Source: http://www.legislation.gov.uk/nisi/1986/1032/part/VI
Timestamp: 2018-06-18 19:36:04
Document Index: 632984036

Matched Legal Cases: ['Art. 135', 'art. 135', 'art. 12', 'art. 135', 'art. 12', 'art 30', 'art. 136', 'art. 136', 'art. 136', 'art. 12', 'art. 138', 'art. 12', 'art. 139', 'art. 12', 'art. 141', 'art. 146', 'art. 146', 'art. 153', 'art 3', 'art. 157', 'art. 12', 'art 20', 'art. 159', 'Art. 161', 'art. 5', 'Art. 162', 'art. 5', 'art. 162', 'art. 162', 'Art. 163', 'art. 5', 'art. 163', 'Art. 165', 'art. 5', 'Art. 166', 'art. 5', 'art. 166', 'art. 12', 'Art. 167', 'art. 5', 'Art. 168', 'art. 5', 'Art 169', 'art. 172', 'art. 172', 'art. 11', 'art 23', 'art. 172', 'art 6', 'art 3', 'art. 176', 'art. 12', 'art. 181', 'art 23', 'art. 182', 'art. 182', 'art. 182', 'art. 191', 'Art. 192', 'art. 192', 'art. 8', 'Art. 193', 'art. 8', 'Art. 194', 'art. 8', 'Art. 195', 'art. 8', 'Art. 196', 'art. 8', 'Art. 197', 'art. 8', 'Art. 198', 'art. 8', 'Art. 199', 'art. 8', 'Art. 200', 'art. 8', 'Art. 201', 'art. 8', 'Art. 202', 'art. 8', 'Art. 203', 'art. 8', 'Art. 204', 'art. 8', 'Art. 205', 'art. 8']

135.—[F3(1) This Article is concerned with the variation of the rights attached to any class of shares in a company whose share capital is divided into shares of different classes.
(a)the holders of three-quarters in nominal value of the issued shares of that class[F4 (excluding any shares of that class held as treasury shares)] consent in writing to the variation; or
(b)[F5a special resolution] passed at a separate general meeting of the holders of that class sanctions the variation;
(5) If the rights are attached to a class of shares by the memorandum, and the memorandum and articles do not contain provision with respect to the variation of those rights, those rights may be varied if all the members of the company[F4 (excluding any member holding shares as treasury shares)] agree to the variation.
(a)the necessary quorum at any such meeting other than an adjourned meeting shall be 2 persons holding or representing by proxy at least one-third in nominal value of the issued shares of the class in question[F4 (excluding any shares of that class held as treasury shares)] and at an adjourned meeting one person holding shares of the class in question or his proxy;
F3Art. 135 repealed (1.10.2007 for art. 135(6) and otherwise prosp.) by Companies Act 2006 (c. 46), ss. 1284(2), 1295, 1300(2), Sch. 16; S.I. 2007/2194, arts. 1(3)(a), 8, Sch. 2 Pt. 2 (with art. 12, Sch. 3 para. 31)
F5Words in art. 135(2) substituted (1.10.2007 with application as mentioned in Sch. 4 para. 18(2) of the amending Order) by Companies Act 2006 (Commencement No. 3, Consequential Amendments, Transitional Provisions and Savings) Order 2007 (S.I. 2007/2194), arts. 1(3), 10(1), Sch. 4 para. 18(1) (with art. 12)
[F6section 899 of the Companies Act 2006 (court sanction for compromise or arrangement with creditors or members)],
[F7section 900 of that Act (powers of court to facilitate reconstruction or amalgamation)],
[F8Part 30 of the Companies Act 2006 (protection of members against unfair prejudice)].
F6Words in art. 136 substituted (6.4.2008) by Companies Act 2006 (Consequential Amendments etc) Order 2008 (S.I. 2008/948), arts. 2(2), 3(1)(b), Sch. 1 para. 124(a) (with arts. 6, 11, 12)
F7Words in art. 136 substituted (6.4.2008) by Companies Act 2006 (Consequential Amendments etc) Order 2008 (S.I. 2008/948), arts. 2(2), 3(1)(b), Sch. 1 para. 124(b) (with arts. 6, 11, 12)
F8Words in art. 136 substituted (1.10.2007) by Companies Act 2006 (Commencement No. 3, Consequential Amendments, Transitional Provisions and Savings) Order 2007 2007 (S.I. 2007/2194), arts. 1(3), 10(1), {Sch. 4 para. 25} (with art. 12)
[F9(2A) For the purposes of paragraph (2), any of the company's issued share capital held as treasury shares must be disregarded.]
