The Companies (Authorised Minimum) Regulations 2009

Transitional provisions and savings

9.—(1) The figure of €57,100 in regulation 2 is to be read as €65,600 where that regulation applies for any of the purposes in paragraph (2).

(2) The purposes are—

(a) to determine whether the nominal value of a public company’s allotted share capital is less than the authorised minimum for the purposes of an application for a trading certificate under section 761 where the application was received by the registrar before 1st October 2009;

(b) to determine for the purposes of section 91(1)(a) whether the nominal value of a private company’s allotted share capital is less than the authorised minimum in a case where the special resolution that the company should be re-registered as a public company was passed before 1st October 2009(1);

(c) to determine whether, for the purposes of section 139 of the Companies Act 1985 or Article 149 of the Companies (Northern Ireland) Order 1986(2), the effect of a reduction of share capital is to bring the nominal value of a company’s allotted share capital below the authorised minimum;

(d) to determine for the purposes of section 650 whether the effect of a reduction of capital is to bring the nominal value of a company’s allotted share capital below the authorised minimum in a case where the special resolution for reducing the company’s share capital was passed before 1st October 2009(3);

(e) to determine for the purposes of section 662(2)(b) whether the effect of cancelling shares and diminishing a company’s share capital under section 662(2)(a) is to bring the nominal value of the company’s allotted share capital below the authorised minimum in a case where the period for complying with the obligations under section 662(2) began before 1st October 2009(4).

(3) The figure of €57,100 in regulation 3(5)(b) is to be read as €65,600 where that regulation applies for either of the purposes in paragraph (4).

(4) The purposes are—

(a) to determine for the purposes of section 650 whether the effect of a reduction of capital is to bring the nominal value of a company’s allotted share capital below the authorised minimum in a case where the special resolution for reducing the company’s share capital was passed before 1st October 2009(5);

(b) to determine for the purposes of section 662(2)(b) whether the effect of cancelling shares and diminishing a company’s share capital under section 662(2)(a) is to bring the nominal value of the company’s allotted share capital below the authorised minimum in a case where the period for complying with the obligations under section 662(2) began before 1st October 2009(6).

(1)

See S.I. 2008/2860 (C. 126), Schedule 2, paragraph 22(1) and (5).

(2)

See S.I. 2008/2860 (C. 126), Schedule 2, paragraph 68.

(3)

See S.I. 2008/2860 (C. 126), Schedule 2, paragraph 68(1) and (2).

(4)

See S.I. 2008/2860 (C. 126), Schedule 2, paragraph 70(2).

(5)

See S.I. 2008/2860 (C. 126), Schedule 2, paragraph 68(1) and (2).

(6)

See S.I. 2008/2860 (C. 126), Schedule 2, paragraph 70(2).