OpenLegislation

Companies Act 1989

1989 c. 40 · Enacted 16 November 1989 · Extends to United Kingdom

Not fully up to date. 11 changes made by later legislation have not yet been written into this text, which is revised to 4 January 2024.

See the changes not yet applied
ProvisionChangeMade by
s. 140repealedBankruptcy and Diligence etc. (Scotland) Act 2007 s. 46(5)
s. 182(3)(b)words repealedJudicial Factors (Scotland) Act 2025 sch. 2 para. 3(a)
s. 182(3)(b)words insertedJudicial Factors (Scotland) Act 2025 sch. 2 para. 3(b)
Sch. 18 para. 1repealedCoal industry Act 1994 Sch. 11 Pt. 3
s. 144(6)repealedCompanies Act 2006 Sch. 16
s. 64(2)repealedCompanies Act 2006 Sch. 16
s. 57repealedCompanies Act 2006 Sch. 16
s. 56(5)repealedCompanies Act 2006 Sch. 16
s. 66(3)repealedCompanies Act 2006 Sch. 16
s. 71repealedCompanies Act 2006 Sch. 16
s. 135repealedCompanies Act 2006 Sch. 16

An Act to amend the law relating to company accounts; to make new provision with respect to the persons eligible for appointment as company auditors; to amend the Companies Act 1985 and certain other enactments with respect to investigations and powers to obtain information and to confer new powers exercisable to assist overseas regulatory authorities; to make new provision with respect to the registration of company charges and otherwise to amend the law relating to companies; to amend the Fair Trading Act 1973; to enable provision to be made for the payment of fees in connection with the exercise by the Secretary of State, the Director General of Fair Trading and the Monopolies and Mergers Commission of their functions under Part V of that Act; to make provision for safeguarding the operation of certain financial markets; to amend the Financial Services Act 1986; to enable provision to be made for the recording and transfer of title to securities without a written instrument; to amend the Company Directors Disqualification Act 1986, the Company Securities (Insider Dealing) Act 1985, the Policyholders Protection Act 1975 and the law relating to building societies; and for connected purposes.

[16th November 1989]

E1Be it enacted by the Queen’s most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:—C1C2C3

Annotations to the whole text

Modifications

C1

Act modified (21.2.2009) by The Banking Act 2009 (Parts 2 and 3 Consequential Amendments) Order 2009 (S.I. 2009/317), arts. 1, 3, Sch.

C2

Act applied (with modifications) (8.2.2011) by The Investment Bank Special Administration Regulations 2011 (S.I. 2011/245), reg. 1, Sch. 6 Pt. 1 (with reg. 27(a))

C3

Act applied (with modifications) (8.7.2021) by The Payment and Electronic Money Institution Insolvency Regulations 2021 (S.I. 2021/716), reg. 2, Sch. 3 paras. 2, 3 (with reg. 5) (as amended (4.1.2024) by The Payment and Electronic Money Institution Insolvency (Amendment) Regulations 2023 (S.I. 2023/1399), regs. 1(2), 4)

Extent

E1

Act extends to Great Britain, but for exceptions see s. 213.

