Companies Act 1968

Link to law: https://legislation.gov.im/cms/images/LEGISLATION/PRINCIPAL/1968/1968-0002/CompaniesAct1968_3.pdf
Published: 2014-08-01

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Companies Act 1968

c i e
AT 2 of 1968

COMPANIES ACT 1968

Companies Act 1968 Index


c AT 2 of 1968 Page 3

c i e
COMPANIES ACT 1968

Index Section Page

1 [Repealed] ........................................................................................................................ 5
2 [Substitution of ss 34,35, 37, 38 and 38B to 38E of principal Act]............................. 5
3 [Repealed]. ....................................................................................................................... 5
4 [Repealed] ........................................................................................................................ 5
5 [Substitutes ss 322,323 and 323A to 323E of principal Act] ...................................... 5
6 [Repealed]. ....................................................................................................................... 6
7 Remedy in cases of oppression ..................................................................................... 6
8 [Repealed] ........................................................................................................................ 7
9 Short title and commencement ..................................................................................... 7
ENDNOTES 9

TABLE OF LEGISLATION HISTORY 9
TABLE OF RENUMBERED PROVISIONS 9
TABLE OF ENDNOTE REFERENCES 9

Companies Act 1968 Section 1


c AT 2 of 1968 Page 5

c i e
COMPANIES ACT 1968

Received Royal Assent: 14 February 1968
Passed: 9 April 1968
Commenced: 9 April 1968
AN ACT
to amend the Companies Act 1931 by making new provisions as to the
issue of prospectuses and for liability in respect of mis-statements therein; to
provide a remedy in cases of oppression; to authorise a newly registered
company to be required to change its name if found to be too like that of an
existing company; to repeal the requirement contained in section 55 of the
principal Act by which a banking company may not call up more than one third
of each share created or issued prior to the 23rd day of June 1926 and for
purposes connected with the matters aforesaid.
1 [Repealed]
1

2 [Substitution of ss 34,35, 37, 38 and 38B to 38E of principal Act]

Substitutes sections 34 and 35, 37, 38 and 38B to 38E for sections 34 and 35,
37and 38 of the principal Act.2

3 [Repealed].
3

4 [Repealed]
4

5 [Substitutes ss 322,323 and 323A to 323E of principal Act]

Substitutes sections 322, 323 and 323A to 323E for sections 322 and 323 of the
principal Act.
Section 6 Companies Act 1968


Page 6 AT 2 of 1968 c

6 [Repealed].
5

7 Remedy in cases of oppression

[N.I. 1960/20]
(1) Any member of a company who complains that the affairs of the
company are being conducted or that the powers of the directors of the
company are being exercised in a manner oppressive to him or some part
of the members (including himself), or in disregard of his or their proper
interests as member or members respectively, may apply to the court for
an order under this section.
(2) If on any application under sub-section (1) the court is of opinion that the
company’s affairs are being conducted or that the directors’ powers are
being exercised as aforesaid, the court may, with a view to bringing to an
end the matters complained of, make such order as it thinks fit, whether
directing or prohibiting any act or cancelling or varying any transaction
or for regulating the conduct of the company’s affairs in future, or for the
purchase of the shares of any members of the company by other
members of the company or by the company and, in the case of a
purchase by the company, for the reduction accordingly of the
company’s capital, or otherwise.
(3) Where an order under this section makes any alteration in or addition to
any company’s memorandum or articles, then, notwithstanding anything
in any other provision of this Act but subject to the provisions of the
order, the company concerned shall not have power without the leave of
the court to make any further alteration in or addition to the
memorandum or articles inconsistent with the provisions of the order;
but, subject to the foregoing provisions of this sub-section, the alterations
or additions made by the Order shall be of the same effect as if duly
made by resolution of the company and the provisions of this Act shall
apply to the memorandum or articles as so altered or added to
accordingly.
(4) An office copy of any order under this section altering or adding to, or
giving leave to alter or add to, a company’s memorandum or articles
shall, within fourteen days after the making thereof, be delivered by the
company to the Department of Economic Development for registration;
and if a company fails to comply with this sub-section, the company and
every officer of the company who is in default shall be liable to a default
fine.6

(5) The personal representative of a person who, at the date of his death was
a member of a private company, or any trustee of, or person beneficially
interested in, the shares of a private company by virtue of the will or
intestacy of any such person, may apply to the court under sub-section
(1) for an order under this section and, accordingly, any reference in that
sub-section to a member of a company shall be construed as including a
Companies Act 1968 Section 8


c AT 2 of 1968 Page 7

reference to any such personal representative, trustee or person
beneficially interested as aforesaid or to all of them.
8 [Repealed]
7

9 Short title and commencement

(1) This Act may be cited as the Companies Act 1968, and shall be construed
as one with the Companies Acts, 1931 to 1961, and those Acts and this
Act may be together cited as the Companies Acts, 1931 to 1968.
(2) This Act shall come into operation when the Royal Assent thereto has
been by the Governor announced to Tynwald and a certificate thereof
has been signed by the Governor and the Speaker of the House of Keys.
Companies Act 1968 Endnotes


c AT 2 of 1968 Page 9

ENDNOTES

Table of Legislation History

Legislation Year and No Commencement






Table of Renumbered Provisions

Original Current






Table of Endnote References

1
S 1 repealed by Company and Business Names etc Act 2012 Sch. 2
S 2 amended by Companies etc. (Amendment) Act Sch 2. 3
S 3 repealed by Statute Law Revision Act 1983 Sch 2. 4
S 4 repealed by Foreign Companies Act 2014 Sch. 5
S 6 repealed by Companies (Amendment) Act 2009 s 5(2). 6
Subs (4) amended by Companies (Transfer of Functions) Act 2000 Sch 1 and by
SD155/10 Sch 2. 7
S 8 repealed by Companies, etc. (Amendment) Act 2003 Sch 2.