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Session 2005 - 06
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Other Bills before Parliament

Company Law Reform Bill [HL]


Company Law Reform Bill [HL]

xxv

 

Part 18

Allotment of shares

Power of directors to allot shares

540   

Exercise by directors of power to allot shares etc

541   

Power of directors to allot shares etc: private company with only one class of

shares

542   

Power of directors to allot shares etc: authorisation by company

Public companies: allotment where issue not fully subscribed

543   

Public companies: allotment where issue not fully subscribed

544   

Effect of allotment in contravention of section 543

Return of allotments

545   

Return of allotment by limited company

546   

Return of allotment of new class of shares by unlimited company

547   

Offence of failure to make return

Time for accepting pre-emption offer

548   

Time for acceptance of pre-emption offers

Disapplication of pre-emption rights

549   

Disapplication of pre-emption rights: private company with only one class of

shares

550   

Disapplication of pre-emption rights: directors acting under general

authorisation

551   

Disapplication of pre-emption rights by special resolution

552   

Liability for false statement in directors’ statement

553   

Disapplication of pre-emption rights: sale of treasury shares

Commissions, discounts and allowances

554   

Commissions, discounts and allowances

Provisions not applicable to shares taken on formation

555   

Provisions not applicable to shares taken on formation

Part 19

Share capital

Share capital and how it may be altered

556   

Companies having a share capital

557   

Shares of limited companies to have fixed nominal value

558   

Alteration of share capital of limited company

559   

Sub-division or consolidation of shares

 
 

Company Law Reform Bill [HL]

xxvi

 

560   

Notice to registrar of sub-division or consolidation

561   

Re-conversion of stock into shares

562   

Notice to registrar of alteration of share capital

Reserve capital

563   

Abolition of reserve capital

Class rights

564   

Variation of class rights: companies having a share capital

565   

Variation of class rights: companies without a share capital

566   

Variation of class rights: saving for court’s powers under other provisions

567   

Variation of class rights: right to object to variation

568   

Registration of class rights

Share premiums

569   

Application of share premiums

Reduction of share capital

570   

Circumstances in which companies may reduce share capital

571   

Reduction of capital supported by solvency statement

572   

Registration of court order

573   

Liability of members on reduced shares

Financial assistance

574   

Financial assistance by company for acquisition of shares

575   

Circumstances in which financial assistance is not prohibited

Redeemable shares

576   

Redeemable shares

Purchase by company of its own shares

577   

Power of company to purchase own shares

578   

Statement of capital on disclosure by company of purchase etc of own shares

579   

Copy of contract or memorandum of terms to be available for inspection

580   

Power of private companies to redeem or purchase own shares out of capital

581   

Conditions for redemption or purchase of own shares out of capital

582   

Notice to registrar of payment out of capital for redemption or purchase of

own shares

Transfers of shares etc

583   

Registration of transfers of shares and debentures

584   

Share certificates and share warrants

Distributions

585   

Distributions in kind

 
 

Company Law Reform Bill [HL]

xxvii

 

Redenomination of share capital

586   

Redenomination of share capital

587   

Calculation of new nominal values

588   

Effect of redenomination

589   

Notice to registrar of redenomination

590   

Reduction of capital in connection with redenomination

591   

Notice to registrar of reduction of capital in connection with redenomination

592   

Redenomination reserve

Part 20

Debentures

593   

Register of debenture holders

594   

Register of debenture holders: right to inspect and require copy

595   

Register of debenture holders: response to request for inspection or copy

596   

Register of debenture holders: refusal of inspection or default in providing

copy

597   

Register of debenture holders: offences in connection with request for or

disclosure of information

598   

Time limit for claims arising from entry in register

599   

Right of debenture holder to copy of deed

Part 21

Transfer of securities

600   

Transfer of securities: power to make regulations

601   

Transfer of securities: extension of powers

602   

Transfer of securities: order-making power

603   

Transfer of securities: supplementary provisions

Part 22

Information about interests in company’s shares

Introductory

604   

Companies to which this Part applies

605   

Shares to which this Part applies

Notice requiring information about interests in shares

606   

Notice by company requiring information about interests in its shares

607   

Notice requiring information: order imposing restrictions on shares

608   

Notice requiring information: offences

609   

Notice requiring information: persons exempted from obligation to comply

Power of members to require company to act

610   

Power of members to require company to act

611   

Duty of company to comply with requirement

612   

Report to members on outcome of investigation

613   

Report to members: offences

 
 

Company Law Reform Bill [HL]

xxviii

 

