies' officers all such information, as he thinks necessary for the purposes of making his report. (7) The requirement in this section is subject to section 933 (agreement to dispense with reports etc) and section 933A (certain requirements excluded where shareholders given proportional rights).

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925 Supplementary accounting statement (division)

(1) This section applies if the last annual accounts of a company involved in the division relate to a financial year ending before— (a) the date seven months before the first meeting of the company summoned for the purposes of approving the scheme, or (b) if no meeting of the company is required (by virtue of section 931, 931A or 932), the date six months before the directors of the company adopt the draft terms of the scheme. (1A) If the company has not made public a half-yearly financial report relating to a period ending on or after the date mentioned in subsection (1), the directors of the company must prepare a supplementary accounting statement. (2) That statement must consist of— (a) a balance sheet dealing with the state of affairs of the company as at a date not more than three months before the draft terms were adopted by the directors, and (b) where the company would be required under section 399 to prepare group accounts if that date were the last day of a financial year, a consolidated balance sheet dealing with the state of affairs of the company and the undertakings that would be included in such a consolidation. (3) The requirements of this Act ... as to the balance sheet forming part of a company's annual accounts, and the matters to be included in notes to it, apply to the balance sheet required for an accounting statement under this section, with such modifications as are necessary by reason of its being prepared otherwise than as at the last day of a financial year. (4) The provisions of section 414 as to the approval and signing of accounts apply to the balance sheet required for an accounting statement under this section. (4A) In this section “ half-yearly financial report ” means a report of that description required to be made public by rules under section 89A of the Financial Services and Markets Act 2000 (transparency rules). (5) The requirement in this section is subject to section 933 (agreement to dispense with reports etc) and section 933A (certain requirements excluded where shareholders given proportional rights).

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926 Inspection of documents (division)

(1) The members of each company involved in the division must be able, during the period specified below— (a) to inspect at the registered office of that company copies of the documents listed below relating to that company and every other company involved in the division, and (b) to obtain copies of those documents or any part of them on request free of charge. (2) The period referred to above is the period— (a) beginning one month before, and (b) ending on the date of, the first meeting of the members, or any class of members, of the company for the purposes of approving the scheme. (3) The documents referred to above are— (a) the draft terms; (b) the directors' explanatory report; (c) the expert's report; (d) the company's annual accounts and reports for the last three financial years ending on or before the first meeting of the members, or any class of members, of the company summoned for the purposes of approving the scheme; . . . (e) any supplementary accounting statement required by section 925; and (f) if no statement is required by section 925 because the company has made public a recent half-yearly financial report (see subsection (1A) of that section), that report. (3A) The requirement in subsection (1)(a) is subject to section 926A(1) (publication of documents on company website). (4) The requirements in subsection (3)(b), (c) and (e) are subject to section 933 (agreement to dispense with reports etc) , section 933A (certain requirements excluded where shareholders given proportional rights) and section 934 (power of court to exclude certain requirements). (5) Section 1145 (right to hard copy) does not apply to a document sent or supplied in accordance with subsection (1)(b) to a member who has consented to information being sent or supplied by the company by electronic means and has not revoked that consent. (6) Part 4 of Schedule 5 (communications by means of a website) does not apply for the purposes of subsection (1)(b) (but see section 926A(5)).

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926A Publication of documents on company website (division)

(1) Section 926(1)(a) does not apply to a document if the conditions in subsections (2) to (4) are met in relation to that document. This is subject to subsection (6). (2) The first condition is that the document is made available on a website which— (a) is maintained by or on behalf of the company, and (b) identifies the company. (3) The second condition is that access to the document on the website is not conditional on payment of a fee or otherwise restricted. (4) The third condition is that the document remains available on the website throughout the period beginning one month before, and ending on, the date of any meeting of the company summoned for the purpose of approving the scheme. (5) A person is able to obtain a copy of a document as required by section 926(1)(b) if— (a) the conditions in subsections (2) and (3) are met in relation to that document, and (b) the person is able, throughout the period specified in subsection (4)— (i) i)to retain a copy of the document as made available on the website, and (ii) to produce a hard copy of it. (6) Where members of a company are able to obtain copies of a document only as mentioned in subsection (5), section 926(1)(a) applies to that document even if the conditions in subsections (2) to (4) are met.

