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Revised Statute from The UK Statute Law Database

Companies Clauses Act 1863 (c.118)

This version of this statute is extracted from the UK Statute Law Database (SLD). It is not necessarily in the form in which it was originally enacted but is a revised version, which means that any subsequent amendments to the text and other effects are incorporated with annotations.

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Companies Clauses Act 1863

1863 CHAPTER 118 26_and_27_Vict

Contents

Go to Preamble

  1. 1. Short title

  2. 2.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

  3. Part I

    Cancellation and Surrender of Shares

    1. 3. Application of Part I

    2. 4. Power to company to cancel forfeited shares

    3. 5. Evidence for cancellation of forfeited shares

    4. 6. Payment of calls in arrear notwithstanding cancellation

    5. 7. Value of forfeited shares to be deducted from amount due in respect thereof

    6. 8. Company may cancel forfeited shares with consent of holders

    7. 9. As to surrender of shares

    8. 10. No money to be paid for cancellation or surrender

    9. 11. Power to create shares in lieu of cancelled forfeited, &c., shares

  4. Part II

    Additional Capital

    1. New Ordinary Shares or Stock

      1. 12. Regulations as to creation and issue of ordinary shares or new ordinary stock

    2. Preference Shares or Stock

      1. 13. Regulations as to creation and issue of new preference shares or new preference stock. Saving rights of preference shareholders

      2. 14. Preference shares to be entitled to dividends only out of the profits of each year

      3. 15. Terms, &c. to be stated on certificates

    3. General Provisions as to new Shares or Stock

      1. 16. Unissued shares and stock may be cancelled

      2. 17. If ordinary stock or shares at a premium, new shares or stock to be offered to existing ordinary shareholders

      3. 18. Offer to be made by letter

      4. 19. New shares or stock to vest on acceptance

      5. 20. As to disposal of new shares or stock to others. Power to enlarge time for accepting new shares or stock

      6. 21. General power to dispose of unappropriated new shares and stock

  5. Part III

    Debenture Stock

    1. 22. Regulations as to creation and issue of debenture stock

    2. 23. Debenture stock to be a prior charge

    3. 24. Interest on debenture stock to be a primary charge

    4. 25. Payment of arrears may be enforced by appointment of Receiver or Judicial Factor

    5. 26. Mode of appointing Receiver or Judicial Factor

    6. 27. Arrears may be recovered by action or suit

    7. 28. Debenture stock to be registered

    8. 29. Company to deliver certificate to holders of debenture stock

    9. 30. Mortgages, not affected by this Act

    10. 31. Holders of debenture stock not to vote

    11. 32. Application of money raised

    12. 33. Separate accounts of debenture stock

    13. 34. Borrowing powers extinguished to extent of debenture stock

    14. 35. Application of Part III. to mortgage preference stock, and funded debt

  6. Part IV

    Change of Name

    1. 36. Continuance of powers

    2. 37. Actions, &c. not to abate

    3. 38. General saving of rights

    4. 39. Contracts, &c. preserved

An Act for consolidating in One Act certain Provisions frequently inserted in Acts relating to the Constitution and Management of Companies incorporated for carrying on Undertakings of a public Nature.

[28th July 1863]

Whereas theM1 Companies Clauses Consolidation Act 1845 and theM2 Companies Clauses Consolidation (Scotland) Act 1845 respectively, were passed in order to comprise in one general Act such provisions relating to the constitution and management of joint stock companies incorporated for the purpose of carrying on undertakings of a public nature in England or Ireland, or in Scotland, respectively, as were at the times of the passing of those Acts usually introduced into Acts of Parliament relating to such companies:

And whereas sundry provisions of the like nature, but not comprised in the said general Acts respectively, are now frequently introduced into Acts of Parliament relating to such companies; and it is expedient to comprise such last-mentioned provisions also in one general Act, such Act to be applicable to England or Ireland, or to Scotland, as the case may require, and that as well for the purpose of avoiding the necessity of repeating such provisions in the Acts relating to such undertakings, as for ensuring greater uniformity in the provisions themselves:

Annotations:

Modifications etc. (not altering text)

C1This Act is not necessarily in the form in which it has effect in Northern Ireland

Marginal Citations

M11845 c. 16.

M21845 c. 17.

1 Short title

This Act may be cited as the Companies Clauses Act 1863.

F12. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Annotations:

Amendments (Textual)

F1S. 2 repealed (5.11.1993) by 1993 c. 50, s. 1(1), Sch. 1, Pt. V.

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