Part 7Re-registration as a means of altering a company's status

Private company becoming public

90Re-registration of private company as public

(1)

A private company (whether limited or unlimited) may be re-registered as a public company limited by shares if—

(a)

a special resolution that it should be so re-registered is passed,

(b)

the conditions specified below are met, and

(c)

an application for re-registration is delivered to the registrar in accordance with section 94, together with—

(i)

the other documents required by that section, and

(ii)

a statement of compliance.

(2)

The conditions are—

(a)

that the company has a share capital;

(b)

that the requirements of section 91 are met as regards its share capital;

(c)

that the requirements of section 92 are met as regards its net assets;

(d)

if section 93 applies (recent allotment of shares for non-cash consideration), that the requirements of that section are met; and

(e)

that the company has not previously been re-registered as unlimited.

(3)

The company must make such changes—

(a)

in its name, and

(b)

in its articles,

as are necessary in connection with its becoming a public company.

(4)

If the company is unlimited it must also make such changes in its articles as are necessary in connection with its becoming a company limited by shares.