No versions valid at: 08/11/2006
Point in time view as at 08/11/2006. This version of this provision is not valid for this point in time.
Companies Act 2006, Section 761 is up to date with all changes known to be in force on or before 09 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.
Valid from 06/04/2008
(1)A company that is a public company (otherwise than by virtue of re-registration as a public company) must not do business or exercise any borrowing powers unless the registrar has issued it with a certificate under this section (a “trading certificate”).
(2)The registrar shall issue a trading certificate if, on an application made in accordance with section 762, he is satisfied that the nominal value of the company's allotted share capital is not less than the authorised minimum.
(3)For this purpose a share allotted in pursuance of an employees' share scheme shall not be taken into account unless paid up as to—
(a)at least one-quarter of the nominal value of the share, and
(b)the whole of any premium on the share.
(4)A trading certificate has effect from the date on which it is issued and is conclusive evidence that the company is entitled to do business and exercise any borrowing powers.
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