Companies Act 2014 section 1273

Qualification of section 338 in the case of a PULC

Section 1273 modifies the rules on circulating statutory financial statements for a Public Unlimited Company (PULC), restricting the obligation to send copies only to those persons entitled to receive notices of general meetings.

• Section 338 requires companies to circulate copies of their statutory financial statements to certain persons, including members, holders of debentures, and auditors.
• For a PULC, the obligation to circulate financial statements is narrowed so that copies need only be sent to persons who are entitled to receive notices of general meetings of the company.
• In a private company limited by shares, financial statements must be sent to relevant persons regardless of whether they are entitled to receive notices of general meetings, but a PULC does not follow this broader approach.
• The practical effect is that a PULC can exclude from its circulation list any persons who do not have the right to receive notices of general meetings, even if they would otherwise fall within the categories listed in section 338.