Statutory Instrument 1996 No. 2827

      The Open-Ended Investment Companies (Investment Companies with Variable Capital) Regulations 1996


      © Crown Copyright 1996

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STATUTORY INSTRUMENTS

1996 No. 2827

FINANCIAL SERVICES

The Open-Ended Investment Companies (Investment Companies with Variable Capital) Regulations 1996

Made 11th November 1996
Coming into force 6th January 1997


ARRANGEMENT OF REGULATIONS

PART I
GENERAL
1.  Citation, commencement and extent.
2.  Interpretation.
PART II
FORMATION, SUPERVISION AND CONTROL
General
3.  Investment company with variable capital.
4.  Registration by registrar of companies.
5.  Safekeeping of scheme property by depositary.
6.  SIB regulations.
Authorisation
7.  Applications for authorisation.
8.  Particulars of directors.
9.  Authorisation.
10.  Criteria for authorisation.
11.  Representations against refusal of authorisation.
12.  UCITS certificate.
Registrar's approval of names
13.  Registrar's approval of names.
14.  Prohibition on certain names.
Alterations
15.  SIB approval for certain changes in respect of company.
Intervention
16.  Revocation of authorisation.
17.  Representations against revocation.
18.  Directions.
19.  Notice of directions.
20.  Applications to the court.
Investigations
21.  Investigations: functions of Secretary of State and SIB.
22.  Investigations: powers and duties of inspectors.
23.  Investigations: disclosure.
24.  Investigations: supplementary.
Winding up
25.  Winding up by the court.
26.  Dissolution on winding up by the court.
27.  Dissolution in other circumstances.
PART III
CORPORATE CODE
Organs
28.  Directors.
29.  Directors to have regard to interests of employees.
30.  Inspection of directors' service contracts.
31.  General meetings.
32.  Capacity of company.
33.  Power of directors and general meeting to bind the company.
34.  No duty to enquire as to capacity etc.
35.  Exclusion of deemed notice.
36.  Restraint and ratification by shareholders.
37.  Events affecting company status.
38.  Invalidity of certain transactions involving directors.
Shares
39.  Shares.
40.  Share certificates.
41.  Exceptions from regulation 40.
42.  Bearer shares.
43.  Register of shareholders.
44.  Power to close register.
45.  Power of court to rectify register.
46.  Share transfers.
Operation
47.  Power incidental to carrying on business.
48.  Name to appear in correspondence etc.
49.  Particulars to appear in correspondence etc.
50.  Contracts: England and Wales.
51.  Execution of documents: England and Wales.
52.  Execution of deeds overseas: England and Wales.
53.  Authentication of documents: England and Wales.
54.  Official seal for share certificates.
55.  Personal liability for contracts and deeds.
56.  Exemptions from liability to be void.
57.  Power of court to grant relief in certain cases.
58.  Punishment for fraudulent trading.
59.  Power to provide for employees on cessation or transfer of business.
Reports
60.  Reports: preparation.
61.  Reports: accounts.
62.  Reports: voluntary revision.
63.  Auditors.
Mergers and divisions
64.  Mergers and divisions.
PART IV
MISCELLANEOUS
65.  Notifications to registrar of companies.
66.  Contraventions.
67.  Prosecutions.
68.  Offences: bodies corporate, partnerships and unincorporated associations.
69.  Time limits for prosecution of offences.
70.  Jurisdiction and procedure in respect of offences.
71.  Service of documents.
72.  Evidence of grant of probate etc.
73.  SIB's functions under the Regulations.
74.  Fees.
75.  Minor and consequential amendments.

SCHEDULES

  Schedule 1—  Application of Part XXIV of the 1985 Act.

  Schedule 2—  Depositaries.

  Schedule 3—  Instrument of incorporation.

  Schedule 4—  Register of shareholders.

  Schedule 5—  Share transfers.

  Schedule 6—  Auditors.

  Schedule 7—  Mergers and divisions.

  Schedule 8—  Minor and consequential amendments.

 

Explanatory Note


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© Crown copyright 1996
Prepared 20th September 2000