Companies Act 2014 section 768

Director may impose restrictions on shares

Section 768 empowers the Corporate Enforcement Authority to impose restrictions on shares by written notice where it encounters difficulty in establishing the facts about those shares during an investigation or enquiry.

• The Authority may restrict shares (whether issued or unissued) if it has difficulty finding out the relevant facts about them during an investigation or enquiry
• Restrictions render share transfers void, suspend voting rights, prevent new share issues in right of those shares, and block any payments due on the shares
• Any agreement to transfer restricted shares or to receive payments on them is also void for as long as the restrictions remain in force
• Certain agreements are exempt from being voided, specifically where shares are sold under court-approved or Authority-approved arrangements under sections 769 or 771