C1Part 17A company's share capital
Chapter 8Alteration of share capital
Reconversion of stock into shares
620Reconversion of stock into shares
1
A limited company that has converted paid-up shares into stock (before the repeal by this Act of the power to do so) may reconvert that stock into paid-up shares of any nominal value.
2
A company may exercise the power conferred by this section only if its members have passed an ordinary resolution authorising it to do so.
3
A resolution under subsection (2) may authorise a company to exercise the power conferred by this section—
a
on more than one occasion;
b
at a specified time or in specified circumstances.
I1621Notice to registrar of reconversion of stock into shares
1
If a company exercises a power conferred by section 620 (reconversion of stock into shares) it must within one month after doing so give notice to the registrar, specifying the stock affected.
2
The notice must be accompanied by a statement of capital.
3
The statement of capital must state with respect to the company's share capital immediately following the exercise of the power—
a
the total number of shares of the company,
b
the aggregate nominal value of those shares,
c
for each class of shares—
i
prescribed particulars of the rights attached to the shares,
ii
the total number of shares of that class, and
iii
the aggregate nominal value of shares of that class, and
d
the amount paid up and the amount (if any) unpaid on each share (whether on account of the nominal value of the share or by way of premium).
4
If default is made in complying with this section, an offence is committed by—
a
the company, and
b
every officer of the company who is in default.
5
A person guilty of an offence under this section is liable on summary conviction to a fine not exceeding level 3 on the standard scale and, for continued contravention, a daily default fine not exceeding one-tenth of level 3 on the standard scale.
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