Section 662(2)

Unless the shares or any interest of the company in them are previously disposed of, the company must— cancel the shares and diminish the amount of the company's share capital by the nominal value of the shares cancelled, and where the effect is that the nominal value of the company's allotted share capital is brought below the authorised minimum, apply for re-registration as a private company, stating the effect of the cancellation.

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Source: legislation.gov.uk · retrieved 2026-09-04