F9SR 2004/275
138.—(1) If a company allots shares with rights which are not stated in its memorandum or articles, or in any resolution or agreement which is required by [F10section 30 of the Companies Act 2006] to be sent to the registrar, the company shall deliver to the registrar within one month from allotting the shares a statement in the prescribed form containing particulars of those rights.
F10Words in art. 138(1) substituted (1.10.2007) by Companies Act 2006 (Commencement No. 3, Consequential Amendments, Transitional Provisions and Savings) Order 2007 (S.I. 2007/2194), arts. 1(3), 10(1), Sch. 4 para. 17(4) (with art. 12)
139.—(1) If a company not having a share capital creates a class of members with rights which are not stated in its memorandum or articles or in a resolution or agreement to which [F11section 30 of the Companies Act 2006] applies, the company shall deliver to the registrar within one month from the date on which the new class is created a statement in the prescribed form containing particulars of the rights attached to that class.
F11Words in art. 139(1) substituted (1.10.2007) by Companies Act 2006 (Commencement No. 3, Consequential Amendments, Transitional Provisions and Savings) Order 2007 (S.I. 2007/2194), arts. 1(3), 10(1), Sch. 4 para. 17(5) (with art. 12)
(4) Subject to paragraph (5), the issuing company is to be regarded for the purposes of this Article as having secured at least a 90 per cent. equity holding in another company in pursuance of such an arrangement as is mentioned in paragraph (1) if in consequence of an acquisition or cancellation of equity shares in that company (in pursuance of that arrangement) it holds equity shares in that company (whether all or any of those shares were acquired in pursuance of that arrangement or not) of an aggregate nominal value equal to 90 per cent. or more of the nominal value of that company's equity share capital[F12 (excluding any shares in that company held as treasury shares)].
and “arrangement” means any agreement, scheme or arrangement (including an arrangement sanctioned under [F13section 899 of the Companies Act 2006 (court sanction for compromise or arrangement with creditors or members)] or[F14 Article 96 of the Insolvency Order] (liquidator accepting shares, etc. as consideration for sale of company property)).
F12SR 2004/275
F13Words in art. 141(7) in definition of "arrangement" substituted (6.4.2008) by Companies Act 2006 (Consequential Amendments etc) Order 2008 (S.I. 2008/948), arts. 2(2), 3(1)(b), Sch. 1 para. 125 (with arts. 6, 11, 12)
(3) Every creditor of the company who [F15—
(a)]at the date fixed by the court is entitled to any debt or claim which, if that date were the commencement of the winding up of the company, would be admissible in proof against the company, [F16and
F15Words in art. 146(3) inserted (6.4.2008) by Companies (Reduction of Capital) (Creditor Protection) Regulations 2008 (S.I. 2008/719), reg. 3(a) (with reg. 4)
F16Words in art. 146(3) inserted (6.4.2008) by Companies (Reduction of Capital) (Creditor Protection) Regulations 2008 (S.I. 2008/719), reg. 3(b) (with reg. 4)
(b)after the reduction of capital, the company is unable (within the meaning of[F17 Article 103 of the Insolvency Order]) to pay the amount of his debt or claim.
F171989 NI 19
(2) If a company purports to act in contravention of this Article, the company is liable to a fine, and every officer of the company who is in default is liable to imprisonment or a fine, or both; and[F18, subject to paragraph (2A),] the purported acquisition is void.
[F18(2A) Where a company purchases qualifying shares out of distributable profits under Article 172, any contravention by the company of any provision of Article 172B(1) or (2) shall not render the acquisition void under paragraph (2).]
(c)the purchase of shares in pursuance of an order of the court under Article 16 (alteration of objects), Article 64 (litigated objection to resolution for company to be re-registered as private) or [F19section 996 of the Companies Act 2006] (relief to members unfairly prejudiced), or
F19Words in art. 153(3)(c) substituted (6.4.2008) by Companies Act 2006 (Consequential Amendments etc) Order 2008 (S.I. 2008/948), arts. 2(2), 3(1)(b), Sch. 1 para. 126 (with arts. 6, 11, 12)
[F20(aa)where shares in the company are surrendered to the company in pursuance of section 102C(1)(b) of the Building Societies Act 1986;]
F201997 c. 41
[F21Chapter 3 of Part 3 of the Companies Act 2006 (resolutions affecting a company's constitution) applies to such a resolution.]
