We have detailed previously a number of changes in the initially proposed implementation dates for provisions of the SBEE (see our article from September).

The requirement that a director or secretary provide a formal consent to act was replaced in October 2015 with an obligation for the company to make a statement that the appointee has consented to act as a director or secretary.

A new right for any person whose name appearing on the public register as a director to be able to apply to have their name removed if they did not consent to act was supposed to come into force in October 2015 and was delayed to December 2015.  This has now been postponed again and is due to come into force in April 2016.

Similarly the implementation of a provision allowing an application to the registrar to change a company’s registered office if the registrar is satisfied that the company is not authorised to use the address has also been put back again from December 2015 to April 2016.

Again through the SBEE, bearer shares were abolished with effect from 26 May 2015 when amendments were made to the Companies Act 2006. For more details see our article from June. 

On that date a 9 month period for companies to convert any bearer shares into registered shares began. Any bearer shares still remaining on 26 December 2015 lost the ability to be transferred (with any purported transfer being void) and no rights now attach to them.

Companies still having bearer shares on 26 February 2016 will be required to apply to court to cancel then and pay into court an amount equal to the nominal value of the shares within 14 days of cancellation together with any suspended distributions to ensure all bearer shares are eliminated.

See SBEE revised implementation schedule here.