Contents

  1. Part I: Company Accounts
  2. Introduction
  3. 1Introduction. Repealed
  4. Provisions applying to companies generally
  5. 2Accounting records. Repealed
  6. 3A company’s financial year and accounting reference periods. Repealed
  7. 4Individual company accounts. Repealed
  8. 5Group accounts. Repealed
  9. 6Additional disclosure required in notes to accounts. Repealed
  10. 7Approval and signing of accounts. Repealed
  11. 8Directors’ report. Repealed
  12. 9Auditors’ report. Repealed
  13. 10Publication of accounts and reports. Repealed
  14. 11Laying and delivering of accounts and reports. Repealed
  15. 12Remedies for failure to comply with accounting requirements. Repealed
  16. Exemptions and special provisions
  17. 13Small and medium-sized companies and groups. Repealed
  18. 14Dormant companies. Repealed
  19. 15Public listed companies: provision of summary financial statement. Repealed
  20. 16Private companies: election to dispense with laying of accounts and reports before general meeting. Repealed
  21. 17Unlimited companies: exemption from requirement to deliver accounts and reports. Repealed
  22. 18Banking and insurance companies and groups: special provisions. Repealed
  23. Supplementary provisions
  24. 19Accounting standards. Repealed
  25. 20Power to alter accounting requirements. Repealed
  26. 21Parent and subsidiary undertakings. Repealed
  27. 22Other interpretation provisions. Repealed
  28. Consequential amendments
  29. 23Consequential amendments.
  30. Part II: Eligibility for Appointment as Company Auditor
  31. Introduction
  32. 24Introduction. Repealed
  33. Eligibility for appointment
  34. 25Eligibility for appointment. Repealed
  35. 26Effect of appointment of partnership. Repealed
  36. 27Ineligibility on ground of lack of independence. Repealed
  37. 28Effect of ineligibility. Repealed
  38. 29Power of Secretary of State to require second audit. Repealed
  39. Recognition of supervisory bodies and professional qualifications
  40. 30Supervisory bodies. Repealed
  41. 31Meaning of “appropriate qualification”. Repealed
  42. 32Qualifying bodies and recognised professional qualifications. Repealed
  43. 33Approval of overseas qualifications. Repealed
  44. 34Eligibility of individuals retaining only 1967 Act authorisation. Repealed
  45. Duties of recognised bodies
  46. 35The register of auditors. Repealed
  47. 36Information about firms to be available to public. Repealed
  48. 37Matters to be notified to the Secretary of State. Repealed
  49. 38Power to call for information. Repealed
  50. 39Compliance orders. Repealed
  51. 40Directions to comply with international obligations. Repealed
  52. Offences
  53. 41False and misleading statements. Repealed
  54. 42Offences by bodies corporate, partnerships and unincorporated associations. Repealed
  55. 43Time limits for prosecution of offences. Repealed
  56. 44Jurisdiction and procedure in respect of offences. Repealed
  57. Supplementary provisions
  58. 45Fees. Repealed
  59. 46Delegation of functions of Secretary of State. Repealed
  60. 46ACircumstances in which Secretary of State may delegate functions to existing body Repealed
  61. 47Restrictive practices. Repealed
  62. 48Exemption from liability for damages. Repealed
  63. 49Service of notices. Repealed
  64. 50Power to make consequential amendments. Repealed
  65. 51Power to make provision in consequence of changes affecting accountancy bodies. Repealed
  66. 52Meaning of “associate”. Repealed
  67. 53Minor definitions. Repealed
  68. 54Index of defined expressions. Repealed
  69. Part III: Investigations and Powers to Obtain Information
  70. Amendments of the Companies Act 1985
  71. 55Investigations by inspectors not leading to published report.
  72. 56Production of documents and evidence to inspectors.
  73. 57Duty of inspectors to report.
  74. 58Power to bring civil proceedings on the company’s behalf. Repealed
  75. 59Expenses of investigating a company’s affairs.
  76. 60Power of Secretary of State to present winding-up petition.
  77. 61Inspectors’ reports as evidence.
  78. 62Investigation of company ownership.
  79. 63Secretary of State’s power to require production of documents. Repealed
  80. 64Entry and search of premises.
  81. 65Provision for security of information obtained. Repealed
  82. 66Punishment for destroying, mutilating, &c. company documents.
  83. 67Punishment for furnishing false information. Repealed
  84. 68Disclosure of information by Secretary of State or inspector.
  85. 69Protection of banking information.
  86. 70Investigation of oversea companies.
  87. 71Investigation of unregistered companies.
  88. Amendments of the Financial Services Act 1986
  89. 72. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  90. 73. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  91. 74. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  92. 75. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  93. 76. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  94. Amendments of other enactments
  95. 77. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  96. 78. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  97. 79. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  98. 80Amendment of the Building Societies Act 1986.
