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Changes over time for: Section 260


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Version Superseded: 01/03/2016
Status:
Point in time view as at 04/03/2015. This version of this provision has been superseded.

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Changes to legislation:
Companies Act 2006, Section 260 is up to date with all changes known to be in force on or before 09 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.

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260Derivative claimsU.K.
This section has no associated Explanatory Notes
(1)This Chapter applies to proceedings in England and Wales or Northern Ireland by a member of a company—
(a)in respect of a cause of action vested in the company, and
(b)seeking relief on behalf of the company.
This is referred to in this Chapter as a “derivative claim”.
(2)A derivative claim may only be brought—
(a)under this Chapter, or
(b)in pursuance of an order of the court in proceedings under section 994 (proceedings for protection of members against unfair prejudice).
(3)A derivative claim under this Chapter may be brought only in respect of a cause of action arising from an actual or proposed act or omission involving negligence, default, breach of duty or breach of trust by a director of the company.
The cause of action may be against the director or another person (or both).
(4)It is immaterial whether the cause of action arose before or after the person seeking to bring or continue the derivative claim became a member of the company.
(5)For the purposes of this Chapter—
(a)“director” includes a former director;
(b)a shadow director is treated as a director; and
(c)references to a member of a company include a person who is not a member but to whom shares in the company have been transferred or transmitted by operation of law.
Modifications etc. (not altering text)
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