Source: http://www.legislation.gov.uk/ukpga/2006/46/part/18
Timestamp: 2016-07-23 16:14:14
Document Index: 82554689

Matched Legal Cases: ['art. 220', 'art. 217', 'art. 220', 'art. 2', 'art. 2', 'art. 7', 'art. 3', 'art. 2', 'art. 5', 'art. 10', 'art. 10', 'art. 2', 'art 18', 'art. 5', 'art. 12', 'art. 10', 'art. 5', 'art. 12', 'art. 10', 'art. 5', 'art. 3', 'art. 5', 'art. 3', 'art. 18', 'art. 12', 'art. 10', 'art. 5', 'art. 12', 'art. 10', 'art. 5', 'art 20', 'art. 12', 'art. 10', 'art. 5', 'art. 12', 'art. 10', 'art. 5', 'art. 12', 'art. 10', 'art. 12', 'art. 10', 'art. 5', 'art. 5', 'art. 12', 'art. 10', 'art. 5', 'art. 3', 'art. 5', 'art. 3', 'art. 18', 'art 18', 'art 18', 'art 18', 'art 18', 'art 3', 'art 18', 'art 18', 'art 18', 'art 18', 'art 18', 'art 18', 'art 18', 'art 18', 'art 18', 'art 18', 'art. 3', 'art. 5', 'art. 3', 'art. 18', 'art 23', 'art 18', 'art 18', 'art. 3', 'art. 5', 'art. 3', 'art. 18', 'art 18', 'art 18', 'art 18', 'art 18', 'art 18', 'art. 3', 'art. 5', 'art. 3', 'art. 18', 'art 18', 'art. 3', 'art. 5', 'art. 3', 'art. 18', 'art. 2', 'arts 6', 'art. 3', 'art. 18', 'art. 3', 'art. 5', 'art. 3', 'art. 18']

Table of ContentsContentExplanatory NotesMore ResourcesPrevious: PartNext: PartPlain ViewPrint OptionsWhat VersionLatest available (Revised)Original (As enacted)Advanced FeaturesShow Geographical Extent(e.g. England, Wales, Scotland, Northern Ireland)Show Timeline of ChangesOpening OptionsOpen whole ActOpen Act without schedulesOpen Schedules onlyMore ResourcesOriginal Print PDFOriginal Print PDF Volume 1Original Print PDF Volume 2Original Print PDF Volume 3Correction Slip - 15/10/2010View moreChanges to legislation:There are outstanding changes not yet made by the legislation.gov.uk editorial team to Companies Act 2006. Any changes that have already been made by the team appear in the content and are referenced with annotations.Changes to LegislationRevised legislation carried on this site may not be fully up to date. Changes and effects are recorded by our editorial team in lists which can be found in the ‘Changes to Legislation’ area. Where those effects have yet to be applied to the text of the legislation by the editorial team they are also listed alongside the legislation in the affected provisions. Use the ‘more’ link to open the changes and effects relevant to the provision you are viewing.Changes and effects yet to be applied to :Changes and effectsThis section lists the changes and effects yet to be applied to the specific provision you are viewing.s. 723 heading substituted by S.I. 2015/532 reg. 6(a)specified provision(s) amendment to earlier commencing SI 2008/2860 by S.I. 2013/1947 reg. 2Changes and effects yet to be applied to the whole Act associated Parts and Chapters:Changes and effectsThis section lists the changes and effects yet to be applied to the whole Act, associated Parts and Chapters where applicable. This includes any insertions of whole new Parts, Chapters or provisions yet to be inserted into this Act. These effects are included in this view as they may be (but won’t necessarily be) relevant to the specific provision that you are viewing.Act amendment to earlier affecting provision SI 2008/373 reg. 11(1) by S.I. 2013/1971 reg. 9(a)Act amendment to earlier affecting provision SI 2008/373 reg. 3(4) by S.I. 2013/1971 reg. 4Act applied (with modifications) by S.I. 2014/3348 art. 220(4) Sch. 4Act applied (with modifications) by S.I. 2008/373 reg. 3(4) (as substituted) by S.I. 2013/2224 reg. 5Act applied in part by S.I. 2008/374 reg. 8(1)Act applied in part by S.I. 2013/1973 reg. 9(1)Act excluded by 2016 c. 20 s. 1(3)Act excluded by S.I. 2014/3348 art. 217Act excluded by S.I. 2014/3348 art. 220(3)Act modified by S.I. 2008/373 reg. 11(1) (as substituted) by S.I. 2013/2224 reg. 10(a)Whole provisions yet to be inserted into this Act (including any effects on those provisions):Pt. 8 Ch. 2A inserted by 2015 c. 26 Sch. 5 para. 3Pt. 10 Ch. 4A excluded by 2013 c. 24 s. 82(3) (4)Pt. 10 Ch. 4A inserted by 2013 c. 24 s. 80Pt. 15 Ch. 4A inserted by S.I. 2013/1970 reg. 3Pt. 21A inserted by 2015 c. 26 Sch. 3 para. 1Pt. 25 Ch. A1 inserted by S.I. 2013/600 reg. 2 Sch. 1s. 9(4)(d) inserted by 2015 c. 26 Sch. 3 para. 4s. 9(5)(c) and word inserted by 2015 c. 26 s. 93(2)(b)s. 9(5A)(5B) inserted by 2015 c. 26 s. 93(3)s. 10(2)(ba) inserted by 2015 c. 26 Sch. 6 para. 2(a)s. 12A applied (with modifications) by S.I. 2009/1804 by reg. 3A as inserted by S.I. 2016/340 Sch. 3 para. 3s. 12A inserted by 2015 c. 26 Sch. 3 para. 5s. 12A modified by S.I. 2016/375 reg. 4s. 32(2)(ba) inserted by 2015 c. 26 Sch. 6 para. 3(a)s. 94(2)(e) and word inserted by 2015 c. 26 s. 98(2)(b)s. 98(7) inserted by S.I. 1991/724, Sch. Pt. 1 (as amended) by S.I. 2014/821 art. 2(10)(a)(ii)s. 108(3)(ba) inserted by 2015 c. 26 Sch. 6 para. 4(a)s. 112A inserted by 2015 c. 26 Sch. 5 para. 2s. 129(6) inserted by 2015 c. 26 Sch. 5 para. 4s. 156A-156C inserted by 2015 c. 26 s. 87(4)s. 161A applied (with modifications) by SI 2009/1804 reg. 17A (as inserted) by S.I. 2016/599 Sch. 1 para. 2s. 161A inserted by 2015 c. 26 Sch. 5 para. 6s. 167A-167E applied (with modifications) by SI 2009/1804 reg. 18A (as inserted) by S.I. 2016/599 Sch. 1 para. 3s. 167A-167F and cross-heading inserted by 2015 c. 26 Sch. 5 para. 7s. 215(5) inserted by 2013 c. 24 s. 81(4)s. 226D(6)(a) applied (with modifications) by 2013 c. 24 s. 82(2)s. 246(3A) inserted by 2015 c. 26 Sch. 5 para. 15(a)s. 246(4A) inserted by 2015 c. 26 Sch. 5 para. 15(b)s. 274A inserted by 2015 c. 26 Sch. 5 para. 9s. 279A-279F and cross-heading inserted by 2015 c. 26 Sch. 5 para. 10s. 