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Company Law Bill [HL]

moved Amendment No. A89BA:"Page 282, line 12, after ““figure”” insert ““up””" The noble Lord said: Although this seems a small change, it is necessary because the clause, as currently drafted, in step three seems to allow for a reduction of capital by a company, albeit inadvertent and unintended. The amendment would make it clear that a company must round up to the nearest figure on any redenomination; to do otherwise would constitute a reduction of the company’s share capital. However, even under the earlier provisions of the Bill, there is no difficulty in the company increasing its capital, even where it may thereby exceed its authorised capital. We are advised that any reduction under this clause would not be covered by the provisions contained within Clause 582 entitled ““Reduction of capital in connection with redenomination””. This amendment is therefore necessary to ensure that companies do not fall foul of the requirements put upon them in this regard through the lack of one small word—““up””—in this clause. I beg to move.