F21Words in art. 157(2) substituted (1.10.2007) by Companies Act 2006 (Commencement No. 3, Consequential Amendments, Transitional Provisions and Savings) Order 2007 (S.I. 2007/2194), arts. 1(3), 10(1), Sch. 4 para. 17(6) (with art. 12)
159.—(1) If a public company required by paragraph (2) of Article 156 to apply to be re-registered as a private company fails to do so before the end of the relevant period referred to in that paragraph, [F22Chapter 1 of Part 20 of the Companies Act 2006] (restriction on public offers) applies to it as if it were a private company such as is mentioned in that Article; but, subject to this, the company continues to be treated for the purposes of this Order as a public company until it is so re-registered.
F22Words in art. 159(1) substituted (6.4.2008) by Companies Act 2006 (Consequential Amendments etc) Order 2008 (S.I. 2008/948), arts. 2(2), 3(1)(b), Sch. 1 para. 127 (with arts. 6, 11, 12)
161.—[F23(1) Subject to the following provisions of this Chapter, where a person is acquiring or is proposing to acquire shares in a company, it is not lawful for the company or any of its subsidiaries to give financial assistance directly or indirectly for the purpose of that acquisition before or at the same time as the acquisition takes place.
F23Art. 161 repealed (1.10.2008 with application as mentioned in art. 5(2) of the commencing S.I.) by Companies Act 2006 (c. 46), ss. 1284(2), 1295, 1300(2), Sch. 16; S.I. 2007/3495, arts. 5(2), 8(b), Sch. 3 Pt. 2 (with arts. 7, 12, Sch. 4 paras. 51, 52)
162.—[F24(1) In this Chapter—
(ii)includes, in a case where the financial assistance is or includes a non-cash asset, any profit which, if the company were to make a distribution of that asset, would under [F25section 846 of the Companies Act 2006] (distributions in kind) be available for that purpose, and
(c)“distribution” has the meaning given by [F26section 829 of the Companies Act 2006].
(2) In paragraph (1)(a)(iv) “net assets” means the aggregate of the company's assets, less the aggregate of its liabilities ( “liabilities” to include any[F27 provision for liabilities] within paragraph 88 of Schedule 4[F27 that is made in Companies Order individual accounts and any provision that is made in IAS individual accounts] ).
F24Art. 162 repealed (1.10.2008 with application as mentioned in art. 5(2) of the commencing S.I.) by Companies Act 2006 (c. 46), ss. 1284(2), 1295, 1300(2), Sch. 16; S.I. 2007/3495, arts. 5(2), 8(b), Sch. 3 Pt. 2 (with arts. 7, 12, Sch. 4 paras. 51, 52)
F25Words in art. 162(1)(b)(ii) substituted (6.4.2008) by Companies Act 2006 (Consequential Amendments etc) Order 2008 (S.I. 2008/948), arts. 2(2), 3(1)(b), Sch. 1 para. 128(a) (with arts. 6, 11, 12)
F26Words in art. 162(1)(c) substituted (6.4.2008) by Companies Act 2006 (Consequential Amendments etc) Order 2008 (S.I. 2008/948), arts. 2(2), 3(1)(b), Sch. 1 para. 128(b) (with arts. 6, 11, 12)
163.—[F28(1) Article 161(1) does not prohibit a company from giving financial assistance for the purpose of an acquisition of shares in it or its holding company if—
(e)anything done in pursuance of an order of the court under [F29section 899 of the Companies Act 2006] (compromises and arrangements with creditors and members),
(f)anything done under an arrangement made in pursuance of[F30 Article 96 of the Insolvency Order] (acceptance of shares by liquidator in winding up as consideration for sale of property), or
(g)anything done under an arrangement made between a company and its creditors which is binding on the creditors by virtue of[F30 Part II of the Insolvency Order] (winding up imminent or in progress).
[F31(b)the provision by a company, in good faith in the interests of the company, of financial assistance for the purposes of an employees' share scheme,]
[F32(bb)without prejudice to sub-paragraph (b), the provision of financial assistance by a company or any of its subsidiaries for the purposes of or in connection with anything done by the company (or[F31 a company in the same group]) for the purpose of enabling or facilitating transactions in shares in the first-mentioned company between, and involving the acquisition of beneficial ownership of those shares by, any of the following persons—
[F31(5) For the purposes of paragraph (4)(bb) a company is in the same group as another company if it is a holding company or subsidiary of that company, or a subsidiary of a holding company of that company.]]
