Companies Act 2014 section 1035

Supplemental provisions in relation to section 1034

Section 1035 sets out the supporting rules that apply when an independent expert is carrying out a valuation and report on non-cash assets acquired by a PLC from its subscribers or certain other parties under section 1034.

• The independent expert has the right to demand any information and explanations from PLC officers that are needed to carry out the valuation and prepare the report
• A copy of the shareholder resolution approving the asset transfer, together with the expert's report, must be filed with the Registrar within 15 days — failure to do so is a category 4 offence
• Where only part of the consideration paid by the PLC relates to the transfer of the non-cash asset, the expert must value the other elements and apportion the consideration, stating the method, reason and date of each valuation in the report
• These requirements do not apply to a company that is subject to the resolution tools, powers or mechanisms under Part 4 of the Bank Recovery and Resolution Regulations

---