360B(5) inserted by 2015 c. 26 Sch. 5 para. 18s. 382(1A) inserted by S.I. 2013/3008 reg. 4(2)(a)s. 383(2A) inserted by S.I. 2013/3008 reg. 4(3)(a)s. 384(2)(ca) inserted by S.I. 2013/2005 reg. 2(2)(a)s. 384A 384B inserted by S.I. 2013/3008 reg. 4(4)s. 393(1A) inserted by S.I. 2013/3008 reg. 5(2)s. 396(A1) inserted by S.I. 2015/980 reg. 5(4)s. 396(2A) inserted by S.I. 2013/3008 reg. 5(3)(a)s. 396(6) inserted by S.I. 2013/3008 reg. 5(3)(b)s. 399(2A) inserted by S.I. 2015/980 reg. 5(6)(a)s. 400(1)(b)(c) substituted for s. 400(1)(b) by S.I. 2015/980 reg. 5(7)(a)s. 401(1)(b)(c) substituted for s. 401(1)(b) by S.I. 2015/980 reg. 5(8)(a)s. 404(A1) inserted by S.I. 2015/980 reg. 5(9)s. 411(1)(1A) substituted for s. 411(1) by S.I. 2015/980 reg. 5(15)(a)s. 413(3)(e)(f) inserted by S.I. 2015/980 reg. 5(16)(a)(ii)s. 413(5)(ba)(bb) inserted by S.I. 2015/980 reg. 5(16)(b)s. 414A(5) applied (with modifications) by S.I. 2008/373 reg. 4A (as inserted) by S.I. 2013/2224 reg. 6s. 414A(5) applied (with modifications) by S.I. 2008/375 reg. 6A (as inserted) by S.I. 2013/2224 reg. 7s. 414A(5) applied by SI 2008/373 reg. 4A(2) (as inserted) by S.I. 2013/1971 reg. 5s. 414B word inserted by S.I. 2015/980 reg. 6s. 414D(1)(2) applied (with modifications) by S.I. 2008/373 reg. 4A (as inserted) by S.I. 2013/2224 reg. 6s. 414D(1)(2) applied (with modifications) by SI 2008/373 reg. 4A(1) (as inserted) by S.I. 2013/1971 reg. 5s. 415(1A) inserted by S.I. 2015/980 reg. 7s. 421(2A) inserted by 2013 c. 24 s. 79(1)s. 422A applied (with modifications) by SI 2008/373 reg. 6A (as inserted) by S.I. 2013/1971 reg. 6s. 422A inserted by 2013 c. 24 s. 79(2)s. 426A inserted by S.I. 2013/1970 reg. 12(1)s. 430(2A) (2B) inserted by 2013 c. 24 s. 81(6)s. 430(4A) inserted by 2013 c. 24 s. 81(8)s. 431(1)(aa) inserted by S.I. 2013/1970 Sch. para. 4(a)s. 432(1)(ba) inserted by S.I. 2013/1970 Sch. para. 5(a)s. 433(2)(aa) inserted by S.I. 2013/1970 Sch. para. 6(a)(ii)s. 433(3)(ba) inserted by S.I. 2013/1970 Sch. para. 6(b)(ii)s. 439A inserted by 2013 c. 24 s. 79(4)s. 439A(1)(a) applied (with modifications) by 2013 c. 24 s. 82(1)s. 442(5A) inserted by S.I. 2015/980 reg. 8(2)(b)s. 444(2A) inserted by S.I. 2015/980 reg. 8(3)(c)s. 444(3A)(3B) inserted by S.I. 2013/3008 reg. 6(b)s. 444(3A)(3B) omitted by S.I. 2015/980 reg. 8(3)(e)s. 444(5A)-(5C) inserted by S.I. 2015/980 reg. 8(3)(g)s. 445(1)(aa) inserted by S.I. 2013/1970 Sch. para. 9(a)(ii)s. 446(1)(aa) inserted by S.I. 2013/1970 Sch. para. 10(a)s. 447(1)(ba) inserted by S.I. 2013/1970 Sch. para. 11(a)s. 448(3)(b)(iv) and word inserted by S.I. 2013/2005 reg. 2(4)(c)s. 461(4)(g)(ia) inserted by 2014 c. 14 Sch. 4 para. 100(3)s. 461(4)(g)(v) inserted by 2014 c. 14 Sch. 4 para. 100(4)s. 463(1)(za) inserted by S.I. 2013/1970 Sch. para. 17(a)s. 467(1)(ba) inserted by S.I. 2013/2005 reg. 2(7)(a)s. 467(2)(ca) inserted by S.I. 2013/2005 reg. 2(7)(b)s. 469(3A) inserted by S.I. 2013/3008 reg. 7(2)s. 471(2)(aa) inserted by S.I. 2013/1970 Sch. para. 18(a)(i)s. 471(3)(ba) inserted by S.I. 2013/1970 Sch. para. 18(b)(i)s. 472(1A) inserted by S.I. 2013/3008 reg. 7(4)s. 472(1A) word omitted by S.I. 2015/980 reg. 9(5)(b)s. 481(za) inserted by S.I. 2015/980 reg. 10(4)s. 495(3A) inserted by S.I. 2013/3008 reg. 8(3)s. 514(1)-(2A) substituted for s. 514(1)(2) by 2015 c. 20 Sch. 5 para. 14(2)s. 515(1)-(2A) substituted for s. 515(1)(2) by 2015 c. 20 Sch. 5 para. 15(2)s. 519(1)-(3B) substituted for s. 519(1)-(3) by 2015 c. 20 s. 18(2)s. 519A inserted by 2015 c. 20 s. 18(3)s. 521(A1) inserted by 2015 c. 20 Sch. 5 para. 8(2)s. 554(2A) inserted by 2015 c. 26 Sch. 5 para. 19s. 555(4)(ba) inserted by 2015 c. 26 Sch. 6 para. 5(a)s. 617(5)(f)(g) inserted by 2015 c. 26 Sch. 4 para. 24s. 619(3)(ba) inserted by 2015 c. 26 Sch. 6 para. 6(a)s. 621(3)(ba) inserted by 2015 c. 26 Sch. 6 para. 7(a)s. 625(3)(ba) inserted by 2015 c. 26 Sch. 6 para. 8(a)s. 627(3)(ba) inserted by 2015 c. 26 Sch. 6 para. 9(a)s. 641(2A)-(2C) inserted by S.I. 2015/472 reg. 3(2)s. 641(7) inserted by S.I. 1991/724, Sch. Pt. 1 (as amended) by S.I. 2014/821 art. 2(10)(a)(ii)s. 644(2)(ba) inserted by 2015 c. 26 Sch. 6 para. 10(a)s. 649(2)(ba) inserted by 2015 c. 26 Sch. 6 para. 11(a)s. 663(3)(ba) inserted by 2015 c. 26 Sch. 6 para. 12(a)s. 689(3)(ba) inserted by 2015 c. 26 Sch. 6 para. 13(a)s. 692(1)(1ZA) substituted for s. 692(1) by S.I. 2015/532 reg. 3(2)s. 708(3)(ba) inserted by 2015 c. 26 Sch. 6 para. 14(a)s. 709(3) added by S.I. 2015/532 reg. 5s. 720B(2)(ba) inserted by 2015 c. 26 Sch. 6 para. 15(a)s. 730(5)(ba) inserted by 2015 c. 26 Sch. 6 para. 16(a)s. 734(1A) inserted by S.I. 2015/532 reg. 9(3)s. 762(1)(e) and word inserted by 2015 c. 26 s. 98(3)(b)s. 770(3) inserted by 2015 c. 26 Sch. 5 para. 26s. 771(2A) inserted by 2015 c. 26 Sch. 5 para. 27s. 779(4) inserted by 2015 c. 26 s. 84(1)s. 790A applied with modifications by S.I. 2009/1804 reg. 31A (as inserted) by S.I. 2016/340 reg. 3 Sch. 1s. 790C applied with modifications by S.I. 2009/1804 reg. 31B (as inserted) by S.I. 2016/340 reg. 3 Sch. 1s. 790C(4)(a) substituted by S.I. 2016/136 reg. 2(a)s. 790C(8)(a) substituted by S.I. 2016/136 reg. 2(b)s. 790D-790J applied with modifications by SI2009/1804 reg. 31C (as inserted) by S.I. 2016/340 reg. 3 Sch. 1s. 790K applied with modifications by SI2009/1804 reg. 31D (as inserted) by S.I. 2016/340 reg. 3 Sch. 1s. 790M(1)-(6) applied with modifications by SI2009/1804 reg. 31E (as inserted) by S.I. 2016/340 reg. 3 Sch. 1s. 790M(9)(c) modified by S.I. 2016/375 reg. 5s. 790M(10) modified by S.I. 2016/375 reg. 6s. 790N-790O applied with modifications by S.I. 2009/1804 reg. 31G (as inserted) by S.I. 2016/340 reg. 3 Sch. 1s. 790P-790S applied with modifications by S.I. 2009/1804 (b.v.o.)