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927 Report on material changes of assets of transferor company (division)

(1) The directors of the transferor company must report— (a) to every meeting of the members, or any class of members, of that company summoned for the purpose of agreeing to the scheme, and (b) to the directors of each existing transferee company, any material changes in the property and liabilities of the transferor company between the date when the draft terms were adopted and the date of the meeting in question. (2) The directors of each existing transferee company must in turn— (a) report those matters to every meeting of the members, or any class of members, of that company summoned for the purpose of agreeing to the scheme, or (b) send a report of those matters to every member entitled to receive notice of such a meeting. (3) The requirement in this section is subject to section 933 (agreement to dispense with reports etc) and section 933A (certain requirements excluded where shareholders given proportional rights).

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928 Approval of articles of new transferee company (division)

(1) The articles of every new transferee company, or a draft of them, must be approved by ordinary resolution of the transferor company. (2) Subsection (1) does not apply in the case of a compromise or arrangement to be sanctioned under Part 26A.

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929 Protection of holders of securities to which special rights attached (division)

(1) The scheme must provide that where any securities of the transferor company (other than shares) to which special rights are attached are held by a person otherwise than as a member or creditor of the company, that person is to receive rights in a transferee company of equivalent value. (2) Subsection (1) does not apply if— (a) the holder has agreed otherwise, or (b) the holder is, or under the scheme is to be, entitled to have the securities purchased by a transferee company on terms that the court considers reasonable.

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930 No allotment of shares to transferor company or its nominee (division)

The scheme must not provide for any shares in a transferee company to be allotted to— (a) the transferor company (or its nominee) in respect of shares in the transferor company held by the transferor company itself (or its nominee); or (b) a transferee company (or its nominee) in respect of shares in the transferor company held by the transferee company (or its nominee).

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931 Circumstances in which meeting of members of transferor company not required (division)

(1) This section applies in the case of a division where all of the shares or other securities of the transferor company carrying the right to vote at general meetings of the company are held by or on behalf of one or more existing transferee companies. (2) It is not necessary for the scheme to be approved by a meeting of the members, or any class of members, of the transferor company if the court is satisfied that the following conditions have been complied with. (3) The first condition is that either subsection (3A) or subsection (3B) is satisfied. (3A) This subsection is satisfied if publication of notice of receipt of the draft terms by the registrar took place in respect of all the companies involved in the division at least one month before the date of the court's order. (3B) This subsection is satisfied if— (a) the conditions in section 921A(2) to (4) are met in respect of each of the companies involved in the division, (b) in each case, the registrar published the notice mentioned in subsection (4) of that section in the Gazette at least one month before the date of the court's order, and (c) the draft terms remained available on the website throughout the period beginning one month before, and ending on, that date. (4) The second condition is that subsection (4A) or (4B) is satisfied for each of the documents listed in the applicable paragraphs of section 926(3) relating to every company involved in the division. (4A) This subsection is satisfied for a document if the members of every company involved in the division were able during the period beginning one month before, and ending on, the date of the court's order to inspect that document at the registered office of their company. (4B) This subsection is satisfied for a document if— (a) the document is made available on a website which is maintained by or on behalf of the company to which it relates and identifies the company, (b) access to the document on the website is not conditional on payment of a fee or otherwise restricted, and (c) the document remains available on the website throughout the period beginning one month before, and ending on, the date of the court's order. (4C) The third condition is that the members of every company involved in the division were able to obtain copies of the documents mentioned in subsection (4), or any part of those documents, on request and free of charge, throughout the period beginning one month before, and ending on, the date of the court's order. (4D) For the purposes of subsection (4C)— (a) section 926A(5) applies as it applies for the purposes of section 926(1)(b), and (b) Part 4 of Schedule 5 (communications by means of a website) does not apply. (5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (6) The fourth condition is that the directors of the transferor company have sent— (a) to every member who would have been entitled to receive notice of a meeting to agree to the scheme (had any such meeting been called), and (b) to the directors of every existing transferee company, a report of any material change in the property and liabilities of the transferor company between the date when the terms were adopted by the directors and the date one month before the date of the court's order.