F28Art. 163 repealed (1.10.2008 with application as mentioned in art. 5(2) of the commencing S.I.) by Companies Act 2006 (c. 46), ss. 1284(2), 1295, 1300(2), Sch. 16; S.I. 2007/3495, arts. 5(2), 8(b), Sch. 3 Pt. 2 (with arts. 7, 12, Sch. 4 paras. 51, 52)
F29Words in art. 163(3)(e) substituted (6.4.2008) by Companies Act 2006 (Consequential Amendments etc) Order 2008 (S.I. 2008/948), arts. 2(2), 3(1)(b), Sch. 1 para. 129 (with arts. 6, 11, 12)
F301989 NI 19
F321986 c. 60
(b)“liabilities” includes any amount retained as reasonably necessary for the purpose of providing for any liability[F33 the nature of which is clearly defined and] which is either likely to be incurred, or certain to be incurred, but uncertain as to amount or as to the date on which it will arise.
F33SR 2004/496
165.—[F34(1) Article 161 does not prohibit a private company from giving financial assistance in a case where the acquisition of shares in question is or was an acquisition of shares in the company or, if it is a subsidiary of another private company, in that other company if the following provisions of this Article, and Articles 166 to 168, are complied with as respects the giving of that assistance.
F34Art. 165 repealed (1.10.2008 with application as mentioned in art. 5(2) of the commencing S.I.) by Companies Act 2006 (c. 46), ss. 1284(2), 1295, 1300(2), Sch. 16; S.I. 2007/3495, arts. 5(2), 8(b), Sch. 3 Pt. 2 (with arts. 7, 12, Sch. 4 paras. 51, 52)
166.—[F35(1) A statutory declaration made by a company's directors under Article 165(6) shall contain such particulars of the financial assistance to be given, and of the business of the company of which they are directors, as may be prescribed, and shall identify the person to whom the assistance is to be given.
(3) In forming their opinion for the purposes of paragraph (2), the directors shall take into account the same liabilities (including contingent and prospective liabilities) as would be relevant under[F36 Article 102 of the Insolvency Order] (winding up by the court) to the question whether the company is unable to pay its debts.
(a)together with a copy of any special resolution passed by the company under Article 165 and delivered to the registrar in compliance with [F37section 30 of the Companies Act 2006], or
F35Art. 166 repealed (1.10.2008 with application as mentioned in art. 5(2) of the commencing S.I.) by Companies Act 2006 (c. 46), ss. 1284(2), 1295, 1300(2), Sch. 16; S.I. 2007/3495, arts. 5(2), 8(b), Sch. 3 Pt. 2 (with arts. 7, 12, Sch. 4 paras. 51, 52)
F37Words in art. 166(5)(a) substituted (1.10.2007) by Companies Act 2006 (Commencement No. 3, Consequential Amendments, Transitional Provisions and Savings) Order 2007 (S.I. 2007/2194), arts. 1(3), 10(1), Sch. 4 para. 17(7) (with art. 12)
167.—[F38(1) A special resolution required by Article 165 to be passed by a company approving the giving of financial assistance must be passed on the date on which the directors of that company make the statutory declaration required by that Article in connection with the giving of that assistance, or within the week immediately following that date.
F38Art. 167 repealed (1.10.2008 with application as mentioned in art. 5(2) of the commencing S.I.) by Companies Act 2006 (c. 46), ss. 1284(2), 1295, 1300(2), Sch. 16; S.I. 2007/3495, arts. 5(2), 8(b), Sch. 3 Pt. 2 (with arts. 7, 12, Sch. 4 paras. 51, 52)
168.—[F39(1) This Article applies as to the time before and after which financial assistance may not be given by a company in pursuance of Article 165.
F39Art. 168 repealed (1.10.2008 with application as mentioned in art. 5(2) of the commencing S.I.) by Companies Act 2006 (c. 46), ss. 1284(2), 1295, 1300(2), Sch. 16; S.I. 2007/3495, arts. 5(2), 8(b), Sch. 3 Pt. 2 (with arts. 7, 12, Sch. 4 paras. 51, 52)
169 .F40—(1) Subject to the provisions of this Chapter, a company limited by shares or limited by guarantee and having a share capital may, if authorised to do so by its articles, issue shares which are to be redeemed or are liable to be redeemed at the option of the company or the shareholder.