  99. 81. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  100. Powers exercisable to assist overseas regulatory authorities
  101. 82Request for assistance by overseas regulatory authority.
  102. 83Power to require information, documents or other assistance.
  103. 84Exercise of powers by officer, &c.
  104. 85Penalty for failure to comply with requirement, &c.
  105. 86Restrictions on disclosure of information.
  106. 87Exceptions from restrictions on disclosure.
  107. 88Exercise of powers in relation to Northern Ireland.
  108. 89Prosecutions.
  109. 90Offences by bodies corporate, partnerships and unincorporated associations.
  110. 91Jurisdiction and procedure in respect of offences.
  111. Part IV: Registration of Company Charges Not yet in force
  112. Introduction Not yet in force
  113. 92Introduction. Not yet in force
  114. Registration in the companies charges register Not yet in force
  115. 93Charges requiring registration. Not yet in force
  116. 94The companies charges register. Not yet in force
  117. 95Delivery of particulars for registration. Not yet in force
  118. 96Delivery of further particulars. Not yet in force
  119. 97Effect of omissions and errors in registered particulars. Not yet in force
  120. 98Memorandum of charge ceasing to affect company’s property. Not yet in force
  121. 99Further provisions with respect to voidness of charges. Not yet in force
  122. 100Additional information to be registered. Not yet in force
  123. Copies of instruments and register to be kept by the company Not yet in force
  124. 101Copies of instruments and register to be kept by the company Not yet in force
  125. Supplementary provisions Not yet in force
  126. 102Power to make further provision by regulations. Not yet in force
  127. 103Other supplementary provisions. Not yet in force
  128. 104Interpretation, &c. Not yet in force
  129. 105Charges on property of oversea company. Not yet in force
  130. 106Application of provisions to unregistered companies. Not yet in force
  131. 107Consequential amendments. Not yet in force
  132. Part V: Other amendments of Company Law
  133. A company’s capacity and related matters
  134. 108A company’s objects and the power of the directors to bind it. Repealed
  135. 109Section 109 Repealed
  136. 110Statement of company’s objects. Repealed
  137. 111. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  138. 112Charitable companies (Scotland).
  139. De-regulation of private companies
  140. 113Written resolutions of private companies. Repealed
  141. 114Written resolutions: supplementary provisions. Repealed
  142. 115Election by private company to dispense with certain requirements. Repealed
  143. 116Elective resolution of private company.
  144. 117Power to make further provision by regulations. Repealed
  145. Appointment and removal of auditors and related matters
  146. 118Introduction. Repealed
  147. 119Appointment of auditors. Repealed
  148. 120Rights of auditors. Repealed
  149. 121Remuneration of auditors. Repealed
  150. 122Removal, resignation, &c. of auditors. Repealed
  151. 123Statement by person ceasing to hold office as auditor. Repealed
  152. 124. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  153. Company records and related matters
  154. 125Delivery of documents to the registrar.
  155. 126Keeping and inspection of company records. Repealed
  156. 127Supplementary provisions as to company records and related matters. Repealed
  157. Miscellaneous
  158. 128Form and articles for partnership company. Not yet in force
  159. 129Membership of holding company. Repealed
  160. 130Company contracts and execution of documents by companies.
  161. 131Members’ rights to damages, &c. Repealed
  162. 132Financial assistance for purposes of employees’ share scheme. Repealed
  163. 133Issue of redeemable shares. Not yet in force
  164. 134Disclosure of interests in shares. Repealed
  165. 135Orders imposing restrictions on shares.
  166. 136A company’s registered office. Repealed
  167. 137Effecting of insurance for officers and auditors of company. Repealed
  168. 138Increase of limits on certain exemptions. Repealed
  169. 139Annual returns.
  170. 140Floating charges (Scotland).
  171. 141Application to declare dissolution of company void. Repealed
  172. 142Abolition of doctrine of deemed notice. Not yet in force
  173. 143Rights of inspection and related matters. Repealed
  174. 144“Subsidiary”, “holding company” and “wholly-owned subsidiary”.
  175. 145Section 145
  176. Part VI: Mergers and Related Matters
  177. 146. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  178. 147Undertakings as alternative to merger reference. Repealed
  179. 148Enforcement of undertakings. Repealed
  180. 149Temporary restrictions on share dealings. Repealed
  181. 150Obtaining control by stages. Repealed
  182. 151False or misleading information. Repealed
  183. 152Fees. Repealed
  184. 153Other amendments about mergers and related matters.
  185. Part VII: Financial Markets and Insolvency
  186. Introduction
  187. 154Introduction.
  188. Recognised bodies
  189. 155Market contracts.
  190. 155AQualifying collateral arrangements and qualifying property transfers
