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The Open-Ended Investment Companies (Investment Companies with Variable Capital) Regulations 1996
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- UK Statutory Instruments
- 1996 No. 2827
- PART III
- Organs
- Regulation 36
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Restraint and ratification by shareholders
36.—(1) A shareholder of an investment company with variable capital may bring proceedings to restrain the doing of an act which but for regulation 32(1) above would be beyond the company’s capacity.
(2) Paragraph (1) of regulation 33 above does not affect any right of a shareholder of an investment company with variable capital to bring proceedings to restrain the doing of an act which is beyond any of the powers referred to in that paragraph.
(3) No proceedings shall lie under paragraph (1) above in respect of an act to be done in fulfilment of a legal obligation arising from a previous act of the company; and paragraph (2) above shall not have the effect of enabling proceedings to be brought in respect of any such act.
(4) Any action by the directors of a company—
(a)which, but for paragraph (1) of regulation 32 above, would be beyond the company’s capacity; or
(b)which is within the company’s capacity but beyond the powers referred to in paragraph (1)(a) of regulation 33 above;
may only be ratified by resolution of the company in general meeting.
(5) A resolution ratifying such action shall not affect any liability incurred by the directors or any other person; relief from any such liability must be agreed to separately by resolution of the company in general meeting.
(6) Nothing in this regulation affects any power or right conferred by or arising under section 61 (injunctions and restitution orders) or 62 (actions for damages) of the 1986 Act.
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