| |
PART III
The capital of a company
|
| |
Authorised share capital and the issue of share capital
|
|
|
Meaning of “authorised minimum”.
|
19.—(1) In this Act “the authorised minimum” means £30,000 or such greater sum as may be specified by order made by the Minister under subsection (2).
|
|
| |
(2) The Minister may by order specify that the authorised minimum for the purposes of this Act shall be an amount other than £30,000 and such an order may—
|
|
| |
(a) require any public limited company having an allotted share capital of which the nominal value is less than the amount specified in the order as the authorised minimum to increase that value to not less than that amount or make an application to be re-registered as another form of company;
|
|
| |
(b) make, in connection with any such requirement, provision for any of the matters for which provision is made by any enactment in the Companies Acts relating to a company's registration, re-registration or change of name, to payment for any share comprised in a company's capital and to offers of shares in or debentures of a company to the public, including provision as to the consequences (whether in criminal law or otherwise) of a failure to comply with any requirement of the order; and
|
|
| |
(c) contain such supplemental and transitional provision as the Minister thinks appropriate, make different provision for different cases and, in particular, provide for any provision of the order to come into operation on different days for different purposes.
|
