The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001

Companies to which section 460 applies

26.  For subsection (1) of section 460 of the 1985 Act (order on application of the Secretary of State) substitute—

“(1) If it appears to the Secretary of State that—

(a) the affairs of a company to which this subsection applies are being or have been conducted in a manner which is unfairly prejudicial to the interests of its members generally or of some part of its members, or

(b) any actual or proposed act or omission of a company to which this subsection applies, including an act or omission on its behalf, is or would be so prejudicial,

he may himself (in addition to or instead of presenting a petition for the winding up of the company) apply to the court by petition for an order under this Part.

(1A) Subsection (1) applies to a company in respect of which—

(a) the Secretary of State has received a report under section 437 of this Act;

(b) the Secretary of State has exercised his powers under section 447 or 448 of this Act;

(c) the Secretary of State or the Financial Services Authority has exercised his or its powers under Part 11 of the Financial Services and Markets Act 2000; or

(d) the Secretary of State has received a report from an investigator appointed by him or the Financial Services Authority under that Part.”.