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The Companies (Northern Ireland) Order 1986

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Consequence of order imposing restrictionsN.I.

447.—(1) So long as any shares are directed to be subject to the restrictions of this Part[F1 then, subject to any directions made in relation to an order [F2pursuant to Article 438(1A) or 449(1A)]]

(a)any transfer of those shares or, in the case of unissued shares, any transfer of the right to be issued with them, and any issue of them, is void;

(b)no voting rights are exercisable in respect of the shares;

(c)no further shares shall be issued in right of them or in pursuance of any offer made to their holder; and

(d)except in a liquidation, no payment shall be made of any sums due from the company on the shares, whether in respect of capital or otherwise.

(2) Where shares are subject to the restrictions of paragraph (1)(a), any agreement to transfer the shares or, in the case of unissued shares, the right to be issued with them is void (except[F1 such agreement or right as may be made or exercised under the terms of directions made by the Department or the court under [F3Article 438(1A) or 449(1A)] or] an agreement to[F4 transfer] the shares on the making of an order under Article 449(3)(b)).

(3) Where shares are subject to the restrictions of paragraph (1)(c) or (d), an agreement to transfer any right to be issued with other shares in right of those shares, or to receive any payment on them (otherwise than in a liquidation) is void (except[F1 such agreement or right as may be made or exercised under the terms of directions made by the Department or the court under [F5Article 438(1A) or 449(1A)] or] an agreement to transfer any such right on the[F4 transfer] of the shares on the making of an order under Article 449(3)(b)).

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F1SR 1992/257

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