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931A Other circumstances in which meeting of members of transferor company not required (division)

In the case of a compromise or arrangement to be sanctioned under Part 26A, it is not necessary for the scheme to be approved by the members of the transferor company.

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932 Circumstances in which meeting of members of transferee company not required (division)

(1) In the case of a division, it is not necessary for the scheme to be approved by the members of a transferee company if the court is satisfied that the following conditions have been complied with in relation to that company. (2) The first condition is that either subsection (2A) or subsection (2B) is satisfied. (2A) This subsection is satisfied if publication of notice of receipt of the draft terms by the registrar took place in respect of the transferee company at least one month before the date of the first meeting of members of the transferor company summoned for the purposes of agreeing to the scheme. (2B) This subsection is satisfied if— (a) the conditions in section 921A(2) to (4) are met in respect of the transferee company, (b) the registrar published the notice mentioned in subsection (4) of that section in the Gazette at least one month before the date of the first meeting of members of the transferor company summoned for the purposes of agreeing to the scheme, and (c) the draft terms remained available on the website throughout the period beginning one month before, and ending on, that date. (3) The second condition is that subsection (3A) or (3B) is satisfied for each of the documents listed in the applicable paragraphs of section 926(3) relating to the transferee company and every other company involved in the division. (3A) This subsection is satisfied for a document if the members of the transferee company were able during the period beginning one month before, and ending on, the date mentioned in subsection (2A) to inspect that document at the registered office of that company. (3B) This subsection is satisfied for a document if— (a) the document is made available on a website which is maintained by or on behalf of the transferee company and identifies the company, (b) access to the document on the website is not conditional on payment of a fee or otherwise restricted, and (c) the document remains available on the website throughout the period beginning one month before, and ending on, the date mentioned in subsection (2A). (3C) The third condition is that the members of the transferee company were able to obtain copies of the documents mentioned in subsection (3), or any part of those documents, on request and free of charge, throughout the period beginning one month before, and ending on, the date mentioned in subsection (2A). (3D) For the purposes of subsection (3C)— (a) section 926A(5) applies as it applies for the purposes of section 926(1)(b), and (b) Part 4 of Schedule 5 (communications by means of a website) does not apply. (4) The fourth condition is that— (a) one or more members of that company, who together held not less than 5% of the paid-up capital of the company which carried the right to vote at general meetings of the company (excluding any shares in the company held as treasury shares) would have been able, during that period, to require a meeting of each class of members to be called for the purpose of deciding whether or not to agree to the scheme, and (b) no such requirement was made. (5) The first, second and third conditions above are subject to section 934 (power of court to exclude certain requirements).

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933 Agreement to dispense with reports etc (division)

(1) If all members holding shares in, and all persons holding other securities of, the companies involved in the division, being shares or securities that carry a right to vote in general meetings of the company in question, so agree, the following requirements do not apply. (2) The requirements that may be dispensed with under this section are— (a) the requirements of— (i) section 923 (directors' explanatory report), (ii) section 924 (expert's report), (iii) section 925 (supplementary accounting statement), and (iv) section 927 (report on material changes in assets of transferor company); and (b) the requirements of section 926 (inspection of documents) so far as relating to any document required to be drawn up under the provisions mentioned in paragraph (a)(i), (ii) or (iii) above. (3) For the purposes of this section— (a) the members, or holders of other securities, of a company, and (b) whether shares or other securities carry a right to vote in general meetings of the company, are determined as at the date of the relevant application. (4) In subsection (3) “the relevant application” means— (a) in the case of a compromise or arrangement to be sanctioned under Part 26, the application to the court under section 896; (b) in the case of a compromise or arrangement to be sanctioned under Part 26A, the application to the court under section 901C(1).

