Companies (Audit, Investigations and Community Enterprise) Act 2004
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Change 1
48 Property
(1) The Regulator may by order— (a) vest in the Official Property Holder any property held by or in trust for a community interest company, or (b) require persons in whom such property is vested to transfer it to the Official Property Holder. (2) The Regulator— (a) may order a person who holds property on behalf of a community interest company, or on behalf of a trustee of a community interest company, not to part with the property without the Regulator’s consent, and (b) may order any debtor of a community interest company not to make any payment in respect of the debtor’s liability to the company without the Regulator’s consent. (3) The Regulator may by order restrict— (a) the transactions which may be entered into by a community interest company, or (b) the nature or amount of the payments that a community interest company may make, and the order may in particular provide that transactions may not be entered into or payments made without the Regulator’s consent. (4) The vesting or transfer of property under subsection (1) does not constitute a breach of a covenant or condition against alienation, and no right listed in subsection (5) operates or becomes exercisable as a result of the vesting or transfer. (5) The rights are— (a) a right of reverter (or, in Scotland, the right of the fiar on the termination of a liferent), (b) a right of pre-emption, (c) a right of forfeiture, (d) a right of re-entry, (e) a right of irritancy, (f) an option, and (g) any right similar to those listed in paragraphs (a) to (f). (6) The Regulator must from time to time review any order under this section and, if it is appropriate to do so, discharge the order in whole or in part. (7) On discharging an order under subsection (1) the Regulator may make any order as to the vesting or transfer of the property, and give any directions, which he considers appropriate. (8) If a person fails to comply with an order under subsection (1)(b), the Regulator may certify that fact in writing to the court. (9) If, after hearing— (a) any witnesses who may be produced against or on behalf of the alleged offender, and (b) any statement which may be offered in defence, the court is satisfied that the offender failed without reasonable excuse to comply with the order, it may deal with him as if he had been guilty of contempt of the court. (10) A person who contravenes an order under subsection (2) or (3) commits an offence, but a prosecution may be instituted— (a) in England and Wales, only with the consent of the Regulator or the Director of Public Prosecutions; (b) in Northern Ireland, only with the consent of the Regulator or the Director of Public Prosecutions for Northern Ireland. (11) A person guilty of an offence under subsection (10) is liable on summary conviction to a fine not exceeding level 5 on the standard scale. (12) Subsections (8) to (10) do not prevent the bringing of civil proceedings in respect of a contravention of an order under subsection (1)(b), (2) or (3). (13) The company and any person to whom the order is directed may appeal to the Appeal Officer against an order under subsection (1) or (2). (14) The company may appeal to the Appeal Officer against an order under subsection (3).
48 Property
(1) The Regulator may by order— (a) vest in the Official Property Holder any property held by or in trust for a community interest company, or (b) require persons in whom such property is vested to transfer it to the Official Property Holder. (2) The Regulator— (a) may order a person who holds property on behalf of a community interest company, or on behalf of a trustee of a community interest company, not to part with the property without the Regulator’s consent, and (b) may order any debtor of a community interest company not to make any payment in respect of the debtor’s liability to the company without the Regulator’s consent. (3) The Regulator may by order restrict— (a) the transactions which may be entered into by a community interest company, or (b) the nature or amount of the payments that a community interest company may make, and the order may in particular provide that transactions may not be entered into or payments made without the Regulator’s consent. (4) The vesting or transfer of property under subsection (1) does not constitute a breach of a covenant or condition against alienation, and no right listed in subsection (5) operates or becomes exercisable as a result of the vesting or transfer. (5) The rights are— (a) a right of reverter (or, in Scotland, the right of the fiar on the termination of a liferent), (b) a right of pre-emption, (c) a right of forfeiture, (d) a right of re-entry, (e) a right of irritancy, (f) an option, and (g) any right similar to those listed in paragraphs (a) to (f). (6) The Regulator must from time to time review any order under this section and, if it is appropriate to do so, discharge the order in whole or in part. (7) On discharging an order under subsection (1) the Regulator may make any order as to the vesting or transfer of the property, and give any directions, which he considers appropriate. (8) If a person fails to comply with an order under subsection (1)(b), the Regulator may certify that fact in writing to the court. (9) If, after hearing— (a) any witnesses who may be produced against or on behalf of the alleged offender, and (b) any statement which may be offered in defence, the court is satisfied that the offender failed without reasonable excuse to comply with the order, it may deal with him as if he had been guilty of contempt of the court. (10) A person who contravenes an order under subsection (2) or (3) commits an offence, but a prosecution may be instituted— (a) in England and Wales, only with the consent of the Regulator or the Director of Public Prosecutions; (b) in Northern Ireland, only with the consent of the Regulator or the Director of Public Prosecutions for Northern Ireland. (11) A person guilty of an offence under subsection (10) is liable on summary conviction to a fine not exceeding level 5 on the standard scale. (12) Subsections (8) to (10) do not prevent the bringing of civil proceedings in respect of a contravention of an order under subsection (1)(b), (2) or (3). (13) The company and any person to whom the order is directed may appeal to the Appeal Officer against an order under subsection (1) or (2). (14) The company may appeal to the Appeal Officer against an order under subsection (3).
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