F41Art 169A inserted (prosp.) by 1990 NI 10
170 .F42—(1) Subject to paragraph (2) and to Articles 181 (private companies redeeming or purchasing own shares out of capital) and 188(4) (terms of redemption or purchase enforceable in a winding up)—
F43(3) Subject to the following provisions of this Chapter, redemption of shares may be effected on such terms and in such manner as may be provided by the company's articles.
(4) SharesF44 redeemed under this Article shall be treated as cancelled on redemption, and the amount of the company's issued share capital shall be diminished by the nominal value of those shares accordingly; but the redemption of shares by a company is not to be taken as reducing the amount of the company's authorised share capital.
F43prosp. repeal by 1990 NI 10
F44prosp. subst. by 1990 NI 10
172 .F45—(1) Subject to the following provisions of this Chapter, a company limited by shares or limited by guarantee and having a share capital may, if authorised to do so by its articles, purchase its own shares (including any redeemable shares).
[F46(2) Articles 169 and 170 apply to the purchase by a company under this Article of its own shares as they apply to the redemption of redeemable shares.
(3) A company may not under this Article purchase its own shares if as a result of the purchase there would no longer be any member of the company holding shares other than redeemable shares[F46 or shares held as treasury shares].
[F46(4) For the purposes of this Chapter “qualifying shares” are shares which—
F45mod. by 1989 NI 19
F46SR 2004/275
[F47Treasury sharesN.I.
[F47172A.—(1) Where qualifying shares are purchased by a company out of distributable profits in accordance with Article 172, the company may—
F47SR 2004/275
(3) The rights to which paragraph (2) applies include any right to attend or vote at meetings (including [F48meetings summoned under section 896 of the Companies Act 2006]).
F48Words in art. 172C(3) substituted (6.4.2008) by Companies Act 2006 (Consequential Amendments etc) Order 2008 (S.I. 2008/948), arts. 2(2), 3(1)(b), Sch. 1 para. 130 (with arts. 6, 11, 12)
(3) But if the company receives a notice under [F49section 979 of the Companies Act 2006] (right of offeror to buy out minority shareholders)[7] that a person desires to acquire any of the shares, the company must not, under paragraph (1), sell or transfer the shares to which the notice relates except to that person.
F49Words in art. 172D(3) substituted (6.4.2007) by Companies Act 2006 (Commencement No. 2, Consequential Amendments, Transitional Provisions and Savings) Order 2007 (S.I. 2007/1093), arts.1(3), 6(1), Sch. 3 para. 2 (with art. 11(1)
(2) Where the proceeds of sale are equal to or less than the purchase price paid by the company for the shares, the proceeds shall be treated for the purposes of [F50Part 23 of the Companies Act 2006] as a realised profit of the company.
F50Words in art. 172F(2) substituted (6.4.2008) by Companies Act 2006 (Consequential Amendments etc) Order 2008 (S.I. 2008/948), arts. 2(2), 3(1)(b), Sch. 1 para. 131 (with arts. 6, 11, 12)
173 .F51—(1) A purchase by a company of its own shares is “off-market” if the shares either—
(a)are purchased otherwise than on[F52 a recognised investment exchange], or
(b)are purchased on[F52 a recognised investment exchange] but are not subject to a marketing arrangement on[F52 that investment exchange].
(2) For this purpose, a company's shares are subject to a marketing arrangement on[F52 a recognised investment exchange] if either—
(a)they are listed[F52 under[F53 Part 6 of the Financial Services and Markets Act 2000]]; or
(b)the company has been afforded facilities for dealings in those shares to take place on[F52 that investment exchange] without prior permission for individual transactions from the authority governing[F52 that investment exchange] and without limit as to the time during which those facilities are to be available.
(3) A purchase by a company of its own shares is a “market” purchase if it is a purchase made on[F52 a recognised investment exchange], other than a purchase which is an off-market purchase by virtue of paragraph (1)(b).
[F53(4) “Recognised investment exchange” means a recognised investment exchange other than an overseas investment exchange.
F51mod. by 1989 NI 19
F521986 c. 60
F53SI 2001/3649
174 .F54—(1) A company may only make an off-market purchase of its own shares in pursuance of a contract approved in advance in accordance with this Article or Article 175.