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933A Certain requirements excluded where shareholders given proportional rights (division)

(1) This section applies in the case of a division where each of the transferee companies is a new company. (2) If all the shares in each of the transferee companies are to be allotted to the members of the transferor company in proportion to their rights in the allotted share capital of the transferor company, the following requirements do not apply. (3) The requirements which do not apply are— (a) the requirements of— (i) i)section 923 (directors' explanatory report), (ii) section 924 (expert's report), (iii) section 925 (supplementary accounting statement), and (iv) section 927 (report on material changes in assets of transferor company); and (b) the requirements of section 926 (inspection of documents) so far as relating to any document required to be drawn up under the provisions mentioned in paragraph (a)(i), (ii) or (iii) above.

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934 Power of court to exclude certain requirements (division)

(1) In the case of a division, the court may by order direct that— (a) in relation to any company involved in the division, the requirements of— (i) section 921 (publication of draft terms), and (ii) section 926 (inspection of documents), do not apply, and (b) in relation to an existing transferee company, section 932 (circumstances in which meeting of members of transferee company not required) has effect with the omission of the first, second and third conditions specified in that section, if the court is satisfied that the following conditions will be fulfilled in relation to that company. (2) The first condition is that the members of that company will have received, or will have been able to obtain free of charge, copies of the documents listed in section 926— (a) in time to examine them before the date of the first meeting of the members, or any class of members, of that company summoned for the purposes of agreeing to the scheme, or (b) in the case of an existing transferee company where in the circumstances described in section 932 no meeting is held, in time to require a meeting as mentioned in subsection (4) of that section. (3) The second condition is that the creditors of that company will have received or will have been able to obtain free of charge copies of the draft terms in time to examine them— (a) before the date of the first meeting of the members, or any class of members, of the company summoned for the purposes of agreeing to the scheme, or (b) in the circumstances mentioned in subsection (2)(b) above, at the same time as the members of the company. (4) The third condition is that no prejudice would be caused to the members or creditors of the transferor company or any transferee company by making the order in question.

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935 Expert's report: valuation by another person

(1) Where it appears to an expert— (a) that a valuation is reasonably necessary to enable him to draw up his report, and (b) that it is reasonable for that valuation, or part of it, to be made by (or for him to accept a valuation made by) another person who— (i) appears to him to have the requisite knowledge and experience to make the valuation or that part of it, and (ii) meets the independence requirement in section 936, he may arrange for or accept such a valuation, together with a report which will enable him to make his own report under section 909 or 924. (2) Where any valuation is made by a person other than the expert himself, the latter's report must state that fact and must also— (a) state the former's name and what knowledge and experience he has to carry out the valuation, and (b) describe so much of the undertaking, property and liabilities as was valued by the other person, and the method used to value them, and specify the date of the valuation.

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936 Experts and valuers: independence requirement

(1) A person meets the independence requirement for the purposes of section 909 or 924 (expert's report) or section 935 (valuation by another person) only if— (a) he is not— (i) an officer or employee of any of the companies concerned in the scheme, or (ii) a partner or employee of such a person, or a partnership of which such a person is a partner; (b) he is not— (i) an officer or employee of an associated undertaking of any of the companies concerned in the scheme, or (ii) a partner or employee of such a person, or a partnership of which such a person is a partner; and (c) there does not exist between— (i) the person or an associate of his, and (ii) any of the companies concerned in the scheme or an associated undertaking of such a company, a connection of any such description as may be specified by regulations made by the Secretary of State. (2) An auditor of a company is not regarded as an officer or employee of the company for this purpose. (3) For the purposes of this section— (a) the “companies concerned in the scheme” means every transferor and existing transferee company; (b) “associated undertaking”, in relation to a company, means— (i) a parent undertaking or subsidiary undertaking of the company, or (ii) a subsidiary undertaking of a parent undertaking of the company; and (c) “associate” has the meaning given by section 937. (4) Regulations under this section are subject to negative resolution procedure.

