The Companies (Authorised Minimum) Regulations 2008

Determination of exchange rates by the court in certain proceedings U.K.

6.—(1) This regulation applies to—

(a) proceedings against a public company or any officer of a public company for an offence under section 149(2) of the 1985 Act or Article 159(2) of the 1986 Order; and

(b) proceedings under section 757 or 758 or Part 30 of the 2006 Act.

(2) Where the circumstances in paragraph (3) exist, the court may make a determination referred to in paragraph (4) in the proceedings.

(3) The circumstances are that—

(a) in proceedings referred to in paragraph (1)(a) it is alleged that, or in proceedings referred to in paragraph (1)(b) the question arises whether, the effect of a cancellation of the company's shares under section 146(2)(a) of the 1985 Act or Article 156(2)(a) of the 1986 Order was or will be that the nominal value of the company's allotted share capital was or is brought below the authorised minimum; and

(b) as a result of that cancellation the company had (or continued to have) allotted share capital denominated in more than one currency.

(4) The court may make such determination as it thinks fit as to the exchange rate to be applied to a currency conversion referred to in regulation 3(6) and (7) where—

(a) the Financial Times did not publish, on or before the reference date, an exchange rate referred to in regulation 4(2) relevant to that currency conversion; or

(b) the Financial Times published, on or before the reference date, what appears to be an exchange rate referred to in regulation 4(2) relevant to that currency conversion but the company or officer of the company (as the case may be) can show that there was a publication error; or

(c) there is no evidence of what (if any) was the exchange rate referred to in regulation 4(2) as published on or before the reference date by the Financial Times relevant to that currency conversion,

and there has not been produced to the court in the proceedings a copy of a certificate referred to in regulation 4(3) in respect of that currency conversion.

(5) In this regulation, “the court” in relation to proceedings referred to in paragraph (1)(a) means the court of criminal jurisdiction in which the proceedings are brought.