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COMPANIES ACT (NORTHERN IRELAND) 1960 - SECT 55

55.(1) Any reference in this Act to offering shares or debentures to the
public shall, subject to any provision to the contrary contained therein, be
construed as including a reference to offering them to any section of the
public, whether selected as members or debenture holders of the company
concerned or as clients of the person issuing the prospectus or in any other
manner, and references in this Act or in a company's articles to invitations
to the public to subscribe for shares or debentures shall, subject as
aforesaid, be similarly construed.

(2) Sub-section (1) shall not be taken as requiring any offer or invitation to
be treated as made to the public if it can properly be regarded, in all the
circumstances, as not being calculated to result, directly or indirectly, in
the shares or debentures becoming available for subscription or purchase by
persons other than those receiving the offer or invitation, or otherwise as
being a domestic concern of the persons making and receiving it, and in
particular

(a)a provision in a company's articles prohibiting invitations to the public
to subscribe for shares or debentures shall not be taken as prohibiting the
making to members or debenture holders of an invitation which can properly be
regarded as aforesaid; and

(b)the provisions of this Act relating to private companies shall be construed
accordingly.

Application of premiums received on issue of shares.

© 1960 Crown Copyright

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