C2Part XV Orders Imposing Restrictions on Shares (F9Section 445)
Pt. 15 power to apply (with modifications) (1.8.2014) by Co-operative and Community Benefit Societies Act 2014 (c. 14), ss. 135, 154 (with Sch. 5)
E1C1455 Punishment for attempted evasion of restrictions.
1
F1Subject to the terms of any directions made under F2section 445(1A) or 456 a person F3commits an offence if he—
a
exercises or purports to exercise any right to dispose of any shares which, to his knowledge, are for the time being subject to the restrictions of this Part or of any right to be issued with any such shares, or
b
votes in respect of any such shares (whether as holder or proxy), or appoints a proxy to vote in respect of them, or
c
being the holder of any such shares, fails to notify of their being subject to those restrictions any person whom he does not know to be aware of that fact but does know to be entitled (apart from the restrictions) to vote in respect of those shares whether as holder or as proxy, or
d
being the holder of any such shares, or being entitled to any right to be issued with other shares in right of them, or to receive any payment on them (otherwise than in a liquidation), enters into any agreement which is void under section 454(2) or (3).
2
F4Subject to the terms of any directions made under F5section 445(1A) or 456 if shares in a company are issued in contravention of the restrictions, F6 an offence is committed by—
a
the company, and
b
every officer of the company who is in default.
F72A
A person guilty of an offence under this section is liable—
a
on conviction on indictment, to a fine;
b
on summary conviction, to a fine not exceeding the statutory maximum.
3
F8. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Words in Pt. 15 heading substituted (1.10.2007) by The Companies Act 2006 (Commencement No. 3, Consequential Amendments, Transitional Provisions and Savings) Order 2007 (S.I. 2007/2194), art. 10(1), Sch. 4 para. 11(2) (with art. 12)