{
  "url": "https://openlegislation.uk/companies-northern-ireland-order-1986-revoked/article-447",
  "json_url": "https://openlegislation.uk/companies-northern-ireland-order-1986-revoked/article-447.json",
  "legislation": "nisi/1986/1032",
  "legislation_title": "The Companies (Northern Ireland) Order 1986 (revoked)",
  "legislation_url": "https://openlegislation.uk/companies-northern-ireland-order-1986-revoked",
  "path": "article/447",
  "kind": "article",
  "number": "447",
  "heading": "Consequence of order imposing restrictions",
  "text": "(1) So long as any shares are directed to be subject to the restrictions of this Part then, subject to any directions made in relation to an order pursuant to Article 438(1A) or 449(1A)\n(a) any transfer of those shares or, in the case of unissued shares, any transfer of the right to be issued with them, and any issue of them, is void;\n(b) no voting rights are exercisable in respect of the shares;\n(c) no further shares shall be issued in right of them or in pursuance of any offer made to their holder; and\n(d) except in a liquidation, no payment shall be made of any sums due from the company on the shares, whether in respect of capital or otherwise.\n(2) Where shares are subject to the restrictions of paragraph (1)(a), any agreement to transfer the shares or, in the case of unissued shares, the right to be issued with them is void (except such agreement or right as may be made or exercised under the terms of directions made by the Department or the court under Article 438(1A) or 449(1A) or an agreement to transfer the shares on the making of an order under Article 449(3)(b)).\n(3) Where shares are subject to the restrictions of paragraph (1)(c) or (d), an agreement to transfer any right to be issued with other shares in right of those shares, or to receive any payment on them (otherwise than in a liquidation) is void (except such agreement or right as may be made or exercised under the terms of directions made by the Department or the court under Article 438(1A) or 449(1A) or an agreement to transfer any such right on the transfer of the shares on the making of an order under Article 449(3)(b)).",
  "extent": "N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "SR 1992/257"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Words in art. 447(1) substituted (1.10.2007) by Companies Act 2006 (Commencement No. 3, Consequential Amendments, Transitional Provisions and Savings) Order 2007 (S.I. 2007/2194), arts. 1(3), 10(1), Sch. 4 para. 27(3) (with art. 12)"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "Words in art. 447(2) substituted (1.10.2007) by Companies Act 2006 (Commencement No. 3, Consequential Amendments, Transitional Provisions and Savings) Order 2007 (S.I. 2007/2194), arts. 1(3), 10(1), Sch. 4 para. 27(4) (with art. 12)"
    },
    {
      "type": "F",
      "label": "F4",
      "text": "1990 NI 10"
    },
    {
      "type": "F",
      "label": "F5",
      "text": "Words in art. 447(3) substituted (1.10.2004) by Companies Act 2006 (Commencement No. 3, Consequential Amendments, Transitional Provisions and Savings) Order 2007 (S.I. 2007/2194), arts. 1(3), 10(1), Sch. 4 para. 27(5) (with art. 12)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/nisi/1986/1032/article/447",
    "retrieved_at": "2026-10-29T04:48:35.100869+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}