Companies Act 2014 section 1193A

Application of Chapter 3A of Part 16 to CLGs

Section 1193A extends the dematerialised securities rules that apply to designated activity companies so that they also apply to companies limited by guarantee (CLGs).

• Chapter 3A of Part 16 deals with dematerialised securities — that is, securities held in electronic form rather than as paper certificates.
• These rules already apply to designated activity companies (DACs).
• Section 1193A provides that the same rules apply equally to companies limited by guarantee (CLGs).
• This provision was introduced by the European Union (Dematerialised Securities) Regulations 2023.