Part II Re-registration as a means of altering a company’s status
Private company becoming public
43 Re-registration of private company as public.
(1)
Subject to this and the following five sections, a private company (other than a company not having a share capital) may be re-registered as a public company if—
(a)
a special resolution that it should be so re-registered is passed; and
(b)
an application for re-registration is delivered to the registrar of companies, together with the necessary documents.
A company cannot be re-registered under this section if it has previously been re-registered as unlimited.
(2)
The special resolution must—
(a)
alter the company’s memorandum so that it states that the company is to be a public company; and
(b)
make such other alterations in the memorandum as are necessary to bring it (in substance and in form) into conformity with the requirements of this Act with respect to the memorandum of a public company (the alterations to include compliance with section 25(1) as regards the company’s name); and
(c)
make such alterations in the company’s articles as are requisite in the circumstances.
(3)
The application must be in the prescribed form and be signed by a director or secretary of the company; and the documents to be delivered with it are the following—
(a)
a printed copy of the memorandum and articles as altered in pursuance of the resolution;
(b)
a copy of a written statement by the company’s auditors that in their opinion the relevant balance sheet shows that at the balance sheet date the amount of the company’s next assets (within the meaning given to that expression by section 264(2)) was not less than the aggregate of its called-up share capital and undistributable reserves;
(c)
a copy of the relevant balance sheet, together with a copy of an unqualified report (defined in section 46) by the company’s auditors in relation to that balance sheet;
(d)
if section 44 applies, a copy of the valuation report under subsection (2)(b) of that section; and
(e)
a statutory declaration in the prescribed form by a director or secretary of the company—
(i)
that the special resolution required by this section has been passed and that the conditions of the following two sections (so far as applicable) have been satisfied, and
(ii)
that, between the balance sheet date and the application for re-registration, there has been no change in the company’s financial position that has resulted in the amount of its net assets becoming less than the aggregate of its called-up share capital and undistributable reserves.
(4)
“Relevant balance sheet” means a balance sheet prepared as at a date not more than 7 months before the company’s application under this section.
(5)
A resolution that a company be re-registered as a public company may change the company name by deleting the word “company" or the words “and company", or its or their equivalent in Welsh (“cwmni", “a’r cwmni"), including any abbreviation of them.