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- Point in Time (13/09/1999)
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Version Superseded: 22/12/2000
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Companies Act 1985, Section 251 is up to date with all changes known to be in force on or before 23 August 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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(1)A public company whose shares [F1or debentures], or any class of whose shares [F1or debentures], are listed need not, in such cases as may be specified by regulations made by the Secretary of State, and provided any conditions so specified are complied with, send copies of the documents referred to in section 238(1) to [F2entitled persons], but may instead send them a summary financial statement.
[F3In this section—
“entitled persons", in relation to a company, means such of the persons specified in paragraphs (a) to (c) of subsection (1) of section 238 as are or would apart from this section be entitled to be sent copies of those documents relating to the company which are referred to in that subsection; and
“listed" means admitted to the Official List of The International Stock Exchange of the United Kingdom and the Republic of Ireland Limited.]
(2)Copies of the documents referred to in section 238(1) shall, however, be sent to [F4any entitled person] who wishes to receive them; and the Secretary of State may by regulations make provision as to the manner in which it is to be ascertained [F5(whether before or after he becomes an entitled person)] whether [F4an entitled person] wishes to receive them.
(3)The summary financial statement shall be derived from the company’s annual accounts and the directors’ report and shall be in such form and contain such information as may be specified by regulations made by the Secretary of State.
(4)Every summary financial statement shall—
(a)state that it is only a summary of information in the company’s annual accounts and the directors’ report;
(b)contain a statement by the company’s auditors of their opinion as to whether the summary financial statement is consistent with those accounts and that report and complies with the requirements of this section and regulations made under it;
(c)state whether the auditors’ report on the annual accounts was unqualified or qualified, and if it was qualified set out the report in full together with any further material needed to understand the qualification;
(d)state whether the auditors’ report on the annual accounts contained a statement under—
(i)section 237(2) (accounting records or returns inadequate or accounts not agreeing with records and returns), or
(ii)section 237(3) (failure to obtain necessary information and explanations),
and if so, set out the statement in full.
(5)Regulations under this section shall be made by statutory instrument which shall be subject to annulment in pursuance of a resolution of either House of Parliament.
(6)If default is made in complying with this section or regulations made under it, the company and every officer of it who is in default is guilty of an offence and liable to a fine.
(7)Section 240 (requirements in connection with publication of accounts) does not apply in relation to the provision to [F6entitled persons] of a summary financial statement in accordance with this section.
Textual Amendments
F1Words in s. 251(1) inserted (4.12.1992) by S.I. 1992/3003, reg. 3(2)(a).
F2Words in s. 251(1) substituted (4.12.1992) by S.I. 1992/3003, reg. 3(2)(b).
F3Second paragraph of s. 251(1) substituted (4.12.1992) by S.I. 1992/3003, reg. 3(3).
F4Words in s. 251(2) substituted (4.12.1992) by S.I. 1992/3003, reg. 3(4)(a).
F5Words in s. 251(2) inserted (4.12.1992) by S.I. 1992/3003, reg. 3(4)(b).
F6Words in s. 251(7) substituted (4.12.1992) by S.I. 1992/3003, reg. 3(5).
Modifications etc. (not altering text)
C1S. 251 modified by S.I. 1990/355, art. 7(2)(d), Sch. 2 paras. 14(2)(d), 18
C2S. 251 restricted by S.I. 1990/515, reg. 5
C3S. 251(1)–(4) applied with modifications by S.I. 1990/2570, regs. 14(1)(2), 16(3)
C4S. 251(2) amended by S.I. 1990/515, reg. 6(1)
C5S. 251(6)(7) applied with modifications by S.I. 1990/2570, regs. 14(1)(2)(6), 16(3)
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