Schedule 4, Part 3, paragraph 36(8)

Where the net assets of such a company became half or less of its called-up share capital before the date on which the company became a company under resolution— the duty of the directors to call a general meeting of the company under subsection (1) ceases to have effect on that date; a general meeting which has been called under subsection (1) but has not yet taken place is deemed to have been cancelled on that date; and any resolution passed at such a meeting which has taken place is subject to the use of resolution tools, powers and mechanisms (within the meaning given in article 216 of the Order) in relation to the company.

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Source: legislation.gov.uk · retrieved 2026-09-04