C2C1Part 17A company's share capital
Annotations:
Modifications etc. (not altering text)
C1
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
Chapter 11Miscellaneous and supplementary provisions
I1654Treatment of reserve arising from reduction of capital
1
A reserve arising from the reduction of a company's share capital is not distributable, subject to any provision made by order under this section.
2
The Secretary of State may by order specify cases in which—
a
the prohibition in subsection (1) does not apply, and
b
the reserve is to be treated for the purposes of Part 23 (distributions) as a realised profit.
3
An order under this section is subject to affirmative resolution procedure.
Pts. 1-39 modified (31.12.2020) by Regulation (EC) No. 2157/2001, Art. AAA1(3) (as inserted by The European Public Limited-Liability Company (Amendment etc.) (EU Exit) Regulations 2018 (S.I. 2018/1298), regs. 1, 97 (with regs. 140-145) (as amended by S.I. 2020/523, regs. 1(2), 5(a)-(f)); 2020 c. 1, Sch. 5 para. 1(1))