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The Company Share

Legal Regulation and Public Policy

David Milman

In this accessible and insightful book David Milman examines the phenomenon of the company share in an holistic way, tracing the origins of the share and describing the diversity present within the family of shares. Using a comparative approach, key chapters consider the circumstances under which shares are acquired, the property law perspective relevant to shares and the rights and obligations of those who hold shares. The book concludes with some speculation on how the share might evolve in the future in the light of technological change and the development of other capital raising investments.
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Table of legislation

David Milman

UK Legislation (in Chronological Order)

Statutes (in Chronological Order)

 

Bubble Act 1720 (6 Geo I cap. 18) 24, 25

Barnard’s Act 1734 (7 Geo II cap.8) 27

Bubble Repeal Act 1825 (6 Geo IV cap. 91) 25

Joint Stock Companies Act 1844 (7 and 8 Vict cap. 110) 23

Limited Liability Act 1855 (18 and 19 Vict cap. 133) 23

Joint Stock Companies Act 1856 (19 and 20 Vict cap. 47) 23

Companies Act 1867 (30 and 31 Vict cap. 131) 37

Telegraph Act 1868 (33 and 34 Vict, cap 88) 81

Partnership Act 1890 (53 and 54 Vict cap 39)

s. 24 18

s. 31 18, 97

s. 39 18

s. 43 18

Directors Liability Act 1890 (53 and 54 Vict cap 64) 48

Sale of Goods Act 1893 (56 and 57 Vict, cap 71)

s. 62 12

Defence of the Realm Act 1914 (4 and 5 Geo v cap 29) 171

Companies Act 1928 (18 and 19 Geo V cap 45)

s. 16 60

s. 18 35, 58

Companies Act 1929 (19 and 20 Geo V cap 23)

s. 45 22, 60

s. 46 58

Trading with the Enemy Act 1939 (2 and 3 Geo VI cap 89)

s. 5 96

s. 7 81

Coal Industry Nationalisation Act 1946 (9 and 10 Geo VI cap 59)

s. 25 171

Transport Act 1947 (10 and 11 Geo VI, cap 49)

s. 18 85, 171

Companies Act 1948 (11 and 12 Geo VI cap 38)

s. 28 18

s. 54 60

s. 58 58

s. 84 6

s. 182 37

s. 434 18

Stock Transfer Act 1963 (cap 18) 96

Misrepresentation Act 1967 (cap 7) 48

s. 2 49

Companies Act 1967 (cap 81) 21

s. 33 145

Theft Act 1968 (cap 60)

s. 4 74

Stock Exchange (Completion of Bargains) Act 1976 (cap 47) 29

Companies Act 1976 (cap 69) 145

Aircraft and Shipbuilding Industries Act 1977 (cap 3) 77

Torts (Interference with Goods) Act 1977 (cap 32)

s. 14 12, 73

Charging Orders Act 1979 (cap 53)

s. 5 95

Sale of Goods Act 1979 (cap 54)

s. 61 11

Companies Act 1980 (cap 22) 97, 151

s. 74 155

Senior Courts Act 1981 (cap 54)

s. 37 96

Companies Act 1981 (cap 62) 145

ss. 36–41 55

s. 39 151

Companies Act 1985 (cap 6)

s. 24 17

s. 431 174

s. 442 148, 174

s. 445 148

s. 446 148

s. 454 148

s. 455 148

s. 456 148

s. 457 148

Finance Act 1986 (cap 41) 13, 29

Insolvency Act 1986 (cap 45)

s. 3 123, 129

s. 4 123, 129

s. 4A 123, 129

s. 74 49, 142, 143

s. 76 137

s. 79 142

s. 80 142

s. 81 142

s. 82 142

s. 122 105, 112, 124

s. 124A 11, 21

s. 127 61, 91, 97

s. 150 138

s. 160 138

s. 250 17, 57

s. 306 57

s. 423 115

s. 436 57, 73

Building Societies Act 1986 (cap 53) 19

Income and Corporation Taxes Act 1988 (cap 1)

s. 730 116

Companies Act 1989 (cap 40)

s. 62 148

s. 131 109, 137, 151

s.145 115

s. 207 29

Electricity Act 1989 (cap 29) 172

Criminal Justice Act 1993 (cap 36)

s. 63(2) 98

Part V 67

Building Societies Act 1997 (cap 32) 19

Financial Services and Markets Act 2000 (cap 8)

s. 1G 73

s. 1I 154

s. 3S 154

s. 19 11, 50, 51

s. 23 11

s. 73A 10, 50

s. 74 10

s. 85 46

s. 87Q 47

s. 90 50

s. 90A 50

s. 102A 73

s. 191C 78

s. 236 20

s. 262 20

s. 313A 97

s. 397 51

s. 404E 73

Part VI 10

Part XII 10

Limited Liability Partnerships Act 2000 (cap 12) 18

Local Government Act 2000 (cap 22)

s. 2 7

The Political Parties, and Referendums Act 2000 (cap 41)

