Commentary
Section 4: Power to apply certain other provisions relating to companies
20.Section 4 gives the Treasury the power to apply to industrial and provident societies certain other provisions relating to companies.
21.Subsection (1) provides that the Treasury can make regulations either applying, or making provisions equivalent to, certain provisions relating to companies, in either case with appropriate modifications.
22.Subsection (2) lists the provisions relating to companies that the Treasury will be able to apply under subsection (1):
Parts 14 and 15 of the Companies Act 1985, which give the Secretary of State the power to investigate companies and their affairs and to requisition documents and make provision for imposing restrictions on shares and debentures that are the subject of an investigation.
Part 5 of the Companies Act 2006, which contains provisions about company names, including: general requirements on company names; indications of company type or legal form; similarity to other names (which includes provisions on powers by the Secretary of State to direct a company to change its name if it is similar to other names); other powers of the Secretary of State (for example powers to direct a change of name if the company provides misleading information in order to register by a particular name or if the name of the company gives a misleading indication of the company’s activities); change of name; trading disclosures.
Part 31 of the Companies Act 2006, which contains provisions giving powers to strike defunct companies off the register of companies; setting out related procedures governing voluntary striking off and how such applications should be made; delineating when the property of a dissolved company is deemed to be bona vacantia and its operation, including the effect of crown disclaimer; and setting out procedures by which companies may be restored to the register and the effect of that restoration in relation to the company’s name and property deemed bona vacantia.
23.Subsections (3) to (6) make it clear that the regulations may amend or repeal provisions in the 1965 Act that cover similar areas.
24.Subsection (7) provides that the regulations made by the Treasury to apply provisions of company law may (a) confer powers to make orders, regulations and other subordinate legislation; (b) create criminal offences in circumstances corresponding to an offence in the legislation being applied and subject to a maximum penalty no greater than is provided in the corresponding offence; (c) provide for the charging of fees (but not any charge in the nature of taxation).
25.Subsection (8) imposes a requirement on the Treasury to consult when using the regulation-making power conferred by this section.
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