  191. 156. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  192. 157Section 157
  193. 158Modifications of the law of insolvency.
  194. 159Proceedings of recognised bodies take precedence over insolvency procedures.
  195. 160Section 160
  196. 161Supplementary provisions as to default proceedings.
  197. 162Duty to report on completion of default procedings.
  198. 163Net sum payable on completion of default proceedings.
  199. 164Disclaimer of property, rescission of contracts, &c.
  200. 165Adjustment of prior transactions.
  201. 166Powers ... to give directions.
  202. 167Application to determine whether default proceedings to be taken.
  203. 168. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  204. 169Supplementary provisions.
  205. Other exchanges and clearing houses
  206. 170Certain overseas exchanges and clearing houses.
  207. 170AThird country central counterparties
  208. 170BThird country central counterparties: procedure
  209. 170CThird country CSDs
  210. 171. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  211. 172Settlement arrangements provided by the Bank of England.
  212. Market charges
  213. 173Market charges.
  214. 174Modifications of the law of insolvency.
  215. 175Administration orders, &c.
  216. 176Power to make provision about certain other charges.
  217. Market property
  218. 177Application of margin or default fund contribution not affected by certain other interests.
  219. 178Priority of floating market charge over subsequent charges. Not yet in force
  220. 179Priority of market charge over unpaid vendor’s lien.
  221. 180Proceedings against market property by unsecured creditors.
  222. 181Power to apply provisions to other cases.
  223. Supplementary provisions
  224. 182Powers of court in relation to certain proceedings begun before commencement.
  225. 182ARecognised central counterparties: disapplication of provisions on mutual credit and set-off
  226. 183Insolvency proceedings in other jurisdictions.
  227. 184Indemnity for certain acts, &c.
  228. 185Power to make further provision by regulations.
  229. 186Supplementary provisions as to regulations.
  230. 187Construction of references to parties to market contracts.
  231. 188Meaning of “default rules” and related expressions.
  232. 189Meaning of “relevant office-holder”.
  233. 189AMeaning of “transfer”
  234. 190Minor definitions.
  235. 191Index of defined expressions.
  236. Part VIII: Amendments of the Financial Services Act 1986
  237. 192. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  238. 193. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  239. 194. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  240. 195. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  241. 196. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  242. 197. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  243. 198. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  244. 199. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  245. 200Jurisdiction of High Court and Court of Session.
  246. 201. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  247. 202. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  248. 203. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  249. 204. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  250. 205. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  251. 206. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  252. Part IX: Transfer of Securities
  253. 207Transfer of securities. Repealed
  254. Part X: Miscellaneous and General Provisions
  255. Miscellaneous
  256. 208Summary proceedings in Scotland for offences in connection with disqualification of directors.
  257. 209. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  258. 210Restriction of duty to supply statements of premium income.
  259. 211Building societies: miscellaneous amendments.
  260. General
  261. 211A“Bank of England”
  262. 212Repeals.
  263. 213Provisions extending to Northern Ireland.
  264. 214. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  265. 215Commencement and transitional provisions.
  266. 216Short title.
  267. Schedule 1
  268. 1Paragraph 1
  269. Group undertakings
  270. 2Paragraph 2
  271. Participating interests
  272. 3Paragraph 3
  273. 4Paragraph 4
  274. Consistency of accounting policies
  275. 5Paragraph 5
  276. Revaluation reserve
  277. 6Paragraph 6
  278. Compliance with accounting standards
  279. 7Paragraph 7
  280. Provision for taxation
  281. 8Paragraph 8
  282. Loans in connection with assistance for purchase of company’s own shares
  283. 9Paragraph 9
  284. Obligation to show corresponding amounts for previous financial year
  285. 10Paragraph 10
  286. Special provisions where company is parent company or subsidiary undertaking
  287. 11Paragraph 11
  288. Schedule 2
  289. General rules
  290. 1Paragraph 1
  291. 2Paragraph 2
  292. 3Paragraph 3
  293. 4Paragraph 4
  294. 5Paragraph 5
  295. Elimination of group transactions
  296. 6Paragraph 6
  297. Acquisition and merger accounting
  298. 7Paragraph 7
  299. 8Paragraph 8
  300. 9Paragraph 9
  301. 10Paragraph 10
  302. 11Paragraph 11
  303. 12Paragraph 12
