[F1[F2790XRight to make an electionU.K.
(1)An election may be made under this section—
(a)by the subscribers wishing to form a private company under this Act, or
(b)by the private company itself once it is formed and registered.
(2)The election is of no effect unless—
(a)notice of the intention to make the election was given to each eligible person at least 14 days before the day on which the election was made, and
(b)no objection was received by the subscribers or, as the case may be, the company from any eligible person within that notice period.
(3)A person is an “eligible person” if—
(a)in a case of an election by the subscribers wishing to form a private company, the person's particulars would, but for the election, be required to be entered in the company's PSC register on its incorporation, and
(b)in the case of an election by the company itself—
(i)the person is a registrable person or a registrable relevant legal entity in relation to the company, and
(ii)the person's particulars are stated in the company's PSC register.
(4)An election under this section is made by giving notice of election to the registrar.
(5)If the notice is given by subscribers wishing to form a private company—
(a)it must be given when the documents required to be delivered under section 9 are delivered to the registrar, and
(b)it must be accompanied by a statement confirming that no objection was received as mentioned in subsection (2).
(6)If the notice is given by the company, it must be accompanied by—
(a)a statement confirming that no objection was received as mentioned in subsection (2), and
(b)a statement containing all the information that is required to be contained in the company's PSC register as at the date of the notice in respect of matters that are current as at that date.
(7)The company must where necessary update the statement sent under subsection (6)(b) to ensure that the final version delivered to the registrar contains all the information that is required to be contained in the company's PSC register as at the time immediately before the election takes effect (see section 790Y) in respect of matters that are current as at that time.
(8)The obligation in subsection (7) to update the statement includes an obligation to rectify it (where necessary) in consequence of the company's PSC register being rectified (whether before or after the election takes effect).
(9)If default is made in complying with subsection (7), an offence is committed by—
(a)the company, and
(b)every officer of the company who is in default.
For this purpose a shadow director is treated as an officer of the company.
(10)A person guilty of an offence under this section is liable on summary conviction to a fine not exceeding level 3 on the standard scale and, for continued contravention, a daily default fine not exceeding one-tenth of level 3 on the standard scale.
(11)A reference in this Chapter to matters that are current as at a given date or time is a reference to—
(a)persons who are a registrable person or registrable relevant legal entity in relation to the company as at that date or time and whose particulars are required to be contained in the company's PSC register as at that date or time, and
(b)any other matters that are current as at that date or time.]]
Textual Amendments
F1Pt. 21A Ch. 4 omitted (26.10.2023 for specified purposes, 4.3.2024 for specified purposes) by virtue of Economic Crime and Corporate Transparency Act 2023 (c. 56), s. 219(1)(2)(b), Sch. 2 para. 19; S.I. 2024/269, reg. 2(z10)
F2Pt. 21A inserted (26.5.2015 for specified purposes, 6.4.2016 except for the insertion of ss. 790M(9)(c), 790W-790ZE and 30.6.2016 so far as not already in force) by Small Business, Enterprise and Employment Act 2015 (c. 26), s. 164(1), Sch. 3 para. 1; S.I. 2015/1329, reg. 3(a); S.I. 2015/2029, regs. 4(a), 5(a)
Modifications etc. (not altering text)
C1Ss. 790W-790ZD applied (with modifications) by S.I. 2009/1804, reg. 31K (as inserted (30.6.2016) by The Limited Liability Partnerships (Register of People with Significant Control) Regulations 2016 (S.I. 2016/340), regs. 1(2)(b), 3, Sch. 1)