Companies Act 2014

1388.

Application of Part 17 to investment companies

1388. (1) The provisions of Part 17 apply to an investment company save to the extent that they are disapplied by subsection (3) or (4).

(2) For the purposes of that application, references in Part 17 to a public limited company (however expressed) shall be read as references to a public limited company that is an investment company.

(3) The definitions of “authorised minimum” and “authorised share capital” in section 1000(1) shall not apply to an investment company.

(4) The provisions of Part 17 specified in the Table to this section shall not apply to an investment company.

Table

Subject matter

Provision disapplied

Ministerial power in relation to a defined expression

Section 1000(2)

Way of forming a PLC and form of its constitution

Section 1004(1) to (4) and sections 1005 to 1007

Restriction on commencement of business by a PLC

Section 1010

Power to allot certain securities and notification of allotments

Section 1021(3) , (4) and (8)

Pre-emption rights

Sections 1022 and 1023

Expert’s report on non-cash consideration (requirements in respect thereof and dispensations therefrom)

Sections 1028 to 1035

Treatment of shares held by or on behalf of a PLC

Sections 1040 and 1041

Application of certain provisions of section 82(6) in relation to PLCs

Section 1043

Interests in shares: disclosure of individual and group acquisitions

Chapter 4 of Part 17

Acquisition of own shares and certain acquisitions by subsidiaries

Chapter 5 of Part 17

Distribution by a PLC

Chapter 6 of Part 17

Application of section 167 to PLC that is not a public-interest entity under S.I. No. 220 of 2010

Section 1097

Additional rights of shareholders in certain PLCs (provisions implementing Shareholders’ Rights Directive 2007/36/EC)

Sections 1099 to 1110

Obligation to convene extraordinary general meeting in event of serious loss of capital

Section 1111

Reorganisations

Chapter 13 of Part 17