C2C1Part 18Acquisition by limited company of its own shares

Annotations:
Modifications etc. (not altering text)
C2

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))

Chapter 5Redemption or purchase by private company out of capital

Requirements for payment out of capital

C3C4720Directors' statement and auditor's report to be available for inspection

1

The directors' statement and auditor's report must be kept available for inspection throughout the period—

a

beginning with the day on which the company—

i

first publishes the notice required by section 719(1), or

ii

if earlier, first publishes or gives the notice required by section 719(2), and

b

ending five weeks after the date of the resolution for payment out of capital.

2

They must be kept available for inspection—

a

at the company's registered office, or

b

at a place specified in regulations under section 1136.

3

The company must give notice to the registrar—

a

of the place at which the statement and report are kept available for inspection, and

b

of any change in that place,

unless they have at all times been kept at the company's registered office.

4

They must be open to the inspection of any member or creditor of the company without charge.

5

If default is made for 14 days in complying with subsection (3), or an inspection under subsection (4) is refused, an offence is committed by—

a

the company, and

b

every officer of the company who is in default.

6

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.

7

In the case of a refusal of an inspection required by subsection (4), the court may by order compel an immediate inspection.