Commentary Part 20: Private and Public Companies
