Part XIV

Investigation of Companies and Their Affairs; Requisition of Documents

Other powers of investigation available to the Secretary of State

Power to impose restrictions on shares and debentures.
445
1
If in connection with an investigation under either section 442 or 444 it appears to the Secretary of State that there is difficulty in finding out the relevant facts about any shares (whether issued or to be issued), he may by order direct that the shares shall until further order be subject to the restrictions of Part XV of this Act.
1A
If the Secretary of State is satisfied that an order under subsection (1) may unfairly affect the rights of third parties in respect of shares then the Secretary of State, for the purpose of protecting such rights and subject to such terms as he thinks fit, may direct that such acts by such persons or descriptions of persons and for such purposes as may be set out in the order, shall not constitute a breach of the restrictions of Part XV of this Act.
2
This section, and Part XV in its application to orders under it, apply in relation to debentures as in relation to shares save that subsection (1A) shall not so apply.
S. 445(1A) inserted by S.I. 1991/1646, reg. 5(a)
Words in s. 445(2) inserted by S.I. 1991/1646, reg. 5(b)
Pt. 14 power to apply (with modifications) (1.8.2014) by Co-operative and Community Benefit Societies Act 2014 (c. 14), ss. 135, 154 (with Sch. 5)