(1)An old public company may pass a special resolution not to be re-registered under section 2 as a public company; and section 54 of the principal Act (litigated objection by shareholders) applies to the resolution as it would apply to a special resolution by a public comp any to be re-registered as private.
(2)If either—
(a)28 days from the passing of the resolution elapse without an application being made under section 54 of the principal Act (as applied), or
(b)such an application is made and proceedings are concluded on the application without the court making an order for the cancellation of the resolution,
the registrar of companies shall issue the company with a certificate stating that it is a private company; and the company then becomes a private company by virtue of the issue of the certificate.
(3)For the purposes of subsection (2)(b), proceedings on the application are concluded—
(a)except in a case within the following paragraph, when the period mentioned in section 54(7) of the principal Act (as applied) for delivering an office copy of the court’s order under that section to the registrar of companies has expired, or
(b)when the company has been notified that the application has been withdrawn.
(4)If an old public company delivers to the registrar of companies a statutory declaration in the prescribed form by a director or secretary of the company that the company does not at the time of the declaration satisfy the conditions specified in section 3 for the company to be re-registered as public, the registrar shall issue the company with a certificate stating that it is a private company; and the company then becomes a private company by virtue of the issue of the certificate.
(5)A certificate issued to a company under subsection (2) or (4) is conclusive evidence that the requirements of that subsection have been complied with and that the company is a private company.