The Companies Act 1985 (Amendment of Sections 250 and 251) Regulations 1992

• Citation: S.I. 1992/3003
• Sections: 3

Section 1 Citation

These Regulations may be cited as the Companies Act 1985 (Amendment of Sections 250 and 251) Regulations 1992 and shall come into force in the case of this regulation and regulation 3 on 4th December 1992 and in the case of regulation 2 on 31st December 1992.

Section 2 Amendment of section 250

(1) Section 250 of the Companies Act 1985 (resolution not to appoint auditors) is amended as follows.

(2) In subsection (1), in paragraph (a) the words from “by a special resolution” to the end of that paragraph shall be omitted.

(3) In subsection (1), in paragraph (b) for the words “at which the annual accounts for that year are laid” substitute “at any time after copies of the annual accounts and reports for that year have been sent out in accordance with section 238(1)”.

Section 3 Amendment of section 251

(1) Section 251 of the Companies Act 1985 (provision of summary financial statement) is amended as follows.

(2) In subsection (1)—

(a) after the word “shares” in both places where it occurs insert “or debentures”, and

(b) for “members of the company” substitute “entitled persons”.

(3) For the second paragraph of subsection (1), substitute the following:—

In this section—

“entitled persons”, in relation to a company, means such of the persons specified in paragraphs (a) to (c) of subsection (1) of section 238 as are or would apart from this section be entitled to be sent copies of those documents relating to the company which are referred to in that subsection; and

“listed” means admitted to the Official List of The International Stock Exchange of the United Kingdom and the Republic of Ireland Limited.

(4) In subsection (2)—

(a) for “any member of the company” and “a member of the company” substitute “any entitled person” and “an entitled person” respectively, and

(b) after “ascertained” insert “(whether before or after he becomes an entitled person)”.

(5) In subsection (7), for “members of a company” substitute “entitled persons”.