(as inserted) by S.I. 2016/340 reg. 3 Sch. 1s. 790T applied with modifications by SI2009/1804 reg. 31H (as inserted) by S.I. 2016/340 reg. 3 Sch. 1s. 790V applied with modifications by SI2009/1804 reg. 31J (as inserted) by S.I. 2016/340 reg. 3 Sch. 1s. 790W-790ZD applied with modifications by SI2009/1804 reg. 31K (as inserted) by S.I. 2016/340 reg. 3 Sch. 1s. 790ZF-790ZG(2) applied with modifications by S.I.2009/1804 reg. 31L (as inserted) by S.I. 2016/340 reg. 3 Sch. 1s. 853A 853B applied (with modifications) by SI 2009/1804 reg. 30 (as substituted) by S.I. 2016/599 Sch. 1 para. 5s. 853A-853G applied by SI 2009/2436 Sch. 1 para. 13(1) (as substituted) by S.I. 2016/599 Sch. 2 para. 2s. 853A-853L excluded by S.I. 2016/114 art. 7(1)(3) Sch. para. 1(q)s. 853B applied (with modifications) by SI 2009/2436 Sch. 1 para. 13(2) (as substituted) by S.I. 2016/599 Sch. 2 para. 2s. 853C applied (with modifications) by SI 2009/2436 Sch. 1 para. 13(3) (as substituted) by S.I. 2016/599 Sch. 2 para. 2s. 853I applied (with modifications) by SI 2009/1804 reg. 31 (as substituted) by S.I. 2016/599 Sch. 1 para. 5s. 853K 853L applied by SI 2009/2436 Sch. 1 para. 13(1) (as substituted) by S.I. 2016/599 Sch. 2 para. 2s. 853L applied (with modifications) by SI 2009/1804 reg. 31A (as substituted) by S.I. 2016/599 Sch. 1 para. 5s. 859A-859Q applied by SI 2009/1804 reg. 32 (as amended) by S.I. 2013/618 Sch.s. 859A excluded by S.I. 2015/912 Sch. 5 para. 9s. 859C(2)(3) applied by S.I. 2014/3344 art. 3(1)s. 859F applied (with modifications) by 1985 c. 6 s. 466(4E)(4F) (as inserted) by S.I. 2013/600 Sch. 2 para. 1(3)s. 859G applied (with modifications) by 1985 c. 6 s. 466(4E)(4F) (as inserted) by S.I. 2013/600 Sch. 2 para. 1(3)s. 859I applied (with modifications) by 1985 c. 6 s. 466(4E)(4F) (as inserted) by S.I. 2013/600 Sch. 2 para. 1(3)s. 859M applied (with modifications) by 1985 c. 6 s. 466(4E)(4F) (as inserted) by S.I. 2013/600 Sch. 2 para. 1(3)s. 859N applied (with modifications) by 1985 c. 6 s. 466(4E)(4F) (as inserted) by S.I. 2013/600 Sch. 2 para. 1(3)s. 859Q modified by S.I. 2016/423 reg. 11(a)(xiii)s. 1002(4) inserted by S.I. 2014/1602 art. 2(3)(e)s. 1028A inserted by 2015 c. 26 Sch. 4 para. 27(1)s. 1032A inserted by 2015 c. 26 Sch. 4 para. 28(1)s. 1068(6A) inserted by 2015 c. 26 Sch. 5 para. 30s. 1068(6A) words inserted by 2015 c. 26 Sch. 3 para. 7s. 1078(3A) inserted by 2015 c. 26 s. 98(4)(b)s. 1078(4A)(4B) inserted by S.I. 2014/3209 reg. 20(1)s. 1079A inserted by S.I. 2014/1557 art. 5s. 1079B and cross-heading. inserted by 2015 c. 26 s. 101(1)s. 1081(1)(e)(f) inserted by S.I. 2013/600 Sch. 2 para. 3(4)s. 1081(1A) inserted by 2015 c. 26 Sch. 5 para. 31(2)s. 1084A inserted by 2015 c. 26 s. 95(1)s. 1087(1)(d)(i)(k)(2)(3) applied by S.I. 2014/3209, reg 20A Table A, as inserted by S.I. 2015/1928 reg. 3s. 1087(1)(bb)(bc) inserted by 2015 c. 26 Sch. 3 para. 8s. 1087(1)(da) inserted by 2015 c. 26 s. 96(2)s. 1087(1)(ga) inserted by 2015 c. 26 s. 99(2)s. 1087A 1087B inserted by 2015 c. 26 s. 96(3)s. 1094(3)(a)(ix) inserted by 2015 c. 26 Sch. 5 para. 32(3)(c)s. 1095(4A)-(4D) inserted by 2015 c. 26 s. 102(1)s. 1097A inserted by 2015 c. 26 s. 99(1)s. 1126(2)(a)(iv) and word inserted by 2015 c. 26 Sch. 3 para. 9(3)(b)s. 1126(3)(a)(iv) and word inserted by 2015 c. 26 Sch. 3 para. 9(5)(b)s. 1230(3)(c) inserted by 2013 anaw 3 Sch. 4 para. 82s. 1293(aa) inserted by 2015 c. 26 s. 90(4)Sch. 1A para. 1-24 applied with modifications by S.I.2009/1804 reg. 31M (as inserted) by S.I. 2016/340 reg. 3 Sch. 1Sch. 1A 1B inserted by 2015 c. 26 Sch. 3 para. 2Sch. 1B applied with modifications by S.I.2009/1804 reg. 31N (as inserted) by S.I. 2016/340 reg. 3 Sch. 1Sch. 2 Pt. 2 para. 37(ab) inserted by 2014 c. 14 Sch. 4 para. 102(3)Sch. 2 Pt. 2 para. 37(e) inserted by 2014 c. 14 Sch. 4 para. 102(4)Sch. 2 Pt. 2 Section (A) para. 25(k) inserted by 2015 c. 15 Sch. 4 para. 37(2)(b)Sch. 2 Pt. 2 para. 37(aa) inserted by S.I. 2013/1882 art. 10(4)(a)Sch. 2 para. 36A inserted by S.I. 2014/631 Sch. 2 para. 5(2)(b)Sch. 2 Pt. 2 Section (A) para. 25(k) inserted by S.I. 2014/892 Sch. 1 para. 168(a)(ii)Sch. 2 Pt. 2 Section (A) para. 25(h) omitted by 2015 c. 15 Sch. 4 para. 37(2)(a)Sch. 2 Pt. 2 Section (A) para. 18 omitted by 2015 c. 20 Sch. 6 para. 22(15)(a)Sch. 2 Pt. 2 section (A) para. 25(b) omitted by S.I. 2013/1881 Sch. para. 11(a)Sch. 2 Pt. 2 Section (A) para. 26 omitted by S.I. 2014/892 Sch. 1 para. 168(b)Sch. 2 Pt. 2 Section (A) para. 33 substituted by 2015 c. 15 Sch. 4 para. 37(3)Sch. 2 Pt. 2 para. A31 words substituted by S.I. 2013/2329 Sch. para. 29(a)(i)Sch. 2 Pt. 2 para. A32 words substituted by S.I. 2013/2329 Sch. para. 29(a)(ii)Sch. 2 Pt. 2 Section (A) para. 25 words substituted by S.I. 2014/892 Sch. 1 para. 168(a)(i)Sch. 5 para. 4(1A) inserted by 2015 c. 26 Sch. 5 para. 34(a)Sch. 5 para. 16(3A) inserted by 2015 c. 26 Sch. 5 para. 34(b)Sch. 11A para. 52(ab) inserted by 2014 c. 14 Sch. 4 para. 103(3)Sch. 11A para. 52(e) inserted by 2014 c. 14 Sch. 4 para. 103(4)Sch. 11A Pt. 1 para. 17A-17D inserted by 2014 c. 2 Sch. 12 para. 78Sch. 11A Pt. 2 para. 52(aa) inserted by S.I. 2013/1882 art. 10(4)(b)Sch. 11A para. 51A inserted by S.I. 2014/631 Sch. 2 para. 5(3)(b)Sch. 11A para. 39(j) inserted by S.I. 2014/892 Sch. 1 para. 169(a)(ii)Sch. 12 para. 2(1)(1A) substituted for Sch. 12 para. 2(1) by S.I. 2013/1672 reg. 17(2)Commencement Orders yet to be applied to the Companies Act 2006Commencement OrdersThis section lists the commencement orders yet to be applied to the whole Act. These effects are included in this