Companies Act 2014 section 1388

Application of Part 17 to investment companies

Section 1388 sets out how the rules governing public limited companies (PLCs) under Part 17 of the Companies Act 2014 apply to investment companies, and identifies the specific provisions that do not apply to them.

• Part 17 (the PLC rules) generally applies to investment companies, with all references to PLCs read as references to PLCs that are investment companies
• The definitions of "authorised minimum" and "authorised share capital" in section 1000(1) do not apply to investment companies
• A detailed table lists numerous Part 17 provisions that are disapplied for investment companies, covering areas such as formation, share allotment, pre-emption rights, distributions, expert reports on non-cash consideration, and reorganisations
• Other disapplied areas include rules on interests in shares disclosure, acquisition of own shares, the obligation to convene an extraordinary general meeting on serious loss of capital, and certain shareholder rights provisions implementing the EU Shareholders' Rights Directive

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