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2. The following provisions of the Companies Act 2006 come into force on 1st October 2008—
(a)sections 641(1)(a) and (2) to (6) and 642 to 644 (private companies: reduction of share capital supported by solvency statement);
(b)section 654 (treatment of reserve arising from reduction of capital);
(c)the following provisions—
sections 610(2) to (4) (application to share premium account as if it were paid up share capital);
652(1) and (3) (liability of members following reduction of capital);
733(5) and (6) (application to capital redemption reserve as if it were paid up share capital),
so far as relating to a reduction of capital under the provisions mentioned in sub-paragraph (a);
(d)section 1284(1) (extension of Companies Acts to Northern Ireland) so far as necessary for the purposes of the provisions mentioned in sub-paragraphs (a) to (c);
(e)section 1286(1)(a) and (2)(a) (extension to Northern Ireland of Great Britain enactments relating to limited liability partnerships), so far as relating to the application to limited liability partnerships of the subject matter of Part 15 (accounts and reports), Part 16 (audit) and Part 42 (statutory auditors);
(f)section 1295 and Schedule 16 (repeals), so far as relating to the repeals of the second sentence of section 141(4) of the Companies Act 1989(1) and of the second sentence of Article 75(4) of the Companies (No. 2) (Northern Ireland) Order 1990(2);
(g)paragraph 11(2) of Schedule 15 (amendment of definition of “regulated market” in section 103(1) of the Financial Services and Markets Act 2000(3)).
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
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