- Latest available (Revised)
- Original (As made)
This is the original version (as it was originally made). This item of legislation is currently only available in its original format.
20. After section 360A of the Companies Act 2006 insert—
360B. (1) Any provision of a traded company’s articles is void in so far as it would have the effect of—
(a)imposing a restriction on a right of a member to participate in and vote at a general meeting of the company unless the member’s shares have (after having been acquired by the member and before the meeting) been deposited with, or transferred to, or registered in the name of another person, or
(b)imposing a restriction on the right of a member to transfer shares in the company during the period of 48 hours before the time for the holding of a general meeting of the company if that right would not otherwise be subject to that restriction.
(2) A traded company must determine the right to vote at a general meeting of the company by reference to the register of members as at a time (determined by the company) that is not more than 48 hours before the time for the holding of the meeting.
(3) In calculating the period mentioned in subsection (1)(b) or (2), no account is to be taken of any part of a day that is not a working day.
(4) Nothing in this section affects—
(a)the operation of—
(i)Part 22 of this Act (information about interests in a company’s shares),
(ii)Part 15 of the Companies Act 1985(1) (orders imposing restrictions on shares), or
(iii)any provision in a company’s articles relating to the application of any provision of either of those Parts; or
(b)the validity of articles prescribed, or to the same effect as articles prescribed, under section 19 of this Act (power of Secretary of State to prescribe model articles).”.
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
Impact Assessments generally accompany all UK Government interventions of a regulatory nature that affect the private sector, civil society organisations and public services. They apply regardless of whether the regulation originates from a domestic or international source and can accompany primary (Acts etc) and secondary legislation (SIs). An Impact Assessment allows those with an interest in the policy area to understand:
Click 'View More' or select 'More Resources' tab for additional information including: