Companies (Audit, Investigations and Community Enterprise) Act 2004
Write the words of this act the way you think they should read. Solon shows your change as a redline against the published text and pins it to that exact text, so it can never be applied to wording you did not see.
Change 1
41 Conditions for exercise of supervisory powers
(1) In deciding whether and how to exercise the powers conferred by sections 42 to 51 the Regulator must adopt an approach which is based on the principle that those powers should be exercised only to the extent necessary to maintain confidence in community interest companies. (2) No power conferred on the Regulator by— (a) section 45 (appointment of director), (b) section 46 (removal of director), (c) section 47 (appointment of manager), or (d) section 48 (property), is exercisable in relation to a community interest company unless the company default condition is satisfied in relation to the power and the company. (3) The company default condition is satisfied in relation to a power and a company if it appears to the Regulator necessary to exercise the power in relation to the company because— (a) there has been misconduct or mismanagement in the administration of the company, (b) there is a need to protect the company’s property or to secure the proper application of that property, (c) the company is not satisfying the community interest test, or (d) if the company has community interest objects, the company is not carrying on any activities in pursuit of those objects. (4) The power conferred on the Regulator by section 49 (transfer of shares etc.) is not exercisable in relation to a community interest company unless it appears to the Regulator that the company is an excluded company.
41 Conditions for exercise of supervisory powers
(1) In deciding whether and how to exercise the powers conferred by sections 42 to 51 the Regulator must adopt an approach which is based on the principle that those powers should be exercised only to the extent necessary to maintain confidence in community interest companies. (2) No power conferred on the Regulator by— (a) section 45 (appointment of director), (b) section 46 (removal of director), (c) section 47 (appointment of manager), or (d) section 48 (property), is exercisable in relation to a community interest company unless the company default condition is satisfied in relation to the power and the company. (3) The company default condition is satisfied in relation to a power and a company if it appears to the Regulator necessary to exercise the power in relation to the company because— (a) there has been misconduct or mismanagement in the administration of the company, (b) there is a need to protect the company’s property or to secure the proper application of that property, (c) the company is not satisfying the community interest test, or (d) if the company has community interest objects, the company is not carrying on any activities in pursuit of those objects. (4) The power conferred on the Regulator by section 49 (transfer of shares etc.) is not exercisable in relation to a community interest company unless it appears to the Regulator that the company is an excluded company.
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