Part 39Companies: minor amendments

F11175Removal of special provisions about accounts and audit of charitable companies

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1176Power of Secretary of State to bring civil proceedings on company's behalf

(1)

Section 438 of the Companies Act 1985 (power of Secretary of State to bring civil proceedings on company's behalf) shall cease to have effect.

(2)

In section 439 of that Act (expenses of investigating company's affairs)—

(a)

in subsection (2) omit “, or is ordered to pay the whole or any part of the costs of proceedings brought under section 438,”;

(b)

omit subsections (3) and (7) (which relate to section 438);

(c)

in subsection (8)—

(i)

for “subsections (2) and (3)” substitute “ subsection (2) ”, and

(ii)

omit “; and any such liability imposed by subsection (2) is (subject as mentioned above) a liability also to indemnify all persons against liability under subsection (3)”.

(3)

In section 453(1A) of that Act (investigation of overseas companies: provisions not applicable), omit paragraph (b) (which relates to section 438).

(4)

Nothing in this section affects proceedings brought under section 438 before the commencement of this section.

1177Repeal of certain provisions about company directors

The following provisions of Part 10 of the Companies Act 1985 shall cease to have effect—

  • section 311 (prohibition on tax-free payments to directors);

  • sections 323 and 327 (prohibition on directors dealing in share options);

  • sections 324 to 326 and 328 to 329, and Parts 2 to 4 of Schedule 13 (register of directors' interests);

  • sections 343 and 344 (special procedure for disclosure by banks).

1178Repeal of requirement that certain companies publish periodical statement

The following provisions shall cease to have effect—

  • section 720 of the Companies Act 1985 (c. 6) (certain companies to publish periodical statement), and

  • Schedule 23 to that Act (form of statement under section 720).

1179Repeal of requirement that Secretary of State prepare annual report

Section 729 of the Companies Act 1985 (annual report to Parliament by Secretary of State on matters within the Companies Acts) shall cease to have effect.

1180Repeal of certain provisions about company charges

Part 4 of the Companies Act 1989 (c. 40) (registration of company charges), which has not been brought into force, is repealed.

1181Access to constitutional documents of RTE and RTM companies

(1)

The Secretary of State may by order—

(a)

amend Chapter 1 of Part 1 of the Leasehold Reform, Housing and Urban Development Act 1993 (c. 28) for the purpose of facilitating access to the provisions of the articles or any other constitutional document of RTE companies;

(b)

amend Chapter 1 of Part 2 of the Commonhold and Leasehold Reform Act 2002 (c. 15) (leasehold reform) for the purpose of facilitating access to the provisions of the articles or any other constitutional document of RTM companies.

(2)

References in subsection (1) to provisions of a company's articles or any other constitutional document include any provisions included in those documents by virtue of any enactment.

(3)

An order under this section is subject to negative resolution procedure.

(4)

In this section—

“RTE companies” has the same meaning as in Chapter 1 of Part 1 of the Leasehold Reform, Housing and Urban Development Act 1993;

“RTM companies” has the same meaning as in Chapter 1 of Part 2 of the Commonhold and Leasehold Reform Act 2002.