1024. Dormant companies

(1) For the purposes of these Regulations a company is "dormant" during any period in which it has no significant accounting transaction.
(2) A "significant accounting transaction" means a transaction that is required by section 379 to be entered in the company's accounting records.
(3) In determining whether or when a company is dormant, there shall be disregarded—
(a) any transaction arising from the taking of shares in the company by an initial member as a result of an undertaking of his in connection with the formation of the company,
(b) any transaction consisting of the payment of—
(i) a fee to the Registrar on a change of the company's name,
(ii) a fee to the Registrar on the re-registration of the company,
(iii) a fine under section 426 (default in filing accounts), or
(iv) a fee to the Registrar for the registration of an annual return.
(4) Any reference in these Regulations to a body corporate other than a company being dormant has a corresponding meaning.