F54mod. by 1989 NI 19
175 .F55—(1) A contingent purchase contract is a contract entered into by a company and relating to any of its shares—
F55mod. by 1989 NI 19
176 .F56—(1) A company shall not make a market purchase of its own shares unless the purchase has first been authorised by the company in general meeting.
[F57(7) Chapter 3 of Part 3 of the Companies Act 2006 (resolutions affecting a company's constitution) applies to a resolution of a company conferring, varying, revoking or renewing authority under this Article.]
F56mod. by 1989 NI 19
F57Words in art. 176(7) substituted (1.10.2007) by Companies Act 2006 (Commencement No. 3, Consequential Amendments, Transitional Provisions and Savings) Order 2007 (S.I. 2007/2194), arts. 1(3), 10(1), Sch. 4 para. 17(8) (with art. 12)
177 .F58—(1) The rights of a company under a contract approved under Article 174 or 175, or under a contract for a purchase authorised under Article 176, are not capable of being assigned.
F58mod. by 1989 NI 19
178 .F59—(1) A payment made by a company in consideration of—
F59mod. by 1989 NI 19
179 .F60—(1) Within the period of 28 days beginning with the date on which any shares purchased by a company under this Chapter are delivered to it, the company shall deliver to the registrar for registration a return in the prescribed form stating with respect to shares of each class purchased the number and nominal value of those shares and the date on which they were delivered to the company.
[F61(1A) But in the case of a company which has purchased its own shares in circumstances in which Article 172A applies, the requirement to deliver a return under paragraph (1) shall apply only where some or all of the shares have been cancelled forthwith after the date of their delivery in accordance with Article 172D(1) and in those circumstances the particulars required by that paragraph to be stated with respect to the shares purchased shall apply only to such of the shares as have been so cancelled.
(2) In the case of a public company,[F61 any return under paragraph (1) or (1B)] shall also state—
(3) Particulars of shares delivered to the company on different dates and under different contracts may be included in a single return[F61 under either paragraph (1) or (1B)] to the registrar; and in such a case the amount required to be stated under paragraph (2)(a) is the aggregate amount paid by the company for all the shares to which the return relates.
(5) Every copy and memorandum so required to be kept shallF62. . . be open to inspection without charge—
F60mod. by 1989 NI 19
F61SR 2004/275
F621990 NI 10
[F47Disclosure by company of cancellation or disposal of treasury sharesN.I.
[F47179A.—(1) Paragraph (2) applies in relation to any shares held by a company as treasury shares if—
180 .F63—(1) Where under this Chapter shares of a company are redeemed or purchased wholly out of the company's profits, the amount by which the company's issued share capital is diminished in accordance with Article 170(4) on cancellation of the shares redeemed or purchased[F64, or in accordance with Article 172D(4) on cancellation of shares held as treasury shares,] shall be transferred to a reserve, called “the capital redemption reserve”.
F63mod. by 1989 NI 19
F64SR 2004/275
181 .F65—(1) Subject to the following provisions of this Chapter, a private company limited by shares or limited by guarantee and having a share capital may, if so authorised by its articles, make a payment in respect of the redemption or purchase under Article 170 (as the case may be) Article 172, of its own shares otherwise than out of its distributable profits or the proceeds of a fresh issue of shares.
(b)any amount representing unrealised profits of the company for the time being standing to the credit of [F66any revaluation reserve maintained by the company in accordance with regulations made under section 396 of the Companies Act 2006],
F65mod. by 1989 NI 19
F66Words in art. 181(5)(b) substituted (6.4.2008) by Companies Act 2006 (Consequential Amendments etc) Order 2008 (S.I. 2008/948), arts. 2(2), 3(1)(b), Sch. 1 para. 132 (with arts. 6, 11, 12)
182 .F67—(1) The reference in Article 181(3)(a) to available profits of the company is to the company's profits which are available for distribution (within the meaning of [F68Part 23 of the Companies Act 2006]); but the question whether a company has any profits so available and the amount of any such profits are to be determined for the purposes of that Article in accordance with the following paragraphs, instead of [F69Chapter 2 of that Part].
