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Companies Act 2006

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Companies Act 2006, Section 765 is up to date with all changes known to be in force on or before 25 February 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. Help about Changes to Legislation

765Authorised minimum: application of initial requirementU.K.

This section has no associated Explanatory Notes

(1)The initial requirement for a public company to have allotted share capital of a nominal value not less than the authorised minimum, that is—

(a)the requirement in section 761(2) for the issue of a trading certificate, or

(b)the requirement in section 91(1)(a) for re-registration as a public company,

must be met either by reference to allotted share capital denominated in sterling or by reference to allotted share capital denominated in euros (but not partly in one and partly in the other).

(2)Whether the requirement is met is determined in the first case by reference to the sterling amount and in the second case by reference to the prescribed euro equivalent.

(3)No account is to be taken of any allotted share capital of the company denominated in a currency other than sterling or, as the case may be, euros.

(4)If the company could meet the requirement either by reference to share capital denominated in sterling or by reference to share capital denominated in euros, it must elect in its application for a trading certificate or, as the case may be, for re-registration as a public company which is to be the currency by reference to which the matter is determined.

Modifications etc. (not altering text)

Commencement Information

I1S. 765 wholly in force at 6.4.2008; s. 765 not in force at Royal Assent, see s. 1300; s. 765 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. 765 in force at 6.4.2008 by S.I. 2007/3495, art. 3(1)(h) (with savings in arts. 7, 12 and subject to transitional adaptations in Sch. 1 para. 12 and with savings in Sch. 4 paras. 24-29)

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