Part V Other amendments of Company Law
Miscellaneous
F10128 Form and articles for partnership company.
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F10129 Membership of holding company.
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130 Company contracts and execution of documents by companies.
F131
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The Secretary of State may make provision by regulations applying sections 36 to 36C of the Companies Act 1985 (company contracts; execution of documents; F2execution of deeds; pre-incorporation contracts, deeds and obligations) to companies incorporated outside Great Britain, subject to such exceptions, adaptations or modifications as may be specified in the regulations.
Regulations under this subsection shall be made by statutory instrument which shall be subject to annulment in pursuance of a resolution of either House of Parliament.
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F11131 Members’ rights to damages, &c.
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F11132 Financial assistance for purposes of employees’ share scheme.
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F11133 Issue of redeemable shares.
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134 Disclosure of interests in shares.
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135 Orders imposing restrictions on shares.
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The Secretary of State may by regulations made by statutory instrument make such amendments of the provisions of the M1Companies Act 1985 F4and the Companies Act 2006 relating to orders imposing restrictions on shares as appear to him necessary or expedient—
a
for enabling orders to be made in a form protecting the rights of third parties;
b
with respect to the circumstances in which restrictions may be relaxed or removed;
c
with respect to the making of interim orders by a court.
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The regulations may make different provision for different cases and may contain such transitional and other supplementary and incidental provisions as appear to the Secretary of State to be appropriate.
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Regulations under this section shall not be made unless a draft of the regulations has been laid before Parliament and approved by resolution of each House of Parliament.
F14136 A company’s registered office.
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137 Effecting of insurance for officers and auditors of company.
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138 Increase of limits on certain exemptions.
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139 Annual returns.
F151
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F152
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F153
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In Schedule 1 to the M2Company Directors Disqualification Act 1986 (matters relevant to determining unfitness of directors), in paragraph 4 (failure of company to comply with certain provisions), for sub-paragraphs (f) and (g) substitute—
f
section 363 (duty of company to make annual returns);
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I1140 Floating charges (Scotland).
C11
In section 463 of the Companies Act 1985 (effect of floating charge on winding up), in subsection (1) for the words “On the commencement of the winding up of a company,” there shall be substituted the words “
Where a company goes into liquidation within the meaning of section 247(2) of the Insolvency Act 1986,
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2
Section 464 of the Companies Act 1985 (ranking of floating charges) is amended as follows.
C13
In subsection (1)(b) at the beginning there shall be inserted the words “
with the consent of the holder of any subsisting floating charge or fixed security which would be adversely affected,
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After subsection (1) there shall be inserted the following subsection—
1A
Where an instrument creating a floating charge contains any such provision as is mentioned in subsection (1)(a), that provision shall be effective to confer priority on the floating charge over any fixed security or floating charge created after the date of the instrument.
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For subsection (3) there shall be substituted—
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The order of ranking of the floating charge with any other subsisting or future floating charges or fixed securities over all or any part of the company’s property is determined in accordance with the provisions of subsections (4) and (5) except where it is determined in accordance with any provision such as is mentioned in paragraph (a) or (b) of subsection (1).
C16
In subsection (5) at the end there shall be added the following paragraph—
; and
e
(in the case of a floating charge to secure a contingent liability other than a liability arising under any further advances made from time to time) the maximum sum to which that contingent liability is capable of amounting whether or not it is contractually limited.
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In subsection (6) after the words “subject to” there shall be inserted the words “
Part XII and to
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In section 466 of the Companies Act 1985 (alteration of floating charges), subsections (4) and (5) and in subsection (6) the words “falling under subsection (4) of this section” shall cease to have effect.
F12141 Application to declare dissolution of company void.
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F12142 Abolition of doctrine of deemed notice.
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F12143 Rights of inspection and related matters.
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144“Subsidiary”, “holding company” and “wholly-owned subsidiary”.
F161
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F162
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F163
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Schedule 18 contains amendments and savings consequential on the amendments made by this section; and the Secretary of State may by regulations make such further amendments or savings as appear to him to be necessary or expedient.
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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.
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So much of section 23(3) of the Interpretation Act 1978 as applies section 17(2)(a) of that Act (presumption as to meaning of references to enactments repealed and re-enacted) to deeds or other instruments or documents does not apply in relation to the repeal and re-enactment by this section of section 736 of the Companies Act 1985.
I2145
The Companies Act 1985 has effect with the further amendments specified in Schedule 19.