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Companies Act 2006
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654Treatment of reserve arising from reduction of capitalU.K.
This section has no associated Explanatory Notes
(1)A reserve arising from the reduction of a company's share capital is not distributable, subject to any provision made by order under this section.
(2)The Secretary of State may by order specify cases in which—
(a)the prohibition in subsection (1) does not apply, and
(b)the reserve is to be treated for the purposes of Part 23 (distributions) as a realised profit.
(3)An order under this section is subject to affirmative resolution procedure.
Commencement Information
I1S. 654 wholly in force at 1.10.2008; s. 654 not in force at Royal Assent see s. 1300; s. 654 in force for specified purposes at 20.1.2007 by S.I. 2006/3428, art. 3(3) (subject to art. 5, Sch. 1 and with arts. 6, 8, Sch. 5); s. 654 in force at 1.10.2008 in so far as not already in force by S.I. 2008/1886, art. 2 (with arts. 6, 7)
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