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Changes over time for: Section 372
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Timeline of Changes
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Status:
Point in time view as at 03/10/2022.
Changes to legislation:
Companies Act 2006, Section 372 is up to date with all changes known to be in force on or before 04 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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Changes to Legislation
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372Costs of shareholder actionU.K.
This section has no associated Explanatory Notes
(1)This section applies in relation to proceedings brought under section 370 in the name of a company (“the company”) by an authorised group (“the group”).
(2)The group may apply to the court for an order directing the company to indemnify the group in respect of costs incurred or to be incurred by the group in connection with the proceedings.
The court may make such an order on such terms as it thinks fit.
(3)The group is not entitled to be paid any such costs out of the assets of the company except by virtue of such an order.
(4)If no such order has been made with respect to the proceedings, then—
(a)if the company is awarded costs in connection with the proceedings, or it is agreed that costs incurred by the company in connection with the proceedings should be paid by any defendant, the costs shall be paid to the group; and
(b)if any defendant is awarded costs in connection with the proceedings, or it is agreed that any defendant should be paid costs incurred by him in connection with the proceedings, the costs shall be paid by the group.
(5)In the application of this section to Scotland for “costs” read “expenses” and for “defendant” read “defender”.
Modifications etc. (not altering text)
Commencement Information
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