614   

Right to inspect and request copy of reports

Register of interests disclosed

615   

Register of interests disclosed

616   

Register to be kept available for inspection

617   

Associated index

618   

Rights to inspect and require copy of entries

619   

Court supervision of purpose for which rights may be exercised

620   

Register of interests disclosed: refusal of inspection or default in providing

copy

621   

Register of interests disclosed: offences in connection with request for or

disclosure of information

622   

Entries not to be removed from register

623   

Removal of entries from register: old entries

624   

Removal of entries from register: incorrect entry relating to third party

625   

Adjustment of entry relating to share acquisition agreement

626   

Duty of company ceasing to be public company

Meaning of interest in shares

627   

Interest in shares: general

628   

Interest in shares: right to subscribe for shares

629   

Interest in shares: family interests

630   

Interest in shares: corporate interests

631   

Interest in shares: agreement to acquire interests in a particular company

632   

Extent of obligation in case of share acquisition agreement

Other supplementary provisions

633   

Information protected from wider disclosure

634   

Reckoning of periods for fulfilling obligations

635   

Power to make further provision by regulations

Part 23

Company’s annual return

636   

Duty to deliver annual returns

637   

Contents of annual return: general

638   

Contents of annual return: information about share capital and shareholders

639   

Contents of annual return: power to make further provision by regulations

640   

Failure to deliver annual return

641   

Application of provisions to shadow directors

 
 

Company Law Reform Bill [HL]

xxix

 

Part 24

Takeovers etc

Chapter 1

The Takeover Panel

The Panel and its rules

642   

The Panel

643   

Rules

644   

Further provisions about rules

645   

Rulings

646   

Directions

Information

647   

Power to require documents and information

648   

Restrictions on disclosure

649   

Offence of disclosure in contravention of section 648

Co-operation

650   

Panel’s duty of co-operation

Hearings and appeals

651   

Hearings and appeals

Contravention of rules etc

652   

Sanctions

653   

Failure to comply with rules about bid documentation

654   

Compensation

655   

Enforcement by the court

656   

No action for breach of statutory duty etc

Funding

657   

Fees and charges

658   

Levy

659   

Recovery of fees, charges or levy

Miscellaneous and supplementary

660   

Panel as party to proceedings

661   

Exemption from liability in damages

662   

Privilege against self-incrimination

663   

Annual reports

664   

Amendments to Financial Services and Markets Act 2000

665   

Power to extend to Isle of Man and Channel Islands

 
 

Company Law Reform Bill [HL]

xxx

 

Chapter 2

Impediments to takeovers

Opting in and opting out

666   

Opting in and opting out

667   

Further provision about opting-in and opting-out resolutions

Consequences of opting in

668   

Effect on contractual restrictions

669   

Power of offeror to require general meeting to be called

Supplementary

670   

Communication of decisions

671   

Interpretation of Chapter

672   

Transitory provision

673   

Power to extend to Isle of Man and Channel Islands

Chapter 3

Amendments to Companies Act 1985

674   

Matters to be dealt with in directors’ report

675   

Takeover offers

Part 25

Company investigations

676   

Powers of Secretary of State to give directions to inspectors

677   

Resignation, removal and replacement of inspectors

678   

Power to obtain information from former inspectors etc

679   

Power to require production of documents

680   

Disqualification orders: consequential amendments

Part 26

Dissolution and restoration to the register

Voluntary striking off

681   

Voluntary striking off: extension to public companies

Crown disclaimer of property

682   

Time for making Crown disclaimer of property vesting as bona vacantia

Administrative restoration to the register

683   

Application for administrative restoration to the register

684   

Requirements for administrative restoration

 
 

Company Law Reform Bill [HL]

xxxi

 

685   

Application to be accompanied by statement of compliance

686   

Registrar’s decision on application for administrative restoration

687   

Effect of administrative restoration

Restoration to the register by the court

688   

Application to court for restoration to the register

689   

When application to the court may be made

690   

Decision on application for restoration by the court

691   

Effect of court order for restoration to the register

Restoration to the register: supplementary provisions

692   

Company’s name on restoration

693   

Restoration to the register: other amendments

Part 27

UK companies not formed under the Companies Acts

Chapter 1

Companies not formed under the Companies Acts but authorised to register

694   

Companies authorised to register under the Companies Acts

695   

Definition of “joint stock company”

696   

Power to make provision by regulations

697   

Application of provisions to existing companies

Chapter 2

Unregistered companies

698   

Unregistered companies

Part 28

Overseas companies

Introductory

699   

Overseas companies

Registration of particulars

700   

Duty to register particulars

701   

Registered name of overseas company

702   

Registration under alternative name

Other requirements

703   

Accounts and reports: general

704   

Accounts and reports: credit or financial institutions

705   

Trading disclosures

 
 

 
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Revised 26 May 2006