Companies Act 2014 section 1281

Application of section 747(2) to PUCs and PULCs

Section 1281 modifies the rules on how many members are needed to apply to the court for an investigation by court-appointed inspectors, as they apply to Public Unlimited Companies (PUCs) and Public Unlimited Companies Limited by Guarantee (PULCs).

• For both PUCs and PULCs, the minimum number of members required to apply to the court for an investigation is raised from 10 to 100, reflecting the typically larger membership of public companies.
• This higher threshold mirrors the equivalent rule for PLCs under section 1126 of the Act.
• For PULCs, the requirement relating to share capital is removed entirely, because PULCs do not have share capital — consistent with the approach taken for companies limited by guarantee under section 1225.
• All other provisions of section 747(2) regarding court-appointed investigations continue to apply to PUCs and PULCs without modification.