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937 Experts and valuers: meaning of “associate”

(1) This section defines “associate” for the purposes of section 936 (experts and valuers: independence requirement). (2) In relation to an individual, “associate” means— (a) that individual's spouse or civil partner or minor child or step-child, (b) any body corporate of which that individual is a director, and (c) any employee or partner of that individual. (3) In relation to a body corporate, “associate” means— (a) any body corporate of which that body is a director, (b) any body corporate in the same group as that body, and (c) any employee or partner of that body or of any body corporate in the same group. (4) In relation to a partnership that is a legal person under the law by which it is governed, “associate” means— (a) any body corporate of which that partnership is a director, (b) any employee of or partner in that partnership, and (c) any person who is an associate of a partner in that partnership. (5) In relation to a partnership that is not a legal person under the law by which it is governed, “associate” means any person who is an associate of any of the partners. (6) In this section, in relation to a limited liability partnership, for “director” read “member”.

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938 Power of court to summon meeting of members or creditors of existing transferee company

(1) The court may order a meeting of— (a) the members of an existing transferee company, or any class of them, or (b) the creditors of an existing transferee company, or any class of them, to be summoned in such manner as the court directs. (2) An application for such an order may be made by— (a) the company concerned, (b) a member or creditor of the company, or (c) if the company is being wound up, the liquidator, or (d) if the company is in administration, the administrator. (3) Section 323 (representation of corporations at meetings) applies to a meeting of creditors under this section as to a meeting of the company (references to a member being read as references to a creditor).

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939 Court to fix date for transfer of undertaking etc of transferor company

(1) Where the court sanctions the compromise or arrangement, it must— (a) in the order sanctioning the compromise or arrangement, or (b) in a subsequent order under section 900 or, as the case may be, section 901J (powers of court to facilitate reconstruction or amalgamation), fix a date on which the transfer (or transfers) to the transferee company (or transferee companies) of the undertaking, property and liabilities of the transferor company is (or are) to take place. (2) Any such order that provides for the dissolution of the transferor company must fix the same date for the dissolution. (3) If it is necessary for the transferor company to take steps to ensure that the undertaking, property and liabilities are fully transferred, the court must fix a date, not later than six months after the date fixed under subsection (1), by which such steps must be taken. (4) In that case, the court may postpone the dissolution of the transferor company until that date. (5) The court may postpone or further postpone the date fixed under subsection (3) if it is satisfied that the steps mentioned cannot be completed by the date (or latest date) fixed under that subsection.

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940 Liability of transferee companies for each other's defaults

(1) In the case of a division, each transferee company is jointly and severally liable for any liability transferred to any other transferee company under the scheme to the extent that the other company has made default in satisfying that liability. This is subject to the following provisions. (2) If, in the case of a compromise or arrangement to be sanctioned under Part 26, a majority in number representing 75% in value of the creditors or any class of creditors of the transferor company, present and voting either in person or by proxy at a meeting summoned for the purposes of agreeing to the scheme, so agree, subsection (1) does not apply in relation to the liabilities owed to the creditors or that class of creditors. (2A) If, in the case of a compromise or arrangement to be sanctioned under Part 26A, a number representing 75% in value of the creditors or any class of creditors of the transferor company, present and voting either in person or by proxy at a meeting summoned for the purposes of agreeing to the scheme, so agree, subsection (1) does not apply in relation to the liabilities owed to the creditors or that class of creditors. (3) A transferee company is not liable under this section for an amount greater than the net value transferred to it under the scheme. The “net value transferred” is the value at the time of the transfer of the property transferred to it under the scheme less the amount at that date of the liabilities so transferred.

