Part 17

A company's share capital
Chapter 6

Public companies: independent valuation of non-cash consideration

Non-cash consideration for shares

Copy of report to be delivered to registrar
597
1
A company to which a report is made under section 593 as to the value of any consideration for which, or partly for which, it proposes to allot shares must deliver a copy of the report to the registrar for registration.
2
The copy must be delivered at the same time that the company files the return of the allotment of those shares under section 555 (return of allotment by limited company).
3
If default is made in complying with subsection (1) or (2), an offence is committed by every officer of the company who is in default.
4
A person guilty of an offence under this section is liable—
a
on conviction on indictment, to a fine;
b
on summary conviction, to a fine not exceeding the statutory maximum and, for continued contravention, a daily default fine not exceeding one-tenth of the statutory maximum one-tenth of the greater of £5,000 or the amount corresponding to level 4 on the standard scale for summary offences.
5
In the case of default in delivering to the registrar any document as required by this section, any person liable for the default may apply to the court for relief.
6
The court, if satisfied—
a
that the omission to deliver the document was accidental or due to inadvertence, or
b
that it is just and equitable to grant relief,
may make an order extending the time for delivery of the document for such period as the court thinks proper.
Pts. 1-39 (except for Pt. 7 and ss. 662-669), 45-47 extended (12.5.2011) by The Companies Act 2006 (Consequential Amendments and Transitional Provisions) Order 2011 (S.I. 2011/1265), art. 5(1), Sch. 1 para. 2
Pts. 1-39 modified (31.12.2020) by Regulation (EC) No. 2157/2001, Art. AAA1(3) (as inserted by The European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 2018 (S.I. 2018/1298), regs. 1, 97 (with regs. 140-145) (as amended by S.I. 2020/523, regs. 1(2), 5(a)-(f)); 2020 c. 1, Sch. 5 para. 1(1))
Words in s. 597(4)(b) substituted (E.W.) (12.3.2015) by The Legal Aid, Sentencing and Punishment of Offenders Act 2012 (Fines on Summary Conviction) Regulations 2015 (S.I. 2015/664), reg. 1(1), Sch. 3 para. 9(16) (with reg. 5(1))