s. 139 151

Enterprise Act 2002 (cap 40) 78

s. 22 64

s. 33 64

s. 58 64

Part 3 12, 64

Proceeds of Crime Act 2002 (cap 29)

s. 84 73

Local Government Act 2003 (cap 26)

s. 95 7

Companies Act 2006 (cap 46)

s. 3 3

s. 4 20

s. 5 3, 20

s. 6 20

s. 7 18

s. 10 9

s. 21 105, 106, 175

s. 22 105

s. 24 17

s. 25 138, 141

s. 33 4, 106, 140

s. 38 18

s. 40 45

s. 41 136

s. 97 5, 46, 175

s. 98 5, 16, 174

s. 116 71, 108, 131, 132

s. 117 71, 108

s. 118 132

s. 122 37

s. 123 18

s. 125 70, 103, 132

s. 126 91

s. 136 8, 66

s. 145 92, 131

ss. 145–153 131

s. 152 92

s. 160 8

s. 163 154

s. 165 154

s. 168 108, 113, 119, 175

s. 172 20, 155, 157

s. 190 107

s. 239 118

ss. 240–246 154

s. 247 155

s. 251 141

s. 260 103

s. 282 175

s. 283 175

s. 284 121

s. 285A 120

s. 286 90

s. 303 108, 174

s. 306 117, 118

s. 314 108, 131, 174

s. 321 119, 174

s. 322 119

s. 322A 120, 159

s. 323 7, 120, 130

s. 324 120

s. 324A 120

s. 333 119

s. 333A 119

s. 340 131

s. 341 119

s. 342 174

s. 360A 119

s. 360C 20

s. 370 132, 174

s. 372 132

s. 382 18, 20

s. 385 20

s. 423 131

s. 431 131

s. 432 131

s. 439A 151, 159

s. 465 20

s. 527 131

s. 531 20

s. 540 4

s. 541 72

s. 542 15

s. 543 73

s. 544 96

s. 546 52

s. 548 34

s. 550 52

s. 560 34, 127

ss 560–577 127

s. 561 127

s. 562 127

s. 563 127

s. 564 127

s. 565 127

s. 566 127

s. 567 127

s. 570 127

s. 571 127

s. 573 127

s. 577 127

s. 580 45

s. 581 137

s. 584 63

s. 585 63

s. 586 62

s. 587 63

s. 589 138

s. 593 63

s. 606 63

s. 610 64

ss. 611–612 55

s. 618 15

s. 620 43

s. 622 43

ss. 622–628 15

s. 629 43

s. 630 43, 175

ss. 630–640 44

s. 633 175

s. 641 105

s. 649 9

s. 652 137

s. 655 109, 137

s. 658 58

s. 659 58

s. 662 76

s. 670 93, 96

s. 678 59

s. 682 61

s. 694 175

ss. 724–732 59

s. 725 38

s. 755 47

s. 756 47

s. 763 62

s. 768 72

s. 771 53, 98

s. 782 104

ss. 783–790 99

s. 790B 148

s. 790D 148

s. 790E 149

s. 790G 148, 149

s. 790H 149

s. 790I 149

s. 790K 149

s. 790M 148

s. 790O 149

s. 790V 149

s. 791 145

s. 792 145

s. 793 145, 146, 147

s. 794 97, 147

s. 798 147

s. 801 146

s. 803 174

s. 804 147

s. 805 147

s. 808 146

s. 809 146

s. 811 146

s. 820 145

s. 822 145

s. 823 145

s. 824 146

s. 830 114

s. 831 114

s. 833 20

s. 845 112

s. 847 114

s. 859A 94

s. 899 122, 140

s. 955 57

s. 956 98

s. 979 175

ss. 979–982 79

s. 983 57, 80

s. 986 79

s. 989 45

s. 990 45

s. 994 57, 85, 92, 103, 115, 117, 125

s. 996 57, 77, 78, 85, 86, 127

s. 1004 20

s. 1040 20

s. 1157 68

s. 1158 20

s. 1163 112

s. 1166 39

s. 1169 20

s. 1170B 142

s. 1262 20

s. 1277 144

s. 1279 112

Part 9 151

Part 11 110, 132

Part 21A 148

Part 22 145

Part 25 94

Part 26 78, 112

Part 28 57, 109

Part 30 132

Sched 1A 95, 148

Sched 8 20, 112

Growth and Infrastructure Act 2013 (cap 27)

s. 31 39

Enterprise and Regulatory Reform Act 2013 (cap 24)

s. 79 151

Part 4 12

Cooperatives and Community Benefit Societies Act 2014 (cap 14)

s. 24 42

Taxation of Pensions Act 2014 (cap 30) 67

Consumer Rights Act 2015 (cap 15) 11

Deregulation Act 2015 (cap 20)

s. 19 120

Sched. 6 120

Small Business, Enterprise and Employment Act 2015 (cap 26)

s. 81 148

s. 84 37–38, 99

s. 97 9

Part 7 92

Sched 3 148

Sched 4 38

Finance Act 2017 (cap 10)

ss. 12–14 39

Delegated Legislation

 

The Companies (Single Member Private Companies) Regulations 1992 (SI 1992/1699) 18

