Point in time view as at 06/04/2018.
Companies Act 2006, Section 626 is up to date with all changes known to be in force on or before 02 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
(1)A limited company that passes a resolution redenominating some or all of its shares may, for the purpose of adjusting the nominal values of the redenominated shares to obtain values that are, in the opinion of the company, more suitable, reduce its share capital under this section.
(2)A reduction of capital under this section requires a special resolution of the company.
(3)Any such resolution must be passed within three months of the resolution effecting the redenomination.
(4)The amount by which a company's share capital is reduced under this section must not exceed 10% of the nominal value of the company's allotted share capital immediately after the reduction.
(5)A reduction of capital under this section does not extinguish or reduce any liability in respect of share capital not paid up.
(6)Nothing in Chapter 10 applies to a reduction of capital under this section.
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