Section 431 Investigation of a company on its own application or that of its members.C1
United Kingdom
The Secretary of State may appoint one or more competent inspectors to investigate the affairs of a company and to F1report the result of their investigations to him .
The appointment may be made—
in the case of a company having a share capital, on the application either of not less than 200 members or of members holding not less than one-tenth of the shares issued, F2(excluding any shares held as treasury shares)
in the case of a company not having a share capital, on the application of not less than one-fifth in number of the persons on the company’s register of members, and
in any case, on application of the company.
The application shall be supported by such evidence as the Secretary of State may require for the purpose of showing that the applicant or applicants have good reason for requiring the investigation.
The Secretary of State may, before appointing inspectors, require the applicant or applicants to give security, to an amount not exceeding £5,000, or such other sum as he may by order specify, for payment of the costs of the investigation.
An order under this subsection shall be made by statutory instrument subject to annulment in pursuance of a resolution of either House of Parliament.
Annotations
Textual amendments
- F1
Words in s. 431(1) substituted (1.10.2007) by Companies Act 2006 (c. 46), ss. 1035(2), 1300; S.I. 2007/2194, art. 2(1)(k) (with art. 12, Sch. 3 para. 48)
- F2
Words in s. 431(2)(a) inserted (1.12.2003) by The Companies (Acquisition of Own Shares)(Treasury Shares) Regulations 2003 (S.I. 2003/1116), reg. 4, {Sch. para. 28}
Modifications
- C1
S. 431 applied (with modifications) (6.4.2001) by S.I. 2001/1090, reg. 4, Sch. 2 Pt. I
Notes on Part XIV
Modifications
- C1
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)