Companies Act 2014
Application of Parts 1 to 14 to investment companies
1387. (1) The provisions of Parts 1 to 14 apply to an investment company save to the extent that they are—
(a) disapplied to public limited companies by section 1002; or
(b) disapplied by subsection (3) or modified by another provision of this Part.
(2) For the purposes of that application, section 10(1) shall have effect as if it read:
“(1) Unless expressly provided otherwise, a reference in Parts 2 to 14 to a company is a reference to an investment company.”.
(3) In addition to those of them disapplied, as mentioned in subsection (1)(a), the provisions of Parts 1 to 14 specified in the Table to this section shall not apply to an investment company.
(4) The specification in the foregoing Table of a provision (a “specified provision”) of Parts 1 to 14 also operates to disapply to an investment company any other provision of those Parts (notwithstanding that it is not specified in that Table) that makes consequential, incidental or supplemental provision on, or in relation to, the specified provision.
Table
|
Subject matter |
Provision disapplied |
|
Nominal value of shares |
Section 66(1) and (2)(a) |
|
Allotment of shares |
Section 69(3) and (6) to (10) |
|
Allotment of shares |
Section 70(1), (2), (3), (7), (8), (10) and (11) |
|
Payment of shares |
Section 71(2), (3) and (5) |
|
Financial assistance |
|
|
Variation of company capital |
Section 83(3), (4) and (5) |
|
Reduction of company capital |
|
|
Notice to Registrar of certain alterations in share capital |
Sections 92 and 93 |
|
Restriction on company acquiring its own shares |
Sections 102 and 103 |
|
Acquisition of own shares |
Sections 105 to 107 and 109 to 112 |
|
Holding by subsidiary of shares in its holding company |
|
|
Restrictions on distribution of profits and assets |
|
|
Procedure for declarations, payments, etc. of dividends and other things |
Sections 124 and 125 |
|
Bonus issues |
|
|
Access to documents during business hours |
|
|
Audit committees |
|
|
Inspection of registers, provision of copies of information in them, etc. |
|
|
Directors’ compliance statement and related statement |
|
|
Holding of own shares or shares in holding company |
Section 320(1) |
|
Directors’ report: acquisition or disposal of own shares |
|
|
Signature of statutory auditor’s report to appear on certain copies |
Section 337(4) and (5)(b) |
|
Annual return and documents annexed to it |
Chapter 13 of Part 6 |
|
Exclusions, exemptions and special arrangements with regard to public disclosure of financial information |
Chapter 14 of Part 6 |
|
Audit exemption |
Chapter 15 of Part 6 |
|
Special audit exemption for dormant companies |
Chapter 16 of Part 6 |
|
Company may be required to contribute to debts of related companies |