Part 20

Private and public companies
Chapter 2

Minimum share capital requirement for public companies

Power to alter authorised minimum
764
1
The Secretary of State may by order—
a
alter the sterling amount of the authorised minimum, and
b
make a corresponding alteration of the prescribed euro equivalent.
2
The amount of the prescribed euro equivalent shall be determined by applying an appropriate spot rate of exchange to the sterling amount and rounding to the nearest 100 euros.
3
An order under this section that increases the authorised minimum may—
a
require a public company having an allotted share capital of which the nominal value is less than the amount specified in the order to—
i
increase that value to not less than that amount, or
ii
re-register as a private company;
b
make provision in connection with any such requirement for any of the matters for which provision is made by this Act relating to—
i
a company's registration, re-registration or change of name,
ii
payment for shares comprised in a company's share capital, and
iii
offers to the public of shares in or debentures of a company,
including provision as to the consequences (in criminal law or otherwise) of a failure to comply with any requirement of the order;
c
provide for any provision of the order to come into force on different days for different purposes.
4
An order under this section is subject to affirmative resolution procedure.
S. 764 wholly in force at 6.4.2008; s. 764 not in force at Royal Assent, see s. 1300; s. 764 in force for specified purposes at 20.1.2007 by S.I. 2006/3428, art. 3(3) (subject to art. 5, Sch. 1 and with arts. 6, 8, Sch. 5); s. 764 in force at 6.4.2008 by S.I. 2007/3495, art. 3(1)(h) (with savings in arts. 7, 12 and subject to transitional adaptations in Sch. 1 para. 13 and with savings in Sch. 4 paras. 24-29)
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
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))