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940A Disregard of website failures beyond control of company

(1) A failure to make information or a document available on the website throughout a period specified in any of the provisions mentioned in subsection (2) is to 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. (2) The provisions referred to above are— (a) section 906A(6), (b) section 911A(4), (c) section 916(3B) and (4B), (d) section 917(3B) and (4B), (e) section 918(2B) and (3B), (f) section 921A(6), (g) section 926A(4), (h) section 931(3B) and (4B), and (i) section 932(2B) and (3B).

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941 Meaning of “liabilities” and “property”

In this Part— “liabilities” includes duties; “property” includes property, rights and powers of every description.

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942 The Panel

(1) The body known as the Panel on Takeovers and Mergers (“the Panel”) is to have the functions conferred on it by or under this Chapter. (2) The Panel may do anything that it considers necessary or expedient for the purposes of, or in connection with, its functions. (3) The Panel may make arrangements for any of its functions to be discharged by— (a) a committee or sub-committee of the Panel, or (b) an officer or member of staff of the Panel, or a person acting as such. This is subject to section 943(4) and (5).

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943 Rules

(1) The Panel must make rules— (a) giving effect to the general principles in Part 1 of Schedule 1C, and (b) in accordance with Part 2 of that Schedule. (1A) Rules must specify the percentage of voting rights that gives a person control of a company for the purposes of this Chapter and how it is to be calculated. (2) Rules made by the Panel may also make other provision— (a) for or in connection with the regulation of— (i) takeover bids, (ii) merger transactions, and (iii) transactions (not falling within sub-paragraph (i) or (ii)) that have or may have, directly or indirectly, an effect on the ownership or control of companies; (b) for or in connection with the regulation of things done in consequence of, or otherwise in relation to, any such bid or transaction; (c) about cases where— (i) any such bid or transaction is, or has been, contemplated or apprehended, or (ii) an announcement is made denying that any such bid or transaction is intended. (3) The provision that may be made under subsection (2) includes, in particular, provision for a matter that is, or is similar to, a matter provided for by the Panel in the City Code on Takeovers and Mergers as it had effect immediately before the passing of this Act. (4) In relation to rules made by virtue of section 957 (fees and charges), functions under this section may be discharged either by the Panel itself or by a committee of the Panel (but not otherwise). (5) In relation to rules of any other description, the Panel must discharge its functions under this section by a committee of the Panel. (6) Section 1 (meaning of “company”) does not apply for the purposes of this section. (7) In this section “takeover bid” includes a takeover bid within the meaning given by paragraph 20(1) of Schedule 1C. (8) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (9) A reference to rules in the following provisions of this Chapter is to rules under this section.

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944 Further provisions about rules

(1) Rules may— (a) make different provision for different purposes; (b) make provision subject to exceptions or exemptions; (c) contain incidental, supplemental, consequential or transitional provision; (d) authorise the Panel to dispense with or modify the application of rules in particular cases and by reference to any circumstances. Rules made by virtue of paragraph (d) must require the Panel to give reasons for acting as mentioned in that paragraph. (2) Rules must be made by an instrument in writing. (3) Immediately after an instrument containing rules is made, the text must be made available to the public, with or without payment, in whatever way the Panel thinks appropriate. (4) A person is not to be taken to have contravened a rule if he shows that at the time of the alleged contravention the text of the rule had not been made available as required by subsection (3). (5) The production of a printed copy of an instrument purporting to be made by the Panel on which is endorsed a certificate signed by an officer of the Panel authorised by it for that purpose and stating— (a) that the instrument was made by the Panel, (b) that the copy is a true copy of the instrument, and (c) that on a specified date the text of the instrument was made available to the public as required by subsection (3), is evidence (or in Scotland sufficient evidence) of the facts stated in the certificate. (6) A certificate purporting to be signed as mentioned in subsection (5) is to be treated as having been properly signed unless the contrary is shown. (7) A person who wishes in any legal proceedings to rely on an instrument by which rules are made may require the Panel to endorse a copy of the instrument with a certificate of the kind mentioned in subsection (5).

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945 Rulings

(1) The Panel may give rulings on the interpretation, application or effect of rules. (2) To the extent and in the circumstances specified in rules, and subject to any review or appeal, a ruling has binding effect.

