Part 20

Private and public companies
Chapter 2

Minimum share capital requirement for public companies

Authorised minimum: application where shares denominated in different currencies etc
766
1
The Secretary of State may make provision by regulations as to the application of the authorised minimum in relation to a public company that—
a
has shares denominated—
i
in more than one currency, or
ii
in a currency other than sterling or euros,
b
redenominates the whole or part of its allotted share capital, or
c
allots new shares.
2
The regulations may make provision as to the currencies, exchange rates and dates by reference to which it is to be determined whether the nominal value of the company's allotted share capital is less than the authorised minimum.
3
The regulations may provide that where—
a
a company has redenominated the whole or part of its allotted share capital, and
b
the effect of the redenomination is that the nominal value of the company's allotted share capital is less than the authorised minimum,
the company must re-register as a private company.
4
Regulations under subsection (3) may make provision corresponding to any provision made by sections 664 to 667 (re-registration as private company in consequence of cancellation of shares).
5
Any regulations under this section have effect subject to section 765 (authorised minimum: application of initial requirement).
6
Regulations under this section are subject to negative resolution procedure.
S. 766 wholly in force at 6.4.2008; s. 766 not in force at Royal Assent, see s. 1300; s. 766 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. 766 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
S. 766(1)(a) substituted (12.5.2011) by The Companies Act 2006 (Consequential Amendments and Transitional Provisions) Order 2011 (S.I. 2011/1265), art. 28(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))