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There are currently no known outstanding effects for the The Companies (Authorised Minimum) Regulations 2008, Section 4.
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4.—(1) The appropriate spot rate of exchange for a currency conversion referred to in regulation 3(6) and (7) is the published spot rate relevant to the currency conversion in question or, where the circumstances in paragraph (4) exist, the certified spot rate relevant to that currency conversion.
(2) The published spot rate is the middle spot exchange rate prevailing on the foreign exchange market at 4pm on the relevant day as published in respect of that day by the Financial Times.
(3) The certified spot rate is the middle spot exchange rate prevailing on the foreign exchange market at 4pm on the relevant day and stated in a certificate obtained by the company from—
(a)a person, nominated by the company, who under Part 4 of the Financial Services and Markets Act 2000 M1 has permission to accept deposits; F1...
F1(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(4) The circumstances in this paragraph exist where—
(a)the Financial Times has not, on or before the reference date, published an exchange rate referred to in paragraph (2) relevant to the currency conversion in question; or
(b)the Financial Times has, on or before the reference date, published what appears to be an exchange rate referred to in paragraph (2) relevant to the currency conversion in question but the company can show that there was a publication error; or
(c)there is no evidence of what (if any) was the rate referred to in paragraph (2) relevant to the currency conversion in question as published on or before the reference date by the Financial Times.
(5) Where the currency conversion is relevant to the calculation of the sterling value or the euro value for the purpose in regulation 3(2), the “relevant day” is the working day which immediately preceded the working day immediately preceding the date of the court order under section 137 of the 1985 Act or Article 147 of the 1986 Order.
(6) Where the currency conversion is relevant to the calculation of the sterling value or the euro value for the purpose in regulation 3(3), the “relevant day” is—
(a)in a case within section 146(1)(a) or (aa) M2 of the 1985 Act or Article 156(1)(a) or (aa) M3 of the 1986 Order, the working day immediately preceding the date of the forfeiture or surrender; and
(b)in a case within section 146(1)(b), (c) or (d) of the 1985 Act or Article 156(1)(b), (c) or (d) of the 1986 Order, the working day immediately preceding the date of the acquisition.
(7) Where the currency calculation is relevant to the calculation of the sterling value or the euro value for the purpose in regulation 3(2), the “reference date” is the date of the court order under section 137 of the 1985 Act or Article 147 of the 1986 Order.
(8) Where the currency conversion is relevant to the calculation of the sterling value or the euro value for the purpose in regulation 3(3), the “reference date” is—
(a)in the case within section 146(1)(a) or (aa) of the 1985 Act or Article 156(1)(a) or (aa) of the 1986 Order, the fifth working day following the date of the forfeiture or surrender; and
(b)in the case within section 146(1)(b), (c) or (d) of the 1985 Act or Article 156(1)(b), (c) or (d) of the 1986 Order, the fifth working day following the date of the acquisition.
Textual Amendments
F1Reg. 4(3)(b) and word omitted (31.12.2020) by virtue of The EEA Passport Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018 (S.I. 2018/1149), reg. 1(3), Sch. para. 54 (with reg. 4); 2020 c. 1, Sch. 5 para. 1(1)
Marginal Citations
M2Section 146(1)(aa) was inserted by the Building Societies Act 1986, section 102C(5). Section 102C(5) of that Act was inserted by the Building Societies (Distributions) Act 1997, section 1(1).
M3Article 156(1)(aa) was inserted by the Building Societies Act 1986, section 102C(6). Section 102C(6) of that Act was inserted by the Building Societies (Distributions) Act 1997, section 1(1).
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