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Companies Act 2006

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Companies Act 2006, Cross Heading: Powers exercisable is up to date with all changes known to be in force on or before 20 October 2017. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

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Changes and effects

This 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 S.I. 2008/373 reg. 11(1) by S.I. 2013/1971 reg. 9(a) (This amendment not applied to legislation.gov.uk. Amending Regulations revoked (1.10.2013) without ever being in force by S.I. 2013/2224, reg. 2)
  • Act amendment to earlier affecting provision S.I. 2008/373 reg. 3(4) by S.I. 2013/1971 reg. 4 (This amendment not applied to legislation.gov.uk. Amending Regulations revoked (1.10.2013) without ever being in force by S.I. 2013/2224, reg. 2)

Whole provisions yet to be inserted into this Act (including any effects on those provisions):

Powers exercisableE+W+S+N.I.

785Provision enabling procedures for evidencing and transferring titleE+W+S+N.I.

(1)Provision may be made by regulations for enabling title to securities to be evidenced and transferred without a written instrument.

(2)The regulations may make provision—

(a)for procedures for recording and transferring title to securities, and

(b)for the regulation of those procedures and the persons responsible for or involved in their operation.

(3)The regulations must contain such safeguards as appear to the authority making the regulations appropriate for the protection of investors and for ensuring that competition is not restricted, distorted or prevented.

(4)The regulations may, for the purpose of enabling or facilitating the operation of the procedures provided for by the regulations, make provision with respect to the rights and obligations of persons in relation to securities dealt with under the procedures.

(5)The regulations may include provision for the purpose of giving effect to—

(a)the transmission of title to securities by operation of law;

(b)any restriction on the transfer of title to securities arising by virtue of the provisions of any enactment or instrument, court order or agreement;

(c)any power conferred by any such provision on a person to deal with securities on behalf of the person entitled.

(6)The regulations may make provision with respect to the persons responsible for the operation of the procedures provided for by the regulations—

(a)as to the consequences of their insolvency or incapacity, or

(b)as to the transfer from them to other persons of their functions in relation to those procedures.

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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 Information

I1S. 785 wholly in force at 6.4.2008; s. 785 not in force at Royal Assent, see s. 1300; s. 785 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. 785 in force at 6.4.2008 by S.I. 2007/3495, art. 3(1)(i) (with savings in arts. 7, 12, subject to transitional adaptations in Sch. 1 para. 13 and with savings in Sch. 4 paras. 30-31)

786Provision enabling or requiring arrangements to be adoptedE+W+S+N.I.

(1)Regulations under this Chapter may make provision—

(a)enabling the members of a company or of any designated class of companies to adopt, by ordinary resolution, arrangements under which title to securities is required to be evidenced or transferred (or both) without a written instrument; or

(b)requiring companies, or any designated class of companies, to adopt such arrangements.

(2)The regulations may make such provision—

(a)in respect of all securities issued by a company, or

(b)in respect of all securities of a specified description.

(3)The arrangements provided for by regulations making such provision as is mentioned in subsection (1)—

(a)must not be such that a person who but for the arrangements would be entitled to have his name entered in the company's register of members[F1(or, as the case may be, delivered to the registrar under Chapter 2A of Part 8)] ceases to be so entitled, and

(b)must be such that a person who but for the arrangements would be entitled to exercise any rights in respect of the securities continues to be able effectively to control the exercise of those rights.

(4)The regulations may—

(a)prohibit the issue of any certificate by the company in respect of the issue or transfer of securities,

(b)require the provision by the company to holders of securities of statements (at specified intervals or on specified occasions) of the securities held in their name, and

(c)make provision as to the matters of which any such certificate or statement is, or is not, evidence.

(5)In this section—

(a)references to a designated class of companies are to a class designated in the regulations or by order under section 787; and

(b)specified” means specified in the regulations.

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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)

Commencement Information

I2S. 786 wholly in force at 6.4.2008; s. 786 not in force at Royal Assent, see s. 1300; s. 786 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. 786 in force at 6.4.2008 by S.I. 2007/3495, art. 3(1)(i) (with savings in arts. 7, 12, subject to transitional adaptations in Sch. 1 para. 13 and with savings in Sch. 4 paras. 30-31)

787Provision enabling or requiring arrangements to be adopted: order-making powersE+W+S+N.I.

(1)The authority having power to make regulations under this Chapter may by order—

(a)designate classes of companies for the purposes of section 786 (provision enabling or requiring arrangements to be adopted);

(b)provide that, in relation to securities of a specified description—

(i)in a designated class of companies, or

(ii)in a specified company or class of companies,

specified provisions of regulations made under this Chapter by virtue of that section either do not apply or apply subject to specified modifications.

(2)In subsection (1) “specified” means specified in the order.

(3)An order under this section is subject to negative resolution procedure.

Annotations: Help about Annotation
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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 Information

I3S. 787 wholly in force at 6.4.2008; s. 787 not in force at Royal Assent, see s. 1300; s. 787 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. 787 in force at 6.4.2008 by S.I. 2007/3495, art. 3(1)(i) (with savings in arts. 7, 12, subject to transitional adaptations in Sch. 1 para. 13 and with savings in Sch. 4 paras. 30-31)

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