view as they may be (but won’t necessarily be) relevant to the specific provision that you are viewing. Where applicable the commencement orders are listed under two headings, firstly those that bring some part of the Act you are viewing into force and secondly, those that bring into force legislation that affects some part of the legislation you are viewing. If you are viewing a prospective version or there is a prospective version available there may be commencement orders listed here that are relevant to the provision you are viewing.Commencement Orders bringing legislation that affects this Act into force:S.R. 2015/383 art. 2 Sch. commences (2008 c. 12) Part 18 E+W+S+N.I.Acquisition by limited company of its own sharesAnnotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Modifications etc. (not altering text)C1Pts. 1-39 (except for Pt. 7 and ss. 662-669), 45-47 extended (12.5.2011) by The Companies Act 2006 (Consequential Amendments and Transitional Provisions) Order 2011 (S.I. 2011/1265), art. 5(1), Sch. 1 para. 2Chapter 1E+W+S+N.I.General provisionsIntroductoryE+W+S+N.I.658General rule against limited company acquiring its own sharesE+W+S+N.I.(1)A limited company must not acquire its own shares, whether by purchase, subscription or otherwise, except in accordance with the provisions of this Part.
Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Modifications etc. (not altering text)C2S. 658 excluded (E.W.S.) by The Open-Ended Investment Companies Regulations 2001 (S.I. 2001/1228), reg. 11B (as inserted (21.12.2011) by The Open-Ended Investment Companies (Amendment) Regulations 2011 (S.I. 2011/3049), regs. 1, 3(3) (with reg. 10(1)))659Exceptions to general ruleE+W+S+N.I.(1)A limited company may acquire any of its own fully paid shares otherwise than for valuable consideration.
Shares held by company's nomineeE+W+S+N.I.660Treatment of shares held by nomineeE+W+S+N.I.(1)This section applies where shares in a limited company—
661Liability of others where nominee fails to make payment in respect of sharesE+W+S+N.I.(1)This section applies where shares in a limited company—
Shares held by or for public companyE+W+S+N.I.662Duty to cancel shares in public company held by or for the companyE+W+S+N.I.(1)This section applies in the case of a public company—
Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Modifications etc. (not altering text)C3Ss. 662-669 modified (1.10.2009) by The Companies Act 2006 (Consequential Amendments, Transitional Provisions and Savings) Order 2009 (S.I. 2009/1941), art. 12(1), Sch. 3 para. 7(1) (with art. 10)C4Ss. 662-669 modified (12.5.2011) by The Companies Act 2006 (Consequential Amendments and Transitional Provisions) Order 2011 (S.I. 2011/1265), art. 5(1), Sch. 1 para. 7(1)663Notice of cancellation of sharesE+W+S+N.I.(1)Where a company cancels shares in order to comply with section 662, it must within one month after the shares are cancelled give notice to the registrar, specifying the shares cancelled.
Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Modifications etc. (not altering text)C5Ss. 662-669 modified (1.10.2009) by The Companies Act 2006 (Consequential Amendments, Transitional Provisions and Savings) Order 2009 (S.I. 2009/1941), art. 12(1), Sch. 3 para. 7(1) (with art. 10)C6Ss. 662-669 modified (12.5.2011) by The Companies Act 2006 (Consequential Amendments and Transitional Provisions) Order 2011 (S.I. 2011/1265), art. 5(1), Sch. 1 para. 7(1)Commencement InformationI1S. 663 wholly in force at 1.10.2009; s. 663 not in force at Royal Assent, see s. 1300; s. 663 in force for specified purposes at 20.1.2007 by S.I. 2006/3428, art. 3(3) (subject to art. 5, Sch. 1 and with arts. 6, 8, Sch. 5); s. 663 otherwise in force at 1.10.2009 by S.I. 2008/2860, art. 3(l) (with arts. 5, 7, 8, Sch. 2) (as amended by S.I. 2009/1802, art. 18)664Re-registration as private company in consequence of cancellationE+W+S+N.I.(1)Where a company is obliged to re-register as a private company to comply with section 662, the directors may resolve that the company should be so re-registered.
Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Modifications etc. (not altering text)C7Ss. 662-669 modified (1.10.2009) by The Companies Act 2006 (Consequential Amendments, Transitional Provisions and Savings) Order 2009 (S.I. 2009/1941), art. 12(1), Sch. 3 para. 7(1) (with art. 10)C8Ss. 662-669 modified (12.5.2011) by The Companies Act 2006 (Consequential Amendments and Transitional Provisions) Order 2011 (S.I. 2011/1265), art. 5(1), Sch. 1 para. 7(1)665Issue of certificate of incorporation on re-registrationE+W+S+N.I.(1)If on an application under section 664 the registrar is satisfied that the company is entitled to be re-registered as a private company, the company shall be re-registered accordingly.
Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Modifications etc. (not altering text)C9Ss. 662-669 modified (1.10.2009) by The Companies Act 2006 (Consequential Amendments, Transitional Provisions and Savings) Order 2009 (S.I. 2009/1941), art. 12(1), Sch. 3 para. 7(1) (with art. 10)C10Ss. 662-669 modified (12.5.2011) by The Companies Act 2006 (Consequential Amendments and Transitional Provisions) Order 2011 (S.I. 2011/1265), art. 5(1), Sch. 1 para. 7(1)666Effect of failure to re-registerE+W+S+N.I.(1)If a public company that is required by section 662 to apply to be re-registered as a private company fails to do so before the end of the period specified in subsection (3) of that section, Chapter 1 of Part 20 (prohibition of public offers by private company) applies to it as if it were a private company.
Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Modifications etc. (not altering text)C11Ss. 662-669 modified (1.10.2009) by The Companies Act 2006 (Consequential Amendments, Transitional Provisions and Savings) Order 2009 (S.I. 2009/1941), art. 12(1), Sch. 3 para. 7(1) (with art. 10)C12Ss. 662-669 modified (12.5.2011) by The Companies Act 2006 (Consequential Amendments and Transitional Provisions) Order 2011 (S.I. 2011/1265), art. 5(1), Sch. 1 para. 7(1)667Offence in case of failure to cancel shares or re-registerE+W+S+N.I.(1)This section applies where a company, when required to do by section 662—
Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Modifications etc. (not altering text)C13Ss. 662-669 modified (1.10.2009) by The Companies Act 2006 (Consequential Amendments, Transitional Provisions and Savings) Order 2009 (S.I. 2009/1941), art. 12(1), Sch. 3 para. 7(1) (with art. 10)C14Ss. 662-669 modified (12.5.2011) by The Companies Act 2006 (Consequential Amendments and Transitional Provisions) Order 2011 (S.I. 2011/1265), art. 5(1), Sch. 1 para. 7(1)668Application of provisions to company re-registering as public companyE+W+S+N.I.(1)This section applies where, after shares in a private company—
Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Modifications etc. (not altering text)C15Ss. 662-669 modified (1.10.2009) by The Companies Act 2006 (Consequential Amendments, Transitional Provisions and Savings) Order 2009 (S.I. 2009/1941), art. 12(1), Sch. 3 para. 7(1) (with art. 10)C16S. 668 applied (1.10.2009) by The Companies Act 2006 (Consequential Amendments, Transitional Provisions and Savings) Order 2009 (S.I. 2009/1941), art. 12(1), Sch. 3 para. 7(2) (with art. 10)C17S. 668 applied (12.5.2011) by The Companies Act 2006 (Consequential Amendments and Transitional Provisions) Order 2011 (S.I. 2011/1265), art. 5(1), Sch. 1 para. 7(2)C18Ss. 662-669 modified (12.5.2011) by The Companies Act 2006 (Consequential Amendments and Transitional Provisions) Order 2011 (S.I. 2011/1265), art. 5(1), Sch. 1 para. 7(1)669Transfer to reserve on acquisition of shares by public company or nomineeE+W+S+N.I.(1)Where—
Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Modifications etc. (not altering text)C19Ss. 662-669 modified (1.10.2009) by The Companies Act 2006 (Consequential Amendments, Transitional Provisions and Savings) Order 2009 (S.I. 2009/1941), art. 12(1), Sch. 3 para. 7(1) (with art. 10)C20Ss. 662-669 modified (12.5.2011) by The Companies Act 2006 (Consequential Amendments and Transitional Provisions) Order 2011 (S.I. 2011/1265), art. 5(1), Sch. 1 para. 7(1)Charges of public company on own sharesE+W+S+N.I.670Public companies: general rule against lien or charge on own sharesE+W+S+N.I.(1)A lien or other charge of a public company on its own shares (whether taken expressly or otherwise) is void, except as permitted by this section.
Supplementary provisionsE+W+S+N.I.671Interests to be disregarded in determining whether company has beneficial interestE+W+S+N.I.In determining for the purposes of this Chapter whether a company has a beneficial interest in shares, there shall be disregarded any such interest as is mentioned in—
672Residual interest under pension scheme or employees' share schemeE+W+S+N.I.(1)Where the shares are held on trust for the purposes of a pension scheme or employees' share scheme, there shall be disregarded any residual interest of the company that has not vested in possession.
673Employer's charges and other rights of recoveryE+W+S+N.I.(1)Where the shares are held on trust for the purposes of a pension scheme there shall be disregarded—
674Rights as personal representative or trusteeE+W+S+N.I.Where the company is a personal representative or trustee, there shall be disregarded any rights that the company has in that capacity including, in particular—
675Meaning of “pension scheme”E+W+S+N.I.(1)In this Chapter “pension scheme” means a scheme for the provision of benefits consisting of or including relevant benefits for or in respect of employees or former employees.
676Application of provisions to directorsE+W+S+N.I.For the purposes of this Chapter references to “employer” and “employee”, in the context of a pension scheme or employees' share scheme, shall be read as if a director of a company were employed by it.
Chapter 2E+W+S+N.I.Financial assistance for purchase of own sharesIntroductoryE+W+S+N.I.677Meaning of “financial assistance”E+W+S+N.I.(1)In this Chapter “financial assistance” means—
Circumstances in which financial assistance prohibitedE+W+S+N.I.678Assistance for acquisition of shares in public companyE+W+S+N.I.(1)Where a person is acquiring or proposing to acquire shares in a public company, it is not lawful for that company, or a company that is a subsidiary of that company, to give financial assistance directly or indirectly for the purpose of the acquisition before or at the same time as the acquisition takes place.
679Assistance by public company for acquisition of shares in its private holding companyE+W+S+N.I.(1)Where a person is acquiring or proposing to acquire shares in a private company, it is not lawful for a public company that is a subsidiary of that company to give financial assistance directly or indirectly for the purpose of the acquisition before or at the same time as the acquisition takes place.
680Prohibited financial assistance an offenceE+W+S+N.I.(1)If a company contravenes section 678(1) or (3) or section 679(1) or (3) (prohibited financial assistance) an offence is committed by—
Exceptions from prohibitionE+W+S+N.I.681Unconditional exceptionsE+W+S+N.I.(1)Neither section 678 nor section 679 prohibits a transaction to which this section applies.
682Conditional exceptionsE+W+S+N.I.(1)Neither section 678 nor section 679 prohibits a transaction to which this section applies—
SupplementaryE+W+S+N.I.683Definitions for this ChapterE+W+S+N.I.(1)In this Chapter—
Chapter 3E+W+S+N.I.Redeemable shares684Power of limited company to issue redeemable sharesE+W+S+N.I.(1)A limited company having a share capital may issue shares that are to be redeemed or are liable to be redeemed at the option of the company or the shareholder (“redeemable shares”), subject to the following provisions.
685Terms and manner of redemptionE+W+S+N.I.(1)The directors of a limited company may determine the terms, conditions and manner of redemption of shares if they are authorised to do so—
686Payment for redeemable sharesE+W+S+N.I.(1)Redeemable shares in a limited company may not be redeemed unless they are fully paid.
687Financing of redemptionE+W+S+N.I.(1)A private limited company may redeem redeemable shares out of capital in accordance with Chapter 5.
(5)The amount of the company's share premium account is reduced by a sum corresponding (or by sums in the aggregate corresponding) to the amount of any payment made under subsection (4).
688Redeemed shares treated as cancelledE+W+S+N.I.Where shares in a limited company are redeemed—
(b)the amount of the company's issued share capital is diminished accordingly by the nominal value of the shares redeemed.
689Notice to registrar of redemptionE+W+S+N.I.(1)If a limited company redeems any redeemable shares it must within one month after doing so give notice to the registrar, specifying the shares redeemed.
Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Commencement InformationI2S. 689 wholly in force at 1.10.2009; s. 689 not in force at Royal Assent, see s. 1300; s. 689 in force for specified purposes at 20.1.2007 by S.I. 2006/3428, art. 3(3) (subject to art. 5, Sch. 1 and with arts. 6, 8, Sch. 5); s. 689 otherwise in force at 1.10.2009 by S.I. 2008/2860, art. 3(l) (with arts. 5, 7, 8, Sch. 2) (as amended by S.I. 2009/1802, art. 18)Chapter 4E+W+S+N.I.Purchase of own sharesGeneral provisionsE+W+S+N.I.690Power of limited company to purchase own sharesE+W+S+N.I.(1)A limited company having a share capital may purchase its own shares (including any redeemable shares), subject to—
691Payment for purchase of own sharesE+W+S+N.I.(1)A limited company may not purchase its own shares unless they are fully paid.
Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Amendments (Textual)F1S. 691(3) inserted (30.4.2013) by The Companies Act 2006 (Amendment of Part 18) Regulations 2013 (S.I. 2013/999), reg. 3692Financing of purchase of own sharesE+W+S+N.I.[F2(1)A private limited company may purchase its own shares—
(a)out of capital in accordance with Chapter 5, and
(b)with cash (if authorised to do so by its articles) up to an amount in a financial year not exceeding the lower of—
(i)£15,000, or
(ii)the value of 5% of its share capital.
(1A)If the share capital of the company is not denominated in sterling, the value in sterling of the share capital shall be calculated for the purposes of subsection (1)(b)(ii) at an appropriate spot rate of exchange.
(2)[F3Subject to subsection (1)]—
Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Amendments (Textual)F2S. 692(1)-(1B) substituted (30.4.2013) for s. 692(1) by The Companies Act 2006 (Amendment of Part 18) Regulations 2013 (S.I. 2013/999), reg. 4(2)F3Words in s. 692(2) substituted (30.4.2013) by The Companies Act 2006 (Amendment of Part 18) Regulations 2013 (S.I. 2013/999), reg. 4(3)Authority for purchase of own sharesE+W+S+N.I.693Authority for purchase of own sharesE+W+S+N.I.(1)A limited company may only purchase its own shares—
(a)by an off-market purchase, [F4authorised in accordance with section 693A or] in pursuance of a contract approved in advance in accordance with section 694;
Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Amendments (Textual)F4Words in s. 693(1) inserted (30.4.2013) by The Companies Act 2006 (Amendment of Part 18) Regulations 2013 (S.I. 2013/999), reg. 6[F5693AAuthority for off-market purchase for the purposes of or pursuant to an employees' share schemeE+W+S+N.I.(1)A company may make an off-market purchase of its own shares for the purposes of or pursuant to an employees' share scheme if the purchase has first been authorised by a resolution of the company under this section.
(5)A resolution conferring, varying or renewing authority must specify a date on which it is to expire, which must not be later than five years after the date on which the resolution is passed.
(7)A resolution to confer or vary authority under this section may determine the maximum or minimum price for purchase by—
(b)providing a basis or formula for calculating the amount of the price (but without reference to any person's discretion or opinion).
(8)Chapter 3 of Part 3 (resolutions affecting a company's constitution) applies to a resolution under this section.]
Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Amendments (Textual)F5S. 693A inserted (30.4.2013) by The Companies Act 2006 (Amendment of Part 18) Regulations 2013 (S.I. 2013/999), reg. 7Authority for off-market purchaseE+W+S+N.I.694Authority for off-market purchaseE+W+S+N.I.(1)[F6Subject to section 693A,] A company may only make an off-market purchase of its own shares in pursuance of a contract approved prior to the purchase in accordance with this section.
(a)the terms of the contract must be authorised by a F7. . . resolution of the company before the contract is entered into, or
(b)the contract must provide that no shares may be purchased in pursuance of the contract until its terms have been authorised by a F8. . . resolution of the company.
(4)The authority conferred by a resolution under this section may be varied, revoked or from time to time renewed by a F9. . . resolution of the company.
(5)In the case of a public company a resolution conferring, varying or renewing authority must specify a date on which the authority is to expire, which must not be later than [F10five years] after the date on which the resolution is passed.
Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Amendments (Textual)F6Words in s. 694(1) inserted (30.4.2013) by The Companies Act 2006 (Amendment of Part 18) Regulations 2013 (S.I. 2013/999), reg. 8F7Word in s. 694(2)(a) omitted (30.4.2013) by virtue of The Companies Act 2006 (Amendment of Part 18) Regulations 2013 (S.I. 2013/999), reg. 5(a)F8Word in s. 694(2)(b) omitted (30.4.2013) by virtue of The Companies Act 2006 (Amendment of Part 18) Regulations 2013 (S.I. 2013/999), reg. 5(a)F9Word in s. 694(4) omitted (30.4.2013) by virtue of The Companies Act 2006 (Amendment of Part 18) Regulations 2013 (S.I. 2013/999), reg. 5(a)F10Words in s. 694(5) substituted (1.10.2009) by The Companies (Share Capital and Acquisition by Company of its Own Shares) Regulations 2009 (S.I. 2009/2022), reg. 4(1)695Resolution authorising off-market purchase: exercise of voting rightsE+W+S+N.I.(1)This section applies to a resolution to confer, vary, revoke or renew authority for the purposes of section 694 (authority for off-market purchase of own shares).
696Resolution authorising off-market purchase: disclosure of details of contractE+W+S+N.I.(1)This section applies in relation to a resolution to confer, vary, revoke or renew authority for the purposes of section 694 (authority for off-market purchase of own shares).
697Variation of contract for off-market purchaseE+W+S+N.I.(1)A company may only agree to a variation of a contract authorised under section 694 (authority for off-market purchase) if the variation is approved in advance in accordance with this section.
(2)The terms of the variation must be authorised by a F11. . . resolution of the company before it is agreed to.
(3)That authority may be varied, revoked or from time to time renewed by a F12. . . resolution of the company.
(4)In the case of a public company a resolution conferring, varying or renewing authority must specify a date on which the authority is to expire, which must not be later than [F13five years] after the date on which the resolution is passed.
Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Amendments (Textual)F11Word in s. 697(2) omitted (30.4.2013) by virtue of The Companies Act 2006 (Amendment of Part 18) Regulations 2013 (S.I. 2013/999), reg. 5(b)F12Word in s. 697(3) omitted (30.4.2013) by virtue of The Companies Act 2006 (Amendment of Part 18) Regulations 2013 (S.I. 2013/999), reg. 5(b)F13Words in s. 697(4) substituted (1.10.2009) by The Companies (Share Capital and Acquisition by Company of its Own Shares) Regulations 2009 (S.I. 2009/2022), reg. 4(1)698Resolution authorising variation: exercise of voting rightsE+W+S+N.I.(1)This section applies to a resolution to confer, vary, revoke or renew authority for the purposes of section 697 (variation of contract for off-market purchase of own shares).
699Resolution authorising variation: disclosure of details of variationE+W+S+N.I.(1)This section applies in relation to a resolution under section 697 (variation of contract for off-market purchase of own shares).
700Release of company's rights under contract for off-market purchaseE+W+S+N.I.(1)An agreement by a company to release its rights under a contract approved under section 694 (authorisation of off-market purchase) is void unless the terms of the release agreement are approved in advance in accordance with this section.
(2)The terms of the proposed agreement must be authorised by a F14. . . resolution of the company before the agreement is entered into.
(3)That authority may be varied, revoked or from time to time renewed by a F15. . . resolution of the company.
(4)In the case of a public company a resolution conferring, varying or renewing authority must specify a date on which the authority is to expire, which must not be later than [F16five years] after the date on which the resolution is passed.
Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Amendments (Textual)F14Word in s. 700(2) omitted (30.4.2013) by virtue of The Companies Act 2006 (Amendment of Part 18) Regulations 2013 (S.I. 2013/999), reg. 5(c)F15Word in s. 700(3) omitted (30.4.2013) by virtue of The Companies Act 2006 (Amendment of Part 18) Regulations 2013 (S.I. 2013/999), reg. 5(c)F16Words in s. 700(4) substituted (1.10.2009) by The Companies (Share Capital and Acquisition by Company of its Own Shares) Regulations 2009 (S.I. 2009/2022), reg. 4(1)Authority for market purchaseE+W+S+N.I.701Authority for market purchaseE+W+S+N.I.(1)A company may only make a market purchase of its own shares if the purchase has first been authorised by a resolution of the company.
(5)A resolution conferring, varying or renewing authority must specify a date on which it is to expire, which must not be later than [F17five years] after the date on which the resolution is passed.
Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Amendments (Textual)F17Words in s. 701(5) substituted (1.10.2009) by The Companies (Share Capital and Acquisition by Company of its Own Shares) Regulations 2009 (S.I. 2009/2022), reg. 4(2)Supplementary provisionsE+W+S+N.I.702Copy of contract or memorandum to be available for inspectionE+W+S+N.I.(1)This section applies where a company has entered into—
703Enforcement of right to inspect copy or memorandumE+W+S+N.I.(1)If default is made in complying with section 702(2), (3) or (4) or default is made for 14 days in complying with section 702(5), or an inspection required under section 702(6) is refused, an offence is committed by—
704No assignment of company's right to purchase own sharesE+W+S+N.I.The rights of a company under a contract authorised under—
[F18(za)section 693A (authority for off-market purchase for the purposes of or pursuant to an employees' share scheme),]
Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Amendments (Textual)F18S. 704(za) inserted (30.4.2013) by The Companies Act 2006 (Amendment of Part 18) Regulations 2013 (S.I. 2013/999), reg. 9705Payments apart from purchase price to be made out of distributable profitsE+W+S+N.I.(1)A payment made by a company in consideration of—
706Treatment of shares purchasedE+W+S+N.I.Where a limited company makes a purchase of its own shares in accordance with this Chapter, then—
(ii)the amount of the company's issued share capital is diminished accordingly by the nominal value of the shares cancelled.
707Return to registrar of purchase of own sharesE+W+S+N.I.(1)Where a company purchases shares under this Chapter, it must deliver a return to the registrar within the period of 28 days beginning with the date on which the shares are delivered to it.
708Notice to registrar of cancellation of sharesE+W+S+N.I.(1)If on the purchase by a company of any of its own shares in accordance with this Part—
Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Commencement InformationI3S. 708 wholly in force at 1.10.2009; s. 708 not in force at Royal Assent, see s. 1300; s. 708 in force for specified purposes at 20.1.2007 by S.I. 2006/3428, art. 3(3) (subject to art. 5, Sch. 1 and with arts. 6, 8, Sch. 5); s. 708 otherwise in force at 1.10.2009 by S.I. 2008/2860, art. 3(l) (with arts. 5, 7, 8, Sch. 2) (as amended by S.I. 2009/1802, art. 18)Chapter 5E+W+S+N.I.Redemption or purchase by private company out of capitalIntroductoryE+W+S+N.I.709Power of private limited company to redeem or purchase own shares out of capitalE+W+S+N.I.(1)A private limited company may in accordance with this Chapter, but subject to any restriction or prohibition in the company's articles, make a payment in respect of the redemption or purchase of its own shares otherwise than out of distributable profits or the proceeds of a fresh issue of shares.
The permissible capital paymentE+W+S+N.I.710The permissible capital paymentE+W+S+N.I.(1)The payment that may, in accordance with this Chapter, be made by a company out of capital in respect of the redemption or purchase of its own shares is such amount as, after applying for that purpose—
711Available profitsE+W+S+N.I.(1)For the purposes of this Chapter the available profits of the company, in relation to the redemption or purchase of any shares, are the profits of the company that are available for distribution (within the meaning of Part 23).
712Determination of available profitsE+W+S+N.I.(1)The available profits of the company are determined as follows.
(7)In this section “the relevant period” means the period of three months ending with the date on which [F19the solvency statement is made in accordance with section 720A or] the directors' statement is made in accordance with section 714.
Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Amendments (Textual)F19Words in s. 712(7) inserted (30.4.2013) by The Companies Act 2006 (Amendment of Part 18) Regulations 2013 (S.I. 2013/999), reg. 10Requirements for payment out of capitalE+W+S+N.I.713Requirements for payment out of capitalE+W+S+N.I.(1)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 the following sections are met—
section 714 (directors' statement and auditor's report);
section 720 (directors' statement and auditor's report to be available for inspection).
(2)This is subject [F20to section 720A and] to any order of the court under section 721 (power of court to extend period for compliance on application by persons objecting to payment).
Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Amendments (Textual)F20Words in s. 713(2) inserted (30.4.2013) by The Companies Act 2006 (Amendment of Part 18) Regulations 2013 (S.I. 2013/999), reg. 11714Directors' statement and auditor's reportE+W+S+N.I.(1)The company's directors must make a statement in accordance with this section.
Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Commencement InformationI4S. 714 wholly in force at 1.10.2009; s. 714 not in force at Royal Assent, see s. 1300; s. 714 in force for specified purposes at 20.1.2007 by S.I. 2006/3428, art. 3(3) (subject to art. 5, Sch. 1 and with arts. 6, 8, Sch. 5); s. 714 otherwise in force at 1.10.2009 by S.I. 2008/2860, art. 3(l) (with arts. 5, 7, 8, Sch. 2) (as amended by S.I. 2009/1802, art. 18)715Directors' statement: offence if no reasonable grounds for opinionE+W+S+N.I.(1)If the directors make a statement under section 714 without having reasonable grounds for the opinion expressed in it, an offence is committed by every director who is in default.
716Payment to be approved by special resolutionE+W+S+N.I.(1)The payment out of capital must be approved by a special resolution of the company.
717Resolution authorising payment: exercise of voting rightsE+W+S+N.I.(1)This section applies to a resolution under section 716 (authority for payment out of capital for redemption or purchase of own shares).
718Resolution authorising payment: disclosure of directors' statement and auditor's reportE+W+S+N.I.(1)This section applies to a resolution under section 716 (resolution authorising payment out of capital for redemption or purchase of own shares).
(2)A copy of the directors' statement and auditor's report under section 714 must be made available to members—
719Public notice of proposed paymentE+W+S+N.I.(1)Within the week immediately following the date of the resolution under section 716 the company must cause to be published in the Gazette a notice—
(c)stating where the directors' statement and auditor's report required by section 714 are available for inspection, and
the company must deliver to the registrar a copy of the directors' statement and auditor's report required by section 714.
720Directors' statement and auditor's report to be available for inspectionE+W+S+N.I.(1)The directors' statement and auditor's report must be kept available for inspection throughout the period—
[F21Requirements for payment out of capital: employees' share schemesE+W+S+N.I.Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Amendments (Textual)F21Ss. 720A, 720B and cross-heading inserted (30.4.2013) by The Companies Act 2006 (Amendment of Part 18) Regulations 2013 (S.I. 2013/999), reg. 12720AReduced requirements for payment out of capital for purchase of own shares for the purposes of or pursuant to an employees' share schemeE+W+S+N.I.(1)Section 713(1) does not apply to the purchase out of capital by a private company of its own shares for the purposes of or pursuant to an employees' share scheme when approved by special resolution supported by a solvency statement.
