The DTI has recently a number of FAQs on their Companies Act website. These highlight the following changes and clarifications of the implementation timetable:
- The provisions in sections 116-118 CA06 - which deal with the right to inspect the register of members and include the new ability for companies to make a court application to prevent access to the register – were implemented on 1 October 2007 rather than 2008, as originally announced.
- The provisions that deal with minimum share capital requirements for public companies and prohibit public offers by private companies will now be implemented on 1 October 2009, with all the other provisions relating to shares and share capital, instead of in October 2008.
- The business review provisions of the Act, found in section 415, will be commenced in April 2008.
- The conflict of interest sections of Part 10 which will be implemented in October 2008 are:
- the duty to avoid conflicts of interest (section 175);
- the duty not to accept benefits from third parties (section 176);
- the duty to declare interest in proposed transactions (section 177);
- the provisions relating to the declaration of interest in existing transaction or arrangement (sections 182-187);
To view the updated timetable click here
The FAQs also contain some helpful guidance on some common questions on e-communication, the new misleading statements offence in accounts and the trading disclosure obligations which have already been implemented.
