Part 20Private and public companies
Chapter 2Minimum share capital requirement for public companies
766Authorised minimum: application where shares denominated in different currencies etc
(1)
The Secretary of State may make provision by regulations as to the application of the authorised minimum in relation to a public company that—
F1(a)
has shares denominated—
(i)
in more than one currency, or
(ii)
in a currency other than sterling or euros,
(b)
redenominates the whole or part of its allotted share capital, or
(c)
allots new shares.
(2)
The regulations may make provision as to the currencies, exchange rates and dates by reference to which it is to be determined whether the nominal value of the company's allotted share capital is less than the authorised minimum.
(3)
The regulations may provide that where—
(a)
a company has redenominated the whole or part of its allotted share capital, and
(b)
the effect of the redenomination is that the nominal value of the company's allotted share capital is less than the authorised minimum,
the company must re-register as a private company.
(4)
Regulations under subsection (3) may make provision corresponding to any provision made by sections 664 to 667 (re-registration as private company in consequence of cancellation of shares).
(5)
Any regulations under this section have effect subject to section 765 (authorised minimum: application of initial requirement).
(6)
Regulations under this section are subject to negative resolution procedure.