(2) Subject to paragraph (3), that question is to be determined by reference to[F70 the following items as stated in the relevant accounts for determining the permissible capital payments for shares]
(b)[F70the following provisions—]
[F70(i)][F70in the case of Companies Order individual accounts,] provisions of any of the kinds mentioned in paragraphs 87 and 88 of Schedule 4 (depreciation, diminution in value of assets, retentions to meet liabilities, etc.)[F70, and]
[F70(ii)][F70in the case of IAS individual accounts, provisions of any kind]; and
(a)financial assistance lawfully given out of distributable profits in a case falling within Article 164 F71. . . ,
F67mod. by 1989 NI 19
F68Words in art. 182(1) substituted (6.4.2008) by Companies Act 2006 (Consequential Amendments etc) Order 2008 (S.I. 2008/948), arts. 2(2), 3(1)(b), Sch. 1 para. 133(a) (with arts. 6, 11, 12)
F69Words in art. 182(1) substituted (6.4.2008) by Companies Act 2006 (Consequential Amendments etc) Order 2008 (S.I. 2008/948), arts. 2(2), 3(1)(b), Sch. 1 para. 133(b) (with arts. 6, 11, 12)
F70SR 2004/496
F71Words in art. 182(5)(a) repealed (1.10.2008) by Companies Act 2006 (Consequential Amendments etc) Order 2008 (S.I. 2008/948), arts. 2(3), 4, Sch. 3 para. 3, Sch. 4 (with arts. 6, 11, 12)
183 .F72—(1) Subject to any order of the court under Article 187, a payment out of capital by a private company for the redemption or purchase of its own shares is not lawful unless the requirements of this Article and Articles 184 and 185 are satisfied.
(4) In forming their opinion for the purposes of paragraph (3)(a), the directors shall take into account the same liabilities (including prospective and contingent liabilities) as would be relevant under[F73 Article 102 of the Insolvency Order] (winding up by the court) to the question whether a company is unable to pay its debts.
F72mod. by 1989 NI 19
F731989 NI 19
184 .F74—(1) The resolution required by Article 183 must be passed on, or within the week immediately following, the date on which the directors make the statutory declaration required by that Article; and the payment out of capital must be made no earlier than 5 nor more than 7 weeks after the date of the resolution.
F74mod. by 1989 NI 19
185 .F75—(1) Within the week immediately following the date of the resolution for payment out of capital the company must cause to be published in the Belfast Gazette a notice—
(b)shallF76. . . be open to the inspection of any member or creditor of the company without charge.
F75mod. by 1989 NI 19
F761990 NI 10
186 .F77—(1) Where a private company passes a special resolution approving for the purposes of this Chapter any payment out of capital for the redemption or purchase of any of its shares—
F77mod. by 1989 NI 19
187 .F78—(1) On the hearing of an application under Article 186 the court may, if it thinks fit, adjourn the proceedings in order that an arrangement may be made to the court's satisfaction for the purchase of the interests of dissentient members or for the protection of dissentient creditors (as the case may be); and the court may give such directions and make such orders as it thinks expedient for facilitating or carrying into effect any such arrangement.
F78mod. by 1989 NI 19
188 .F79—(1) This Article has effect where a company has, on or after 1st July 1983—
F79mod. by 1989 NI 19
189 .F80—(1) The Department may by regulations modify the provisions of this Chapter with respect to any of the following matters—
F80mod. by 1989 NI 19
190 .F81—(1) Any preference shares issued by a company before 1st July 1983 which could but for the repeal by the Order of 1982 of section 58 of the Act of 1960 (power to issue redeemable preference shares) have been redeemed under that section are subject to redemption in accordance with the provisions of this Chapter.
F81mod. by 1989 NI 19
191 .F82 In this Chapter—
(a)“distributable profits”, in relation to the making of any payment by a company, means those profits out of which it could lawfully make a distribution (within the meaning given by [F83section 829 of the Companies Act 2006]), equal in value to the payment, and
F82mod. by 1989 NI 19
F83Words in art. 191(a) substituted (6.4.2008) by Companies Act 2006 (Consequential Amendments etc) Order 2008 (S.I. 2008/948), arts. 2(2), 3(1)(b), Sch. 1 para. 134 (with arts. 6, 11, 12)
192.—[F84(1) The shares or other interest of any member in a company—
(b)are transferable in manner provided by the company's articles, but subject to the [1963 c. 24 (N.I.)] Stock Transfer Act (Northern Ireland) 1963 (which enables securities of certain descriptions to be transferred by a simplified process)[F85 and to regulations made under section 207 of the Companies Act 1989 (which enable title to securities to be evidenced and transferred without a written instrument).]
