Electronic transmission of summary financial statement
12.—(1) Article 259 of the 1986 Order (provision of summary financial statement to shareholders)(1) is amended as follows.
(2) After paragraph (2), insert the following paragraphs–
“(2A) References in this Article to sending a summary financial statement to an entitled person include references to using electronic communications for sending the statement to such address as may for the time being be notified to the company by that person for that purpose.
(2B) For the purposes of this Article a summary financial statement is also to be treated as sent to an entitled person where–
(a)the company and that person have agreed to his having access to summary financial statements on a web site (instead of their being sent to him);
(b)the statement is a statement to which that agreement applies; and
(c)that person is notified, in a manner for the time being agreed for the purpose between him and the company, of–
(i)the publication of the statement on a web site;
(ii)the address of that web site; and
(iii)the place on that web site where the statement may be accessed, and how it may be accessed.
(2C) For the purposes of this Article a statement treated in accordance with paragraph (2B) as sent to an entitled person is to be treated as sent to him if, and only if–
(a)the statement is published on the web site throughout a period beginning at least 21 days before the date of the meeting at which the accounts and directors' report from which the statement is derived are to be laid and ending with the conclusion of that meeting; and
(b)the notification given for the purposes of sub-paragraph (c) of that paragraph is given not less than 21 days before the date of the meeting.
(2D) Nothing in paragraph (2C) shall invalidate the proceedings of a meeting where–
(a)any statement that is required to be published as mentioned in sub-paragraph (a) of that paragraph is published for a part, but not all, of the period mentioned in that sub-paragraph; and
(b)the failure to publish that statement throughout that period is wholly attributable to circumstances which it would not be reasonable to have expected the company to prevent or avoid.
(2E) A company may, notwithstanding any provision to the contrary in its articles, take advantage of any of paragraphs (2A) to (2D).”.
Article 259 was substituted by Article 17 of the Companies (Northern Ireland) Order 1990 and amended by S.R. 1993 No. 220