Companies (Amendment) Act, 1983
|
Transitional provisions relating to pre-emption rights. |
25.—(1) Sections 23 and 24 shall not apply— | |
(a) to any allotment of equity securities made by a company, other than a public limited company registered as such on its original incorporation, before the date on which the earlier of the following events occurs, that is to say, the holding of the first general meeting of the company after its re-registration or registration as a public limited company and the end of the general transitional period; or | ||
(b) where subsection (2) applies, to an allotment of the equity securities which are subject to the requirement mentioned in that subsection. | ||
(2) This subsection applies where any company which is re-registered or registered as a public limited company is or, but for the provisions of this Act, would be subject at the time of re-registration or, as the case may be, registration to a requirement imposed (whether by the company's memorandum or articles or otherwise) before the relevant time by virtue of which it must, when making an allotment of equity securities, make an offer to allot those securities or some of them in a manner which (otherwise than by virtue of its involving a contravention of section 23 (7) or (8)) is inconsistent with section 23 . | ||
(3) Any requirement which— | ||
(a) is imposed on a private company before the relevant time otherwise than by the company's memorandum or articles; and | ||
(b) if contained in the memorandum or articles of the company, would have effect by virtue of section 23 (10) to the exclusion of any provision of that section, | ||
shall have effect, so long as the company remains a private company, as if it were contained in the memorandum or articles of the company. | ||
(4) If at the relevant time a company, other than a public limited company registered as such on its original incorporation, is subject to a requirement such as is mentioned in section 23 (2) and which was imposed otherwise than by the company's memorandum or articles, the requirement shall be treated for the purposes of that section as if it were contained in the company's memorandum or articles. | ||
(5) In this section “the relevant time” means— | ||
(a) except in a case falling within paragraph (b), the end of the general transitional period; | ||
and | ||
(b) in the case of a company which is re-registered or registered as a public limited company in pursuance of an application made before the end of that period, the time at which the application is made. | ||
Payment for share capital |