§ Mr. StevensTo ask the Secretary of State for Trade and Industry what plans he has to commence provisions of the Companies Act 1989.
§ Mr. RedwoodYesterday I signed an order which commences certain provisions of the Act. Section 7, in so far as it inserts new section 233(5) into the 1985 Act—approval of defective accounts—and section 12—revision of defective accounts—will commence on 7 January 1991 but will apply with respect to accounts for financial years commencing on or after 23 December 1989. Sections 125 and 127(1), (2) and (4)—delivery of documents to the registrar—will commence on 7 January 1991. Section 135—the power to make regulations on orders imposing restrictions on shares—will come into force on 7 January 1991. Paragraph 10 of schedule 19—removal of restriction on transfer of shares—will commence on 7 January 1991. Sections 108 to 112—company's capacity; ultra vires—and paragraph 11 of schedule 19—protection of company's members against unfair prejudice—will commence on 4 February 1991.
I have placed a copy of the order in the Library.