Companies Act 2014 section 1276

Application of section 393 to a PULC

Section 1276 applies the statutory auditor's obligation to report category 1 and 2 offences to the Registrar and the Corporate Enforcement Authority in the context of a public unlimited company without share capital (PULC), with a minor terminology adjustment to reflect the PULC's ownership structure.

• Section 393, which requires statutory auditors to report suspected category 1 and 2 offences to the Registrar and the Corporate Enforcement Authority, is extended to apply to PULCs.
• Because a PULC does not have share capital, the term "its shareholders" in subsection (4) of section 393 is replaced with "its members."
• This ensures that references to the company's owners use the correct legal terminology for a company that has members rather than shareholders.
• Apart from this single terminology change, all other provisions of section 393 apply to a PULC without modification.