Companies Act 2014 section 1263A

Application of Chapter 3A of Part 16 to PUCs and PULCs

Section 1263A extends the dematerialised securities rules applicable to designated activity companies so that they also apply to public unlimited companies (PUCs) and public unlimited companies with a share capital (PULCs).

• Chapter 3A of Part 16 sets out rules relating to dematerialised securities, introduced by the European Union (Dematerialised Securities) Regulations 2023.
• These rules, as they apply to a designated activity company, are extended to both PUCs and PULCs by this section.
• A PUC is a public unlimited company, while a PULC is a public unlimited company that has a share capital — both are now brought within the same framework.
• The effect is that PUCs and PULCs must comply with the same dematerialised securities provisions as designated activity companies.