An opting-in resolution or an opting-out resolution must specify the date from which it is to have effect (the “effective date”).

The effective date of an opting-in resolution may not be earlier than the date on which the resolution is passed.

The F1second, third, fourth and fifth conditions in section 966 must be met at the time when an opting-in resolution is passed, but the first one does not need to be met until the effective date.

An opting-in resolution passed before the time when voting shares of the company are admitted to trading on a F2UK regulated market complies with the requirement in subsection (1) if, instead of specifying a particular date, it provides for the resolution to have effect from that time.

An opting-in resolution passed before the commencement of this section complies with the requirement in subsection (1) if, instead of specifying a particular date, it provides for the resolution to have effect from that commencement.

The effective date of an opting-out resolution may not be earlier than the first anniversary of the date on which a copy of the opting-in resolution was forwarded to the registrar.

Where a company has passed an opting-in resolution, any alteration of its articles of association that would prevent the F3second, third or fourth condition in section 966 from being met is of no effect until the effective date of an opting-out resolution passed by the company.