  304. 13Paragraph 13
  305. 14Paragraph 14
  306. 15Paragraph 15
  307. 16Paragraph 16
  308. Minority interests
  309. 17Paragraph 17
  310. Interests in subsidiary undertakings excluded from consolidation
  311. 18Paragraph 18
  312. Joint ventures
  313. 19Paragraph 19
  314. Associated undertakings
  315. 20Paragraph 20
  316. 21Paragraph 21
  317. 22Paragraph 22
  318. Schedule 3
  319. Part I: Companies not Required to Prepare Group Accounts
  320. Subsidiary undertakings
  321. 1Paragraph 1
  322. Holdings in subsidiary undertakings
  323. 2Paragraph 2
  324. Financial information about subsidiary undertakings
  325. 3Paragraph 3
  326. Financial years of subsidiary undertakings
  327. 4Paragraph 4
  328. Further information about subsidiary undertakings
  329. 5Paragraph 5
  330. Shares and debentures of company held by subsidiary undertakings
  331. 6Paragraph 6
  332. Significant holdings in undertakings other than subsidiary undertakings
  333. 7Paragraph 7
  334. 8Paragraph 8
  335. 9Paragraph 9
  336. Arrangements attracting merger relief
  337. 10Paragraph 10
  338. Parent undertaking drawing up accounts for larger group
  339. 11Paragraph 11
  340. Identification of ultimate parent company
  341. 12Paragraph 12
  342. Constructions of references to shares held by company
  343. 13Paragraph 13
  344. Part II: Companies Required to Prepare Group Accounts
  345. Introductory
  346. 14Paragraph 14
  347. Subsidiary undertakings
  348. 15Paragraph 15
  349. Holdings in subsidiary undertakings
  350. 16Paragraph 16
  351. Financial information about subsidiary undertakings not included in the consolidation
  352. 17Paragraph 17
  353. Further information about subsidiary undertakings excluded from consolidation
  354. 18Paragraph 18
  355. Financial years of subsidiary undertakings
  356. 19Paragraph 19
  357. Shares and debentures of company held by subsidiary undertakings
  358. 20Paragraph 20
  359. Joint ventures
  360. 21Paragraph 21
  361. Associated undertakings
  362. 22Paragraph 22
  363. Other significant holdings of parent company or group
  364. 23Paragraph 23
  365. 24Paragraph 24
  366. 25Paragraph 25
  367. 26Paragraph 26
  368. 27Paragraph 27
  369. 28Paragraph 28
  370. Arrangements attracting merger relief
  371. 29Paragraph 29
  372. Parent undertaking drawing up accounts for larger group
  373. 30Paragraph 30
  374. Identification of ultimate parent company
  375. 31Paragraph 31
  376. Construction of references to shares held by parent company or group
  377. 32Paragraph 32
  378. Schedule 4
  379. 1Paragraph 1
  380. 2Paragraph 2
  381. 3Paragraph 3
  382. 4Paragraph 4
  383. 5Paragraph 5
  384. 6Paragraph 6
  385. 7. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Repealed
  386. Schedule 5
  387. 1Paragraph 1
  388. Subsidiary undertakings
  389. 2Paragraph 2
  390. Directors’ interests
  391. 3Paragraph 3
  392. Schedule 6
  393. Part I: Small Companies
  394. Balance sheet
  395. 1Paragraph 1
  396. Profit and loss account
  397. 2Paragraph 2
  398. Disclosure of information in notes to accounts
  399. 3Paragraph 3
  400. Directors’ report
  401. 4Paragraph 4
  402. Part II: Small Companies
  403. Profit and loss account
  404. 5Paragraph 5
  405. Disclosure of information in notes to accounts
  406. 6Paragraph 6
  407. Part III: Supplementary Provisions
  408. Statement that advantage taken of exemptions
  409. 7Paragraph 7
  410. Special auditors’ report
  411. 8Paragraph 8
  412. Dormant companies
  413. 9Paragraph 9
  414. Requirements in connection with publication of accounts
  415. 10Paragraph 10
  416. Schedule 7
  417. Preliminary
  418. Part I: Form and Content of Accounts
  419. 1Paragraph 1
  420. 2Paragraph 2
  421. 3Paragraph 3
  422. 4Paragraph 4
  423. 5Paragraph 5
  424. 6Paragraph 6
  425. 7Paragraph 7
  426. 8Paragraph 8
  427. 9Paragraph 9
  428. 10Paragraph 10
  429. 11Paragraph 11
  430. 12Paragraph 12
  431. 13Paragraph 13
  432. Part II: [Part II of Schedule 9 to the Companies Act 1985]
  433. Undertakings to be included in consolidation
  434. 1Paragraph 1
  435. General application of provisions applicable to individual accounts
  436. 2Paragraph 2
  437. Treatment of goodwill
  438. 3Paragraph 3
  439. Minority interests and associated undertakings
  440. 4Paragraph 4
  441. Companies entitled to benefit of exemptions
  442. 5Paragraph 5
  443. Information as to undertaking in which shares held as result of financial assistance operation
  444. 6Paragraph 6
  445. Part III: [Part III of Schedule 9 to the Companies Act 1985]
  446. 1Paragraph 1
  447. Part IV: [Part IV of Schedule 9 to the Companies Act 1985]
  448. 1Paragraph 1
  449. Loans, quasi-loans and other dealings
  450. 2Paragraph 2
  451. Other transactions, arrangements and agreements
  452. 3Paragraph 3
  453. Schedule 8
  454. Recent issues
  455. 1Paragraph 1
  456. Turnover and profitability
  457. 2Paragraph 2
  458. Labour force and wages paid
  459. 3Paragraph 3
  460. Schedule 9
  461. Introduction
  462. 1Paragraph 1
  463. Voting rights in an undertaking
  464. 2Paragraph 2
  465. Right to appoint or remove a majority of the directors
  466. 3Paragraph 3
  467. Right to exercise dominant influence
  468. 4Paragraph 4
