Valid from 20/01/2007
Deemed agreement of debenture holders to use of websiteU.K.
11(1)This paragraph applies to a document or information to be sent or supplied to a person as holder of a company's debentures.U.K.
(2)To the extent that—
(a)the relevant debenture holders have duly resolved that the company may send or supply documents or information to them by making them available on a website, or
(b)the instrument creating the debenture in question contains provision to that effect,
a debenture holder in relation to whom the following conditions are met is taken to have agreed that the company may send or supply documents or information to him in that manner.
(3)The conditions are that—
(a)the debenture holder has been asked individually by the company to agree that the company may send or supply documents or information generally, or the documents or information in question, to him by means of a website, and
(b)the company has not received a response within the period of 28 days beginning with the date on which the company's request was sent.
(4)A person is not taken to have so agreed if the company's request—
(a)did not state clearly what the effect of a failure to respond would be, or
(b)was sent less than twelve months after a previous request made to him for the purposes of this paragraph in respect of the same or a similar class of documents or information.
(5)For the purposes of this paragraph—
(a)the relevant debenture holders are the holders of debentures of the company ranking pari passu for all purposes with the intended recipient, and
(b)a resolution of the relevant debenture holders is duly passed if they agree in accordance with the provisions of the instruments creating the debentures.
Commencement Information
I1Sch. 5 para. 11 wholly in force at 20.1.2007, see s. 1300 and S.I. 2006/3428, art. 3(1)(e) (subject to art. 5, Sch. 1) (with arts. 6, 8, Sch. 5)