(6)Section 717 (resolution authorising payment: exercise of voting rights) applies to a resolution under this section as it applies to a resolution under section 716.
720BRegistration of resolution and supporting documents for purchase of own shares for the purposes of or pursuant to an employees' share schemeE+W+S+N.I.(1)Within 15 days after the passing of the resolution for a payment out of capital by a private company for the purchase of its own shares for the purposes of or pursuant to an employees' share scheme the company must deliver to the registrar–
(a)a copy of the solvency statement,
(b)a copy of the resolution, and
(d)the amount paid up and the amount (if any) unpaid on each share (whether on account of the nominal value of the share of by way of premium).
(b)provided to members in accordance with section 720A(3) or (4).
(7)If the company delivers to the registrar a solvency statement that was not provided to members in accordance with section 720A(3) or (4), an offence is committed by every officer of the company who is in default.
(8)If default is made in complying with this section, an offence is committed by–
(9)A person guilty of an offence under subsection (7) or (8) is liable–
Objection to payment by members or creditorsE+W+S+N.I.721Application to court to cancel resolutionE+W+S+N.I.(1)Where a private company passes a special resolution approving a payment out of capital for the redemption or purchase of any of its shares—
722Notice to registrar of court application or orderE+W+S+N.I.(1)On making an application under section 721 (application to court to cancel resolution) the applicants, or the person making the application on their behalf, must immediately give notice to the registrar.
Supplementary provisionsE+W+S+N.I.723When payment out of capital to be madeE+W+S+N.I.(1)The payment out of capital [F22, if made in accordance with a resolution under section 716] must be made—
[F23(1A)The payment out of capital, if made in accordance with a resolution under section 720A must be made—
(a)no earlier than five weeks after the date on which the shares to which the capital payment relates are surrendered, and
(b)no more than seven weeks after that date.]
Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Amendments (Textual)F22Words in s. 723(1) inserted (30.4.2013) by The Companies Act 2006 (Amendment of Part 18) Regulations 2013 (S.I. 2013/999), reg. 13(2)F23S. 723(1A) inserted (30.4.2013) by The Companies Act 2006 (Amendment of Part 18) Regulations 2013 (S.I. 2013/999), reg. 13(3)Chapter 6E+W+S+N.I.Treasury shares724Treasury sharesE+W+S+N.I.[F24(1)This section applies where–
(b)the purchase is made—
(i)out of distributable profits, or
(ii)with cash under section 692(1)(b).]
Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Amendments (Textual)F24S. 724(1) substituted (30.4.2013) by The Companies Act 2006 (Amendment of Part 18) Regulations 2013 (S.I. 2013/999), reg. 14(2)F25S. 724(2) omitted (30.4.2013) by virtue of The Companies Act 2006 (Amendment of Part 18) Regulations 2013 (S.I. 2013/999), reg. 14(3)725Treasury shares: maximum holdingsE+W+S+N.I.F26. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Amendments (Textual)F26S. 725 repealed (1.10.2009) by The Companies (Share Capital and Acquisition by Company of its Own Shares) Regulations 2009 (S.I. 2009/2022), reg. 5(1) (with reg. 5(2)(3))726Treasury shares: exercise of rightsE+W+S+N.I.(1)This section applies where shares are held by a company as treasury shares.
727Treasury shares: disposalE+W+S+N.I.(1)Where shares are held as treasury shares, the company may at any time—
Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Commencement InformationI5S. 727 wholly in force at 1.10.2009; s. 727 not in force at Royal Assent, see s. 1300; s. 727 in force for specified purposes at 20.1.2007 by S.I. 2006/3428, art. 3(3) (subject to art. 5, Sch. 1 and with arts. 6, 8, Sch. 5); s. 727 otherwise in force at 1.10.2009 by S.I. 2008/2860, art. 3(l) (with arts. 5, 7, 8, Sch. 2) (as amended by S.I. 2009/1802, art. 18)728Treasury shares: notice of disposalE+W+S+N.I.(1)Where shares held by a company as treasury shares—
729Treasury shares: cancellationE+W+S+N.I.(1)Where shares are held as treasury shares, the company may at any time cancel the shares (or any of them).
Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Amendments (Textual)F27S. 729(2)(3) omitted (30.4.2013) by virtue of The Companies Act 2006 (Amendment of Part 18) Regulations 2013 (S.I. 2013/999), reg. 15730Treasury shares: notice of cancellationE+W+S+N.I.(1)Where shares held by a company as treasury shares are cancelled, the company must deliver a return to the registrar not later than 28 days after the shares are cancelled.
Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Commencement InformationI6S. 730 wholly in force at 1.10.2009; s. 730 not in force at Royal Assent, see s. 1300; s. 730 in force for specified purposes at 20.1.2007 by S.I. 2006/3428, art. 3(3) (subject to art. 5, Sch. 1 and with arts. 6, 8, Sch. 5); s. 730 otherwise in force at 1.10.2009 by S.I. 2008/2860, art. 3(l) (with arts. 5, 7, 8, Sch. 2) (as amended by S.I. 2009/1802, art. 18)731Treasury shares: treatment of proceeds of saleE+W+S+N.I.(1)Where shares held as treasury shares are sold, the proceeds of sale must be dealt with in accordance with this section.
732Treasury shares: offencesE+W+S+N.I.(1)If a company contravenes any of the provisions of this Chapter (except section 730 (notice of cancellation)), an offence is committed by—
Chapter 7E+W+S+N.I.Supplementary provisions733The capital redemption reserveE+W+S+N.I.(1)In the following circumstances a company must transfer amounts to a reserve, called the “capital redemption reserve”.
Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Commencement InformationI7S. 733 wholly in force at 1.10.2009; s. 733 not in force at Royal Assent see s. 1300; s. 733(5)(6) in force for specified purposes at 1.10.2008 by S.I. 2008/1886, art. 2 (with arts 6, 7); s. 733 in force otherwise at 1.10.2009 by S.I. 2008/2860, art. 3(l) (with arts. 5, 7, 8, Sch. 2) (as amended by S.I. 2009/1802, art. 18)734Accounting consequences of payment out of capitalE+W+S+N.I.(1)This section applies where a payment out of capital is made in accordance with Chapter 5 (redemption or purchase of own shares by private company out of capital).
735Effect of company's failure to redeem or purchaseE+W+S+N.I.(1)This section applies where a company—
736Meaning of “distributable profits”E+W+S+N.I.In this Part (except in Chapter 2 (financial assistance): see section 683) “distributable profits”, in relation to the making of any payment by a company, means profits out of which the company could lawfully make a distribution (within the meaning given by section 830) equal in value to the payment.
737General power to make further provision by regulationsE+W+S+N.I.(1)The Secretary of State may by regulations modify the provisions of this Part.
Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Commencement InformationI8S. 737 wholly in force at 1.10.2009; s. 737 not in force at Royal Assent, see s. 1300; s. 737 in force for specified purposes at 20.1.2007 by S.I. 2006/3428, art. 3(3) (subject to art. 5, Sch. 1 and with arts. 6, 8, Sch. 5); s. 737 otherwise in force at 1.10.2009 by S.I. 2008/2860, art. 3(l) (with arts. 5, 7, 8, Sch. 2) (as amended by S.I. 2009/1802, art. 18)Previous: PartNext: PartBack to topOptions/HelpPrint OptionsPrint The Whole ActPDF The Whole ActWeb page The Whole ActPrint This Part onlyPDF This Part onlyWeb page This Part onlyYou have chosen to open The Whole ActThe Whole Act you have selected contains over 200 provisions and might take some time to download. 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