  469. Rights exercisable only in certain circumstances or temporarily incapable of exercise
  470. 5Paragraph 5
  471. Rights held by one person on behalf of another
  472. 6Paragraph 6
  473. 7Paragraph 7
  474. Rights attached to shares held by way of security
  475. 8Paragraph 8
  476. Rights attributed to parent undertaking
  477. 9Paragraph 9
  478. Disregard of certain rights
  479. 10Paragraph 10
  480. Supplementary
  481. 11Paragraph 11
  482. Schedule 10: Amendments Consequential on Part I
  483. Part I: Amendments of the Companies Act 1985
  484. 1Paragraph 1 Repealed
  485. 2Paragraph 2 Repealed
  486. 3Paragraph 3 Repealed
  487. 4Paragraph 4 Repealed
  488. 5Paragraph 5 Repealed
  489. 6Paragraph 6 Repealed
  490. 7Paragraph 7 Repealed
  491. 8Paragraph 8 Repealed
  492. 9Paragraph 9 Repealed
  493. 10Paragraph 10 Repealed
  494. 11Paragraph 11 Repealed
  495. 12Paragraph 12 Repealed
  496. 13Paragraph 13 Repealed
  497. 14Paragraph 14 Repealed
  498. 15Paragraph 15 Repealed
  499. 16Paragraph 16 Repealed
  500. 17Paragraph 17 Repealed
  501. 18Paragraph 18 Repealed
  502. 19Paragraph 19 Repealed
  503. 20Paragraph 20 Repealed
  504. 21Paragraph 21 Repealed
  505. 22Paragraph 22 Repealed
  506. 23Paragraph 23 Repealed
  507. 24Paragraph 24 Repealed
  508. Part II: Amendments of Other Enactments
  509. Betting, Gaming and Lotteries Act 1963 (c.2)
  510. 25Paragraph 25 Repealed
  511. Harbours Act 1964 (c.40)
  512. 26Paragraph 26
  513. Coal Industry Act 1971 (c.16)
  514. 27Paragraph 27 Repealed
  515. Aircraft and Shipbuilding Industries Act 1977 (c.3)
  516. 28Paragraph 28 Repealed
  517. Crown Agents Act 1979 (c.43)
  518. 29Paragraph 29 Repealed
  519. British Telecommunications Act 1981 (c.38)
  520. 30Paragraph 30 Repealed
  521. Transport Act 1981 (c.56)
  522. 31Paragraph 31
  523. Iron and Steel Act 1982 (c.25)
  524. 32Paragraph 32
  525. Oil and Pipelines Act 1985 (c.62)
  526. 33Paragraph 33
  527. Patents, Designs and Marks Act 1986 (c.39)
  528. 34Paragraph 34
  529. Company Directors Disqualification Act 1986 (c.46)
  530. 35Paragraph 35
  531. Financial Services Act 1986 (c.60)
  532. 36Paragraph 36 Repealed
  533. Banking Act 1987 (c.22)
  534. 37Paragraph 37 Repealed
  535. Income and Corporation Taxes Act 1988 (c.1)
  536. 38Paragraph 38
  537. Dartford–Thurrock Crossing Act 1988 (c.20)
  538. 39Paragraph 39
  539. Schedule 11
  540. Part I: Grant and Revocation of Recognition
  541. Application for recognition of supervisory body
  542. 1Paragraph 1
  543. Grant and refusal of recognition
  544. 2Paragraph 2
  545. Revocation of Recognition
  546. 3Paragraph 3
  547. Part II: Requirements for Recognition
  548. Holding of appropriate qualification
  549. 4Paragraph 4
  550. 5Paragraph 5
  551. Auditors to be fit and proper persons
  552. 6Paragraph 6
  553. Professional integrity and independence
  554. 7Paragraph 7
  555. Technical standards
  556. 8Paragraph 8
  557. Procedures for maintaining competence
  558. 9Paragraph 9
  559. Monitoring and enforcement
  560. 10Paragraph 10
  561. Independent monitoring of audits of listed and other major companies
  562. 10AParagraph 10A
  563. Membership, eligibility and discipline
  564. 11Paragraph 11
  565. Investigation of complaints
  566. 12Paragraph 12
  567. Independent investigation for disciplinary purposes of public interest cases
  568. 12AParagraph 12A
  569. Meeting of claims arising out of audit work
  570. 13Paragraph 13
  571. Register of auditors and other information to be made available
  572. 14Paragraph 14
  573. Taking account of costs of compliance
  574. 15Paragraph 15
  575. Promotion and maintenance of standards
  576. 16Paragraph 16
  577. Part 3: Arrangements in which supervisory bodies are required to participate
  578. 17Arrangements for setting standards relating to professional integrity and independence
  579. 18Arrangements for setting technical standards
  580. 19Arrangements for independent monitoring of audits of listed and other major companies
  581. 20Arrangements for independent investigation for disciplinary purposes of public interest cases
  582. 21Supplementary: arrangements to operate independently of body
  583. 22Supplementary: “funded” arrangements etc.
  584. Schedule 12
  585. Part I: Grant and Revocation of Recognition
  586. Application for recognition of professional qualification
  587. 1Paragraph 1
  588. Grant and refusal of recognition
  589. 2Paragraph 2
  590. Revocation of recognition
  591. 3Paragraph 3
  592. Part II: Requirements for Recognition
  593. Entry requirements
  594. 4Paragraph 4
  595. Course of theoretical instruction
  596. 5Paragraph 5
  597. Sufficient period of professional experience
  598. 6Paragraph 6
  599. Examination
  600. 7Paragraph 7
  601. Practical training
  602. 8Paragraph 8
  603. The body offering the qualification
  604. 9Paragraph 9
  605. Schedule 13
  606. Operation of this Schedule
  607. 1Paragraph 1
  608. Status
  609. 2Paragraph 2
  610. Name, members and chairman
  611. 3Paragraph 3
  612. Financial provisions
  613. 4Paragraph 4
  614. Proceedings
  615. 5Paragraph 5
  616. Fees
  617. 6Paragraph 6
  618. Legislative functions
  619. 7Paragraph 7
  620. 8Paragraph 8
  621. 9Paragraph 9
