PART 7

Companies: Transparency

Abolition of share warrants to bearer

Amendment of company's articles to reflect abolition of share warrants
85
1
This section applies in the case of a company limited by shares if, immediately before the day on which section 84 comes into force, the company's articles contain provision authorising the company to issue share warrants (“the offending provision”).
2
The company may amend its articles for the purpose of removing the offending provision—
a
without having passed a special resolution as required by section 21 of the Companies Act 2006;
b
without complying with any provision for entrenchment which is relevant to the offending provision (see section 22 of that Act).
3
Section 26 of the Companies Act 2006 sets out the duty of a company to send the registrar a copy of its articles where they have been amended.
4
Expressions defined for the purposes of the Companies Act 2006 have the same meaning in this section as in that Act.