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Section 654 Property of dissolved company to be bona vacantia.C3 C1 C2

England, Wales and Scotland

(1)

When a company is dissolved, all property and rights whatsoever vested in or held on trust for the company immediately before its dissolution (including leasehold property, but not including property held by the company on trust for any other person) are deemed to be bona vacantia and—

(a)

accordingly belong to the Crown, or to the Duchy of Lancaster or to the Duke of Cornwall for the time being (as the case may be), and

(b)

vest and may be dealt with in the same manner as other bona vacantia accruing to the Crown, to the Duchy of Lancaster or to the Duke of Cornwall.

(2)

Except as provided by the section next following, the above has effect subject and without prejudice to any order made by the court under section 651 or 653.

Annotations

Modifications

C1

S. 654 excluded (19. 12. 1991) by Commercial and Private Bank Act 1991 (c. xxii), s. 14(2)

S. 654 excluded (5.11.1993) by 1993 c. xvii, s. 16(2)

S. 654 excluded (5.11.1993) by 1993 c. xviii, s. 14(2)

S. 654 excluded by 1998 c. v, s. 10(2), in accordance with instructions in s. 3 of that Act

S. 654 excluded (coming into force in accordance with s. 3 of the amending Act) by 1999 c. iv, ss. 3, 14(2)

S. 654 excluded (22.3.2001) by 2001 c. i, ss. 3, 12(2) (with s. 13)

S. 654 excluded (4.12.2001) by 2001 c. v, ss. 3, 12(2)

S. 654 excluded (7.11.2002) by HSBC Investment Banking Act 2002 (c. iii), s. 11(2)

S. 654 excluded (7.11.2002) by Barclays Group Reorganisation Act 2002 (c. iv), s. 15(2)

S. 654 excluded by HBOS Group Reorganisation Act 2006 (c. i), ss. 9, 18(2)

C2

S. 654 applied (with modifications) (1.2.1993) by Friendly Societies Act 1992 (c. 40), s. 23, Sch. 10 para. 68(1)(2)(3) (with ss. 7(5), 93(4)); S.I. 1993/16, art. 2, Sch. 3

S. 654 applied (with modifications) (6.4.2001) by S.I. 2001/1090, reg. 4, Sch. 2 Pt. I

C3

Ss. 654–656 applied with modifications by Building Societies Act 1986 (c. 53, SIF 16), s. 90, Sch. 15 para. 57

Notes on Part XX

Modifications

C1: Pt. 20 modified (24.3.2003) by Proceeds of Crime Act 2002 (c. 29), ss. {426(10)(b)}, 458(1)(3); S.I. 2003/333,{art. 2}, Sch. (as amended by S.I. 2003/531)

Notes on Chapter VI

Textual amendments

F1: Ss. 651-706 repealed (1.10.2009) by Companies Act 2006 (c. 46), ss. 1295, 1300, Sch. 16; S.I. 2008/2860, art. 4, Sch. 1 (with arts. 5, 7, 8, Sch. 2 (as amended by S.I. 2009/1802, art. 18, Sch.))