  622. Report and accounts
  623. 10Paragraph 10
  624. Other supplementary provisions
  625. 11Paragraph 11
  626. 12Paragraph 12
  627. 13Paragraph 13
  628. Schedule 14: Supervisory and qualifying bodies: Restrictive practices
  629. Part I: Prevention of restrictive practices
  630. Refusal of recognition on grounds related to competition
  631. 1Paragraph 1
  632. Notification of changes to rules or guidance
  633. 2Paragraph 2
  634. Continuing scrutiny by the Director General of Fair Trading
  635. 3Paragraph 3
  636. Investigatory powers of the Director
  637. 4Paragraph 4
  638. 4AEnforcement
  639. 4BParagraph 4B
  640. Publication of Director’s reports
  641. 5Paragraph 5
  642. Powers exercisable by the Secretary of State in consequence of report
  643. 6Paragraph 6
  644. Supplementary provisions
  645. 7Paragraph 7
  646. Part II: Consequential Exemptions from Competition Law
  647. Fair Trading Act 1973 (c. 41)
  648. 8Paragraph 8 Repealed
  649. The Competition Act 1998
  650. 9Paragraph 9
  651. Competition Act 1980 (c. 21)
  652. 10Paragraph 10 Repealed
  653. Schedule 15Charges on Property of Oversea Companies
  654. Schedule 16: Amendments Consequential on Part IV Not yet in force
  655. Land Charges Act 1972 (c. 61) Not yet in force
  656. 1Paragraph 1 Not yet in force
  657. Companies Act 1985 (c. 6) Not yet in force
  658. 1AParagraph 1A Not yet in force
  659. 2Paragraph 2 Not yet in force
  660. Insolvency Act 1986 (c. 45) Not yet in force
  661. 3Paragraph 3 Not yet in force
  662. Company Directors Disqualification Act 1986 (c. 46) Not yet in force
  663. 4Paragraph 4 Not yet in force
  664. Schedule 17: Company Contracts, Seals, &c.: Further Provisions
  665. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  666. 1Paragraph 1 Repealed
  667. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  668. 2Paragraph 2 Repealed
  669. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  670. 3Paragraph 3 Repealed
  671. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  672. 4Paragraph 4 Repealed
  673. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  674. 5Paragraph 5 Repealed
  675. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  676. 6Paragraph 6 Repealed
  677. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  678. 7Paragraph 7 Repealed
  679. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  680. 8Paragraph 8 Repealed
  681. 9Paragraph 9 Repealed
  682. 10Paragraph 10 Repealed
  683. Schedule 18: “Subsidiary” and related expressions: consequential amendments and savings
  684. Coal Industry Nationalisation Act 1946 (c. 59)
  685. 1Paragraph 1
  686. Electricity Act 1947 (c. 54)
  687. 2Paragraph 2 Repealed
  688. Landlord and Tenant Act 1954 (c. 56)
  689. 3Paragraph 3 Repealed
  690. Transport Act 1962 (c. 46)
  691. 4Paragraph 4
  692. Harbours Act 1964 (c. 40)
  693. 5Paragraph 5
  694. General Rate Act 1967 (c. 9)
  695. 6Paragraph 6
  696. Transport Act 1968 (c. 73)
  697. 7Paragraph 7 Repealed
  698. Post Office Act 1969 (c. 48)
  699. 8Paragraph 8
  700. Industry Act 1972 (c. 63)
  701. 9Paragraph 9
  702. Coal Industry Act 1973 (c. 8)
  703. 10Paragraph 10 Repealed
  704. Industry Act 1975 (c. 68)
  705. 11Paragraph 11 Repealed
  706. Scottish Development Agency Act 1975 (c. 69)
  707. 12Paragraph 12
  708. Welsh Development Agency Act 1975 (c. 70)
  709. 13Paragraph 13
  710. Restrictive Trade Practices Act 1976 (c. 41)
  711. 14Paragraph 14 Repealed
  712. Industrial Common Ownership Act 1976 (c. 78)
  713. 15Paragraph 15
  714. Aircraft and Shipbuilding Industries Act 1977 (c. 3)
  715. 16Paragraph 16 Repealed
  716. Nuclear Industry (Finance) Act 1977 (c. 7)
  717. 17Paragraph 17
  718. Coal Industry Act 1977 (c. 39)
  719. 18Paragraph 18 Repealed
  720. Shipbuilding (Redundancy Payments) Act 1978 (c. 11)
  721. 19Paragraph 19 Repealed
  722. Capital Gains Tax Act 1979 (c. 14)
  723. 20Paragraph 20 Repealed
  724. Crown Agents Act 1979 (c. 43)
  725. 21Paragraph 21
  726. Competition Act 1980 (c. 21)
  727. 22Paragraph 22
  728. British Aerospace Act 1980 (c. 26)
  729. 23Paragraph 23
  730. Local Government, Planning and Land Act 1980 (c. 65)
  731. 24Paragraph 24
  732. British Telecommunications Act 1981 (c. 38)
  733. 25Paragraph 25
  734. Transport Act 1981 (c. 56)
  735. 26Paragraph 26 Repealed
  736. Value Added Tax Act 1983 (c. 55)
  737. 27Paragraph 27 Repealed
  738. Telecommunications Act 1984 (c. 12)
  739. 28Paragraph 28
  740. London Regional Transport Act 1984 (c. 32)
  741. 29Paragraph 29
  742. Inheritance Tax Act 1984 (c. 51)
  743. 30Paragraph 30
  744. Ordnance Factories and Military Services Act 1984 (c. 59)
  745. 31Paragraph 31
  746. Companies Act 1985 (c. 6)
  747. 32Paragraph 32 Repealed
  748. 33Paragraph 33 Repealed
  749. 34Paragraph 34 Repealed
  750. 35Paragraph 35 Repealed
  751. 36Paragraph 36 Repealed
  752. 37Paragraph 37 Repealed
  753. 38Paragraph 38 Repealed
  754. Transport Act 1985 (c. 67)
  755. 39Paragraph 39
  756. Housing Act 1985 (c. 68)
  757. 40Paragraph 40
  758. Housing Associations Act 1985 (c. 69)
  759. 41Paragraph 41
  760. Atomic Energy Authority Act 1986 (c. 3)
  761. 42Paragraph 42
  762. Airports Act 1986 (c. 31)
  763. 43Paragraph 43
