[F181 Restriction on public offers by private company. E+W+S
(1)A private limited company (other than a company limited by guarantee and not having a share capital) commits an offence if it—
(a)offers to the public (whether for cash or otherwise) any shares in or debentures of the company; or
(b)allots or agrees to allot (whether for cash or otherwise) any shares in or debentures of the company with a view to all or any of those shares or debentures being offered for sale to the public (within the meaning given to that expression by [F2sections 58 and 742A] ).
(2)A company guilty of an offence under this section, and any officer of it who is in default, is liable to a fine.
(3)Nothing in this section affects the validity of any allotment or sale of shares or debentures, or of any agreement to allot or sell shares or debentures.]
Textual Amendments
F1S. 81 repealed (29.4.1988 except as mentioned in S.I. 1988/740, art. 2, Sch.) by Financial Services Act 1986 (c. 60, SIF 69), ss. 211(1), 212(3), Sch. 17 Pt. I
F2Words in s. 81(1)(b) substituted (4.3.2004) by The Financial Services and Markets Act 2000 (Consequential Amendments) Order 2004 (S.I. 2004/355), art. 2(2)
Modifications etc. (not altering text)