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Companies Act 2006
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Companies Act 2006, Section 800 is up to date with all changes known to be in force on or before 27 December 2024. 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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800Removal of restrictionsU.K.
This section has no associated Explanatory Notes
(1)An application may be made to the court for an order directing that the shares shall cease to be subject to restrictions.
(2)An application for an order under this section may be made by the company or by any person aggrieved.
(3)The court must not make an order under this section unless—
(a)it is satisfied that the relevant facts about the shares have been disclosed to the company and no unfair advantage has accrued to any person as a result of the earlier failure to make that disclosure, or
(b)the shares are to be transferred for valuable consideration and the court approves the transfer.
(4)An order under this section made by virtue of subsection (3)(b) may continue, in whole or in part, the restrictions mentioned in section 797(1)(c) and (d) (restrictions on issue of further shares or making of payments) so far as they relate to a right acquired or offer made before the transfer.
(5)Where any restrictions continue in force under subsection (4)—
(a)an application may be made under this section for an order directing that the shares shall cease to be subject to those restrictions, and
(b)subsection (3) does not apply in relation to the making of such an order.
Commencement Information
I1S. 800 wholly in force at 20.1.2007, see s. 1300 and S.I. 2006/3428, art. 3(1)(d) (subject to art. 5, Sch. 1 and with arts. 6, 8, Sch. 5)
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