  764. Gas Act 1986 (c. 44)
  765. 44Paragraph 44
  766. Building Societies Act 1986 (c. 53)
  767. 45Paragraph 45
  768. Income and Corporation Taxes Act 1988 (c. 1)
  769. 46Paragraph 46 Repealed
  770. British Steel Act 1988 (c. 35)
  771. 47Paragraph 47
  772. Schedule 19: Minor amendments of the Companies Act 1985
  773. Correction of cross-reference
  774. 1Paragraph 1 Repealed
  775. Particulars to be given of directors and secretaries
  776. 2Paragraph 2 Repealed
  777. 3Paragraph 3 Repealed
  778. 4Paragraph 4 Repealed
  779. 5Paragraph 5 Repealed
  780. 6Paragraph 6 Repealed
  781. 7Paragraph 7 Repealed
  782. Transactions with directors not requiring authorisation
  783. 8Paragraph 8 Repealed
  784. Time limit for holding extraordinary general meeting convened on members’ requisition
  785. 9Paragraph 9 Repealed
  786. Removal of restriction on transfer of shares
  787. 10Paragraph 10
  788. Protection of company’s members against unfair prejudice
  789. 11Paragraph 11 Not yet in force
  790. Requirements for registration by joint stock companies
  791. 12Paragraph 12 Repealed
  792. Delivery of documents by oversea companies
  793. 13Paragraph 13 Not yet in force
  794. Companies’ registered numbers
  795. 14Paragraph 14 Repealed
  796. Exemptions from limit of 20 on members of partnership
  797. 15Paragraph 15 Repealed
  798. 16Paragraph 16 Repealed
  799. Meaning of “officer who is in default”
  800. 17Paragraph 17 Repealed
  801. Offences committed by partnerships and other unincorporated bodies
  802. 18Paragraph 18 Repealed
  803. Meaning of “office copy” in Scotland
  804. 19Paragraph 19 Repealed
  805. Index of defined expressions
  806. 20Paragraph 20 Repealed
  807. Fraudulent trading by unregistered companies
  808. 21Paragraph 21 Repealed
  809. Schedule 20: Amendments about mergers and related matters
  810. Fair Trading Act 1973 (c. 41)
  811. 1Paragraph 1 Repealed
  812. 2Paragraph 2 Repealed
  813. 3Paragraph 3 Repealed
  814. 4Paragraph 4 Repealed
  815. 5Paragraph 5 Repealed
  816. 6Paragraph 6 Repealed
  817. 7Paragraph 7 Repealed
  818. 8Paragraph 8 Repealed
  819. 9Paragraph 9 Repealed
  820. 10Paragraph 10 Repealed
  821. 11Paragraph 11 Repealed
  822. 12Paragraph 12 Repealed
  823. 13Paragraph 13
  824. 14Paragraph 14 Repealed
  825. 15Paragraph 15 Repealed
  826. 16Paragraph 16 Repealed
  827. 17Paragraph 17
  828. 18Paragraph 18
  829. 19Paragraph 19 Repealed
  830. 20Paragraph 20 Repealed
  831. Competition Act 1980 (c. 21)
  832. 21Paragraph 21 Repealed
  833. 22Paragraph 22 Repealed
  834. 23Paragraph 23 Repealed
  835. 24Paragraph 24 Repealed
  836. Telecommunications Act 1984 (c. 12)
  837. 25Paragraph 25
  838. Financial Services Act 1986 (c. 60)
  839. 26Paragraph 26 Repealed
  840. Schedule 21
  841. Part I: U.K. investment exchanges
  842. Default Rules
  843. 1Paragraph 1
  844. Content of rules
  845. 2Paragraph 2
  846. Notification to other parties affected
  847. 3Paragraph 3
  848. Application of default rules to designated non-members
  849. 4Paragraph 4
  850. Delegation of functions in connection with default procedures
  851. 5Paragraph 5
  852. Co-operation with other authorities
  853. 6Paragraph 6
  854. Margin
  855. 7Paragraph 7
  856. Part II: U.K. clearing houses
  857. Default rules
  858. 8Paragraph 8
  859. Content of rules
  860. 9Paragraph 9
  861. 10Paragraph 10
  862. Notification to other parties affected
  863. 11Paragraph 11
  864. Delegation of functions in connection with default procedures
  865. 12Paragraph 12
  866. Co-operation with other authorities
  867. 13Paragraph 13
  868. Margin
  869. 14Paragraph 14
  870. Part III: Overseas investment exchanges and clearing houses
  871. 15Paragraph 15
  872. Schedule 22
  873. Introductory
  874. 1Paragraph 1
  875. Recognised investment exchanges and clearing houses
  876. 2Paragraph 2
  877. 3Paragraph 3
  878. 4Paragraph 4
  879. 5Paragraph 5
  880. 6Paragraph 6
  881. 7Paragraph 7
  882. 8Paragraph 8
  883. Market charges
  884. 9Paragraph 9
  885. 10Paragraph 10
  886. 11Paragraph 11
  887. 12Paragraph 12
  888. Supplementary provisions
  889. 13Paragraph 13
  890. 14Paragraph 14
  891. 15Paragraph 15
  892. Schedule 23
  893. Part I: General Amendments
  894. 1Paragraph 1
  895. 2Paragraph 2
  896. 3Paragraph 3
  897. 4Paragraph 4
  898. 5Paragraph 5
  899. 6Paragraph 6
  900. 7Paragraph 7
  901. 8Paragraph 8
  902. 9Paragraph 9
  903. 10Paragraph 10
  904. 11Paragraph 11
  905. 12Paragraph 12
  906. 13Paragraph 13
  907. 14Paragraph 14
  908. 15Paragraph 15
  909. 16Paragraph 16
  910. 17Paragraph 17
  911. 18Paragraph 18
  912. 19Paragraph 19
  913. 20Paragraph 20
  914. 21Paragraph 21
  915. 22Paragraph 22
  916. 23Paragraph 23
  917. 24Paragraph 24
  918. 25Paragraph 25
  919. Part II: Amendments Relating to Friendly Societies
  920. 26Paragraph 26
  921. 27Paragraph 27
  922. 28Paragraph 28
  923. 29Paragraph 29
  924. 30Paragraph 30
  925. 31Paragraph 31
  926. 32Paragraph 32
  927. 33Paragraph 33
  928. 34Paragraph 34
  929. 35Paragraph 35
  930. 36Paragraph 36
  931. 37Paragraph 37
  932. 38Paragraph 38
  933. 39Paragraph 39
  934. 40Paragraph 40
  935. 41Paragraph 41
  936. 42Paragraph 42
  937. 43Paragraph 43
  938. Schedule 24Repeals