(1)
A private limited company may be re-registered as an unlimited company if—
(a)
all the members of the company have assented to its being so re-registered ;
(b)
the condition specified under subsection (2) is met ; and
(c)
an application for re-registration is delivered to the Commission in accordance with section 69, together with—
(i)
the other documents required by that section, and
(ii)
a statement of compliance.
(2)
The condition is that the company has not previously been re-registered as limited.
(3)
The company shall make such changes in its name and its memorandum and articles—
(a)
as are necessary in connection with its becoming an unlimited company ; and
(b)
if it is to have a share capital, as are necessary in connection with its becoming an unlimited company having a share capital.
(4)
For the purposes of this section—
(i)
a trustee in bankruptcy of a member of the company is entitled, to the exclusion of the member, to assent to the company’s becoming unlimited ; and
(ii)
the personal representative of a deceased member of the company may assent on behalf of the deceased.
(5)
In subsection (4) (a), “a trustee in bankruptcy of a member of the company” includes—
(a)
a permanent trustee or an interim trustee on the sequestrated estate of a member of the company ; and
(b)
a trustee under a protected trustee deed granted by a member of the company.