704. Authorised minimum: application where shares denominated in different currencies etc
Past version: effective from 14/06/2015 - 13/06/2015
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(1) The Board may make rules 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 US dollars or another approved currency,
(b) redenominates the whole or part of its allotted share capital, or
(c) allots new shares.
(2) The rules may make provision as to the currencies, exchange rates and dates by reference to which it is to be determined whether the company's allotted share capital is less than the authorised minimum.
(3) The rules 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 company's allotted share capital is less than the authorised minimum,
the company must re-register as a private company.
(4) Rules under subsection (3) may make provision corresponding to any provision made by sections 604 to 607 (re-registration as private company in consequence of cancellation of shares).
(5) Any rules made by the Board under this section have effect subject to section 703 (authorised minimum: application of initial requirement).