Companies Act 1929
The Companies Act 1929 was an act of the Parliament of the United Kingdom, which regulated UK company law. Its descendant is the Companies Act 2006.
Report of the Company Law Amendment Committee
The Report of the Company Law Amendment Committee Cmnd 2657, known as the Report of the Greene Committee was a UK company law report led by Wilfred Greene M.R. that led to the Companies Act 1929.Overview and excerpts
- ‘Public attention was directed by the decision in the City Equitable Case to the common article which exempts directors from liability for loss except when it is due to their wilful neglect or default… Another form of article
- ‘We consider that shareholders representing a substantial portion of the voting power should have the right to requisition a certified statement of the remuneration, etc., paid to directors, including managing directors.’
Provisions
Forms made under the 1929 act introduced the term "Companies Court", referring to the High Court, Chancery Division, when exercising its jurisdiction for company law matters.Section 77 authorised the court in a compulsory winding up to direct the liquidator either to prosecute the offender himself or to refer the matter to the Director of Public Prosecutions. If it appeared to the liquidator in a voluntary winding up that any past or present director, manager or other officer of the company had been guilty of an offence in relation to the company for which he was criminally liable, section 77 required him to report the matter to the Director of Public Prosecutions. It also required the liquidator to give the Director of Public Prosecutions information and access to documents in his possession or under his control. If the Director of Public Prosecutions decided not to bring proceedings against the offender, the liquidator could do so himself though only with the leave of the court. This was a safeguard against the company's assets being wasted on frivolous or vexatious proceedings.