Part 18 U.K. Acquisition by limited company of its own shares

Modifications etc. (not altering text)

C1 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))

C2 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 5 U.K. Redemption or purchase by private company out of capital

Requirements for payment out of capital U.K.

720 Directors' statement and auditor's report to be available for inspection U.K.

(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.

Modifications etc. (not altering text)

C3 S. 720 modified (6.4.2016) by The Companies (Address of Registered Office) Regulations 2016 (S.I. 2016/423), regs. 1(1), 11(a)(ix)

C4 S. 720 restricted (temp.) (4.3.2024) by The Registered Office Address (Rectification of Register) Regulations 2024 (S.I. 2024/233), regs. 1(2), 16; S.I. 2024/269, reg. 2(z42)