The Determination of Exchange Rates on Bangladesh

STATUTORY INSTRUMENTS

2008 No. 0000

COMPANIES

THE COMPANIES (SHARES, SHARE CAPITAL AND AUTHORISED MINIMUM) REGULATIONS 2008

Made - - - - ***

Laid before Parliament ***

Coming into force - - [1st October 2009]

The Secretary of State makes the following Regulations in exercise of the powers conferred by sections 10(2), 32(2), 108(3), 555(3) and (4), 556(3), 583(4), 619(3), 621(3), 625(3), 627(3), 649(2), 663(3), 689(3), 708(3), 714(5), 727(3), 730(5), 763(2), 766, 1167 and 1292 of the Companies Act 2006([1]).

Citation, commencement and interpretation

— These Regulations may be cited as the Companies (Shares, Share Capital and Authorised Minimum) Regulations 2008 and shall come into force on [1st October 2009].

1) In these Regulations—

“the appropriate spot rate of exchange” is to be interpreted in accordance with regulation 4(1);

“the certified spot rate” has the meaning given in regulation 4(3);

“published spot rate” has the meaning given in regulation 4(2);

“reference date” is to be interpreted in accordance with regulation 4(8), (9) and (10);

“relevant day” is to be interpreted in accordance with regulation 4(5), (6) and (7); and

“working day” means a day which is not a Saturday or Sunday, Christmas Day, Good Friday or any day that is a bank holiday under the Banking and Financial Dealings Act 1971([2]) in England and Wales.

2) In these Regulations, a reference to any Part or section is a reference to a Part or section of the Companies Act 2006.

Authorised minimum

Authorised minimum in euros

 For the purposes of the definition of “the authorised minimum” in section 763(1), the amount in euros that is to be treated as equivalent to the sterling amount([3]) is €[ ].

Application of the authorised minimum requirement for certain purposes

— This regulation applies for any of the purposes in paragraphs (2), (3), (4) and (5).

1) The first purpose is to determine...