F84Art. 192 repealed (6.4.2008 for art. 192(1)(b) and otherwise prosp.) by Companies Act 2006 (c. 46), ss. 1284(2), 1295, 1300(2), Sch. 16; S.I. 2007/3495, art. 8(a), Sch. 2 Pt. 2 (with arts. 7, 12)
F85SI 1995/3272
193. F86. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F86Art. 193 repealed (6.4.2008) by Companies Act 2006 (c. 46), ss. 1284(2), 1295, 1300(2), Sch. 16; S.I. 2007/3495, art. 8(a), Sch. 2 Pt. 2 (with arts. 7, 12)
194. F87. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F87Art. 194 repealed (6.4.2008) by Companies Act 2006 (c. 46), ss. 1284(2), 1295, 1300(2), Sch. 16; S.I. 2007/3495, art. 8(a), Sch. 2 Pt. 2 (with arts. 7, 12)
195. F88. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F88Art. 195 repealed (6.4.2008) by Companies Act 2006 (c. 46), ss. 1284(2), 1295, 1300(2), Sch. 16; S.I. 2007/3495, art. 8(a), Sch. 2 Pt. 2 (with arts. 7, 12)
196. F89. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F89Art. 196 repealed (6.4.2008) by Companies Act 2006 (c. 46), ss. 1284(2), 1295, 1300(2), Sch. 16; S.I. 2007/3495, art. 8(a), Sch. 2 Pt. 2 (with arts. 7, 12)
197. F90. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F90Art. 197 repealed (6.4.2008) by Companies Act 2006 (c. 46), ss. 1284(2), 1295, 1300(2), Sch. 16; S.I. 2007/3495, art. 8(a), Sch. 2 Pt. 2 (with arts. 7, 12)
[F91Issue and effect of share warrant to bearerN.I.
[F91198. F92. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]]
F911990 NI 10
F92Art. 198 repealed (6.4.2008) by Companies Act 2006 (c. 46), ss. 1284(2), 1295, 1300(2), Sch. 16; S.I. 2007/3495, art. 8(a), Sch. 2 Pt. 2 (with arts. 7, 12)
199 .F93 F94. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F93mod. by SR 2004/307
F94Art. 199 repealed (6.4.2008) by Companies Act 2006 (c. 46), ss. 1284(2), 1295, 1300(2), Sch. 16; S.I. 2007/3495, art. 8(a), Sch. 2 Pt. 2 (with arts. 7, 12)
200. F95. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F95Art. 200 repealed (6.4.2008) by Companies Act 2006 (c. 46), ss. 1284(2), 1295, 1300(2), Sch. 16; S.I. 2007/3495, art. 8(a), Sch. 2 Pt. 2 (with arts. 7, 12, Sch. 4 para. 22(2))
201 .F96 F97. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F96mod. by SR 2004/307
F97Art. 201 repealed (6.4.2008) by Companies Act 2006 (c. 46), ss. 1284(2), 1295, 1300(2), Sch. 16; S.I. 2007/3495, art. 8(a), Sch. 2 Pt. 2 (with arts. 7, 12)
202 .F98 F99. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F98mod. by SR 2004/307
F99Art. 202 repealed (6.4.2008) by Companies Act 2006 (c. 46), ss. 1284(2), 1295, 1300(2), Sch. 16; S.I. 2007/3495, art. 8(a), Sch. 2 Pt. 2 (with arts. 7, 12)
203. F100. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F100Art. 203 repealed (6.4.2008) by Companies Act 2006 (c. 46), ss. 1284(2), 1295, 1300(2), Sch. 16; S.I. 2007/3495, art. 8(a), Sch. 2 Pt. 2 (with arts. 7, 12)
204 .F101 F102. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F101mod. by SR 2004/307
F102Art. 204 repealed (6.4.2008) by Companies Act 2006 (c. 46), ss. 1284(2), 1295, 1300(2), Sch. 16; S.I. 2007/3495, art. 8(a), Sch. 2 Pt. 2 (with arts. 7, 12)
205. F103. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F103Art. 205 repealed (6.4.2008) by Companies Act 2006 (c. 46), ss. 1284(2), 1295, 1300(2), Sch. 16; S.I. 2007/3495, art. 8(a), Sch. 2 Pt. 2 (with arts. 7, 12)