Companies Act 2014 section 829

Supplemental provisions in relation to section 828

Section 829 sets out the supporting rules that apply when a company with a restricted director acquires non-cash assets from subscribers or initial shareholders under section 828, including valuation rights, filing obligations, treatment of partial consideration, and the meaning of "holder" of shares.

• A person carrying out a valuation or report under section 828 is entitled to require whatever information and explanations they need from the company's officers.
• Once a company passes a resolution to approve an asset transfer under section 828, it must file that resolution and the accompanying report with the Registrar within 15 days or face a category 4 offence.
• Where consideration is given only partly for the transfer of an asset, the independent person must value the other elements of the transaction to determine the proportion properly attributable to the asset, and the report must explain the valuations carried out, including the reason, method, and date.
• A "holder" of shares for the purposes of section 828 includes anyone with an unconditional right to be entered on the register of members or to have an instrument of transfer executed in their favour.