Civil Procedure Rules 1998 (SI 1998/3132) 95, 132

The Uncertificated Securities Regulations 2001 (SI 2001/3755) 29, 100

The Companies (Acquisition of Own Shares) (Treasury Shares) Regulations 2003 (SI 2003/1116) 59

The Financial Collateral Arrangements (No. 2) Regulations 2003 (SI 2003/3226) 94

TUPE Regulations 2006 (SI 2006/246) 65, 100

The Companies (Authorised Minimum) Regulations 2008 (SI 2008/729) 15

The Consumer Protection from Unfair Trading Regulations 2008 (SI 2008/1277) 163

The Companies (Model Articles) Regulations 2008 (SI 2008/3229) 4, 75, 91. 93, 95, 113, 121, 128, 137, 138, 139

The Companies (Shareholder Rights) Regulations 2009 (SI 2009/1632) 120

The Companies (Share Capital and Acquisition of Own Shares) Regulations 2009 (SI 2009/2022) 38, 127

Financial Collateral Arrangements (No. 2) Regulations 2003 (Amendment) Regulations 2009 (SI 2009/2462) 94

The Companies Act 2006 (Amendment of Part 23) (Investment Companies) Regulations 2012 (SI 2012/952) 114

The Companies (Amendment of Part 25) Regulations 2013 (SI 2013/600) 94

The Companies Act 2006 (Amendment of Part 18) Regulations 2013 (SI 2013/999) 39, 59

The Register of People with Significant Control Regulations 2016 (SI 2016/339) 93, 148, 153

The Insolvency (England and Wales) Rules 2016 (SI 2016/1024) 123

The Information about People with Significant Control (Amendment) Regulations 2017 (SI 2017/693) 153

Other Measures

Stewardship Code (latest version 2012) 179

Takeover Code (12th ed, 2016 as amended) 98, 108, 109, 175, 179

Listing Rules 50, 108

EU Measures

Treaty on the Functioning of the European Union (TFEU)

Art. 18 (no discrimination) 111

Art. 63 (freedom of capital) 65, 84, 111

Art. 107 (prohibition on state aids) 9

Treaty on the European Union (Lisbon Treaty)

Art. 50 (withdrawal of member) 160

Second Company Law Harmonisation Directive (1977/91/EEC) – now replaced by Council Directive (2012/30) – replaced by Directive (2017/1132) 31, 61, 126, 160

Listing Particulars Directive (79/279/EEC) 32

Listing Particulars Directive (80/390/EEC) 32

12th Company Law Harmonisation Directive on Single Member Companies (89/667) – replaced by Directive (2009/102) 17

Acquired Rights Directive (2001/23/EC) 100

Listing Particulars Directive (2001/34/EC) 32

Financial Collateral Directive (2002/47) 32, 94

EC Takeover Directive (2004/25/EC) 57, 109

MiFID Directive (2004/39) 5

Transparency Directive (2004/109/EC) 145, 174

EU Merger Regulation (2004/139) 12

EC Shareholder Rights Directive (2007/36) 32, 104, 111, 120

EU Capital Duties Directive (2008/7) 161

MiFID II 2014/65 (replaces 2004/39) 5, 30, 74, 153

MiF Reg (2014/600) 5

EU Regulation on Central Securities Depositories (909/2014) 153

Fourth Money Laundering Directive (2015/849) 149

Amended Shareholder Rights Directive (2017/828) 111, 159

Prospectus Regulation (2017/1129) 51

Company Law Consolidation Directive (2017/1132) 31, 61, 62, 126, 160

European Convention on Human Rights and Fundamental Freedoms

Art. 6 74

First Protocol Art. 1 31, 74, 89

Foreign Legislation

Canada

 

Canadian Business Corporations Act

s. 24(1) 14, 41

s. 49(15) 41

China

 

Companies Law

Art. 151 110

Delaware

 

Delaware Corporate Code

s. 155 41

s. 158 152

s. 169 101

Gibraltar

 

Companies Act 2014

s. 128 41

s. 157 38

s. 158 6

Hong Kong

 

Companies Ordinance (cap 622)

s. 135 14, 41

s. 138 43

s. 139 38

s. 462(7) 120

India

 

Sale of Goods Act 1930 12

Companies Act 2013

s. 57 6

s. 163 122

Ireland

 

Companies Act 1963

s. 204 79

Companies Act 2014

s. 66(9) 38

s. 101 6

s. 109 39, 59

s. 457 79

Isle of Man

 

Companies Act 2006

s. 29 14

Malaysia

 

Companies Act 2016 (Act 777)

s. 73 38

s. 74 14, 41

New Zealand

 

Companies Act 1993

s. 38 14

Sched. 1 159

Saudi Arabia

 

Company Law 2015

Art. 95 122

Singapore

 

Companies Act (cap 50)

s. 64A 34

South Africa

 

Companies Act 71 of 2008 57, 129

Other Legal Measures

Hague Securities Convention (2006) 102

UNIDROIT Convention on Intermediated Securities (2009) (Geneva) 102