C2C1Part 18Acquisition by limited company of its own shares
Pts. 1-39 (except for Pt. 7 and ss. 662-669), 45-47 extended (12.5.2011) by The Companies Act 2006 (Consequential Amendments and Transitional Provisions) Order 2011 (S.I. 2011/1265), art. 5(1), Sch. 1 para. 2
Chapter 5Redemption or purchase by private company out of capital
Requirements for payment out of capital
C3C4720Directors' statement and auditor's report to be available for inspection
1
The directors' statement and auditor's report must be kept available for inspection throughout the period—
a
beginning with the day on which the company—
i
first publishes the notice required by section 719(1), or
ii
if earlier, first publishes or gives the notice required by section 719(2), and
b
ending five weeks after the date of the resolution for payment out of capital.
2
They must be kept available for inspection—
a
at the company's registered office, or
b
at a place specified in regulations under section 1136.
3
The company must give notice to the registrar—
a
of the place at which the statement and report are kept available for inspection, and
b
of any change in that place,
unless they have at all times been kept at the company's registered office.
4
They must be open to the inspection of any member or creditor of the company without charge.
5
If default is made for 14 days in complying with subsection (3), or an inspection under subsection (4) is refused, an offence is committed by—
a
the company, and
b
every officer of the company who is in default.
6
A person guilty of an offence under this section is liable on summary conviction to a fine not exceeding level 3 on the standard scale and, for continued contravention, a daily default fine not exceeding one-tenth of level 3 on the standard scale.
7
In the case of a refusal of an inspection required by subsection (4), the court may by order compel an immediate inspection.
Pts. 1-39 modified (31.12.2020) by Regulation (EC) No. 2157/2001, Art. AAA1(3) (as inserted by The European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 2018 (S.I. 2018/1298), regs. 1, 97 (with regs. 140-145) (as amended by S.I. 2020/523, regs. 1(2), 5(a)-(f)); 2020 c. 1, Sch. 5 para. 1(1))