(1)
A public company limited by shares may be re-registered as an unlimited company with a share capital 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 registrar in accordance with section 76, 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 —
(a)
limited ; or
(b)
unlimited.
(3)
The company shall make such changes—
(a)
in its name ; and
(b)
in its memorandum and articles, as are necessary in connection with its becoming an unlimited company.
(4)
For the purposes of this section—
(a)
a trustee in bankruptcy of a member of the company is entitled, to the exclusion of the member, to assent to the company’s re-registration ; and
(b)
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.