(1)A public company may be re-registered as a private limited company if—
(a)a special resolution that it should be so re-registered is passed,
(b)the conditions specified below are met, and
(c)an application for re-registration is delivered to the registrar in accordance with section 100, together with—
(i)the other documents required by that section, and
(ii)a statement of compliance.
(2)The conditions are that—
(a)where no application under section 98 for cancellation of the resolution has been made—
(i)having regard to the number of members who consented to or voted in favour of the resolution, no such application may be made, or
(ii)the period within which such an application could be made has expired, or
(b)where such an application has been made—
(i)the application has been withdrawn, or
(ii)an order has been made confirming the resolution and a copy of that order has been delivered to the registrar.
(3)The company must make such changes—
(a)in its name, and
(b)in its articles,
as are necessary in connection with its becoming a private company limited by shares or, as the case may be, by guarantee.
(1)Where a special resolution by a public company to be re-registered as a private limited company has been passed, an application to the court for the cancellation of the resolution may be made—
(a)by the holders of not less in the aggregate than 5% in nominal value of the company’s issued share capital or any class of the company’s issued share capital (disregarding any shares held by the company as treasury shares);
(b)if the company is not limited by shares, by not less than 5% of its members; or
(c)by not less than 50 of the company’s members;
but not by a person who has consented to or voted in favour of the resolution.
(2)The application must be made within 28 days after the passing of the resolution and may be made on behalf of the persons entitled to make it by such one or more of their number as they may appoint for the purpose.
(3)On the hearing of the application the court shall make an order either cancelling or confirming the resolution.
(4)The court may—
(a)make that order on such terms and conditions as it thinks fit,
(b)if it thinks fit adjourn the proceedings in order that an arrangement may be made to the satisfaction of the court for the purchase of the interests of dissentient members, and
(c)give such directions, and make such orders, as it thinks expedient for facilitating or carrying into effect any such arrangement.
(5)The court’s order may, if the court thinks fit—
(a)provide for the purchase by the company of the shares of any of its members and for the reduction accordingly of the company’s capital; and
(b)make such alteration in the company’s articles as may be required in consequence of that provision.
(6)The court’s order may, if the court thinks fit, require the company not to make any, or any specified, amendments to its articles without the leave of the court.
(1)On making an application under section 98 (application to court to cancel resolution) the applicants, or the person making the application on their behalf, must immediately give notice to the registrar.
This is without prejudice to any provision of rules of court as to service of notice of the application.
(2)On being served with notice of any such application, the company must immediately give notice to the registrar.
(3)Within 15 days of the making of the court’s order on the application, or such longer period as the court may at any time direct, the company must deliver to the registrar a copy of the order.
(4)If a company fails to comply with subsection (2) or (3) an offence is committed by—
(a)the company, and
(b)every officer of the company who is in default.
(5)A person guilty of an offence under this section is liable on summary conviction to a fine not exceeding level 3 on the standard scale and, for continued contravention, a daily default fine not exceeding one-tenth of level 3 on the standard scale.
(1)An application for re-registration as a private limited company must contain a statement of the company’s proposed name on re-registration.
(2)The application must be accompanied by—
(a)a copy of the resolution that the company should re-register as a private limited company (unless a copy has already been forwarded to the registrar under Chapter 3 of Part 3); and
(b)a copy of the company’s articles as proposed to be amended.
(3)The statement of compliance required to be delivered together with the application is a statement that the requirements of this Part as to re-registration as a private limited company have been complied with.
(4)The registrar may accept the statement of compliance as sufficient evidence that the company is entitled to be re-registered as a private limited company.
(1)If on an application for re-registration as a private limited company the registrar is satisfied that the company is entitled to be so re-registered, the company shall be re-registered accordingly.
(2)The registrar must issue a certificate of incorporation altered to meet the circumstances of the case.
(3)The certificate must state that it is issued on re-registration and the date on which it is issued.
(4)On the issue of the certificate—
(a)the company by virtue of the issue of the certificate becomes a private limited company, and
(b)the changes in the company’s name and articles take effect.
(5)The certificate is conclusive evidence that the requirements of this Act as to re-registration have been complied with.