C2C1Part 20Private and public companies
Pts. 1-39 (except for Pt. 7 and ss. 662-669), 45-47 extended (12.5.2011) by The Companies Act 2006 (Consequential Amendments and Transitional Provisions) Order 2011 (S.I. 2011/1265), art. 5(1), Sch. 1 para. 2
Chapter 2Minimum share capital requirement for public companies
I1763The authorised minimum
1
“The authorised minimum”, in relation to the nominal value of a public company's allotted share capital is—
a
£50,000, or
b
the prescribed euro equivalent.
2
The Secretary of State may by order prescribe the amount in euros that is for the time being to be treated as equivalent to the sterling amount of the authorised minimum.
3
This power may be exercised from time to time as appears to the Secretary of State to be appropriate.
4
The amount prescribed shall be determined by applying an appropriate spot rate of exchange to the sterling amount and rounding to the nearest 100 euros.
5
An order under this section is subject to negative resolution procedure.
6
This section has effect subject to any exercise of the power conferred by section 764 (power to alter authorised minimum).
Pts. 1-39 modified (31.12.2020) by Regulation (EC) No. 2157/2001, Art. AAA1(3) (as inserted by The European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 2018 (S.I. 2018/1298), regs. 1, 97 (with regs. 140-145) (as amended by S.I. 2020/523, regs. 1(2), 5(a)-(f)); 2020 c. 1, Sch. 5 para. 1(1))