C1Part 39Companies: minor amendments

Annotations:
Modifications etc. (not altering text)

I11176Power 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.