Companies Act 2014 section 54

Interpretation (Chapter 6)

Section 54 provides definitions of key terms and clarifies how certain references should be understood when reading Chapter 6, which deals with the conversion of existing private companies into private companies limited by shares governed by Parts 1 to 15 of the Act.

• A "mandatory provision" is any requirement in the relevant Parts of the Act that is not classified as optional — these rules must be followed regardless of what a company's constitution says.
• An "optional provision" is a rule that applies by default but can be displaced or modified if the company's constitution states otherwise, or if it is otherwise of similar import.
• "Table A" refers to Table A in the First Schedule to the Companies Act 1963, and references to it in this Chapter may also include other tables referred to in section 3(9)(b), (c) or (d) of that Act.
• Any reference in this Chapter to a designated activity company means specifically a designated activity company limited by shares.