(1)The amount by which a company’s share capital is reduced under section 626 (reduction of capital in connection with redenomination) must be transferred to a reserve, called “the redenomination reserve”.
(2)The redenomination reserve may be applied by the company in paying up shares to be allotted to members as fully paid bonus shares.
(3)Subject to that, the provisions of the Companies Acts relating to the reduction of a company’s share capital apply as if the redenomination reserve were paid-up share capital of the company.