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946 Directions

Rules may contain provision conferring power on the Panel to give any direction that appears to the Panel to be necessary in order— (a) to restrain a person from acting (or continuing to act) in breach of rules; (b) to restrain a person from doing (or continuing to do) a particular thing, pending determination of whether that or any other conduct of his is or would be a breach of rules; (c) otherwise to secure compliance with rules.

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947 Power to require documents and information

(1) The Panel may by notice in writing require a person— (a) to produce any documents that are specified or described in the notice; (b) to provide, in the form and manner specified in the notice, such information as may be specified or described in the notice. (2) A requirement under subsection (1) must be complied with— (a) at a place specified in the notice, and (b) before the end of such reasonable period as may be so specified. (3) This section applies only to documents and information reasonably required in connection with the exercise by the Panel of its functions. (4) The Panel may require— (a) any document produced to be authenticated, or (b) any information provided (whether in a document or otherwise) to be verified, in such manner as it may reasonably require. (5) The Panel may authorise a person to exercise any of its powers under this section. (6) A person exercising a power by virtue of subsection (5) must, if required to do so, produce evidence of his authority to exercise the power. (7) The production of a document in pursuance of this section does not affect any lien that a person has on the document. (8) The Panel may take copies of or extracts from a document produced in pursuance of this section. (9) A reference in this section to the production of a document includes a reference to the production of— (a) a hard copy of information recorded otherwise than in hard copy form, or (b) information in a form from which a hard copy can be readily obtained. (10) A person is not required by this section to disclose documents or information in respect of which a claim to legal professional privilege (in Scotland, to confidentiality of communications) could be maintained in legal proceedings.

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948 Restrictions on disclosure

(1) This section applies to information (in whatever form)— (a) relating to the private affairs of an individual, or (b) relating to any particular business, that is provided to the Panel in connection with the exercise of its functions. (2) No such information may, during the lifetime of the individual or so long as the business continues to be carried on, be disclosed without the consent of that individual or (as the case may be) the person for the time being carrying on that business. (3) Subsection (2) does not apply to any disclosure of information that— (a) is made for the purpose of facilitating the carrying out by the Panel of any of its functions, (b) is made to a person specified in Part 1 of Schedule 2, (c) is of a description specified in Part 2 of that Schedule, or (d) is made in accordance with Part 3 of that Schedule. (4) The Secretary of State may amend Schedule 2 by order subject to negative resolution procedure. (5) An order under subsection (4) must not— (a) amend Part 1 of Schedule 2 by specifying a person unless the person exercises functions of a public nature (whether or not he exercises any other function); (b) amend Part 2 of Schedule 2 by adding or modifying a description of disclosure unless the purpose for which the disclosure is permitted is likely to facilitate the exercise of a function of a public nature; (c) amend Part 3 of Schedule 2 so as to have the effect of permitting disclosures to be made to a body other than one that exercises functions of a public nature in a country or territory outside the United Kingdom. (6) Subsection (2) does not apply to— (a) the disclosure by an authority within subsection (7) of information disclosed to it by the Panel in reliance on subsection (3); (b) the disclosure of such information by anyone who has obtained it directly or indirectly from an authority within subsection (7). (7) The authorities within this subsection are— (a) the Financial Conduct Authority; (aa) the Prudential Regulation Authority; (ab) the Bank of England; (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (8) This section does not prohibit the disclosure of information if the information is or has been available to the public from any other source. (9) Nothing in this section authorises the making of a disclosure in contravention of the data protection legislation.

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949 Offence of disclosure in contravention of section 948

(1) A person who discloses information in contravention of section 948 is guilty of an offence, unless— (a) he did not know, and had no reason to suspect, that the information had been provided as mentioned in section 948(1), or (b) he took all reasonable steps and exercised all due diligence to avoid the commission of the offence. (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). (3) Where a company or other body corporate commits an offence under this section, an offence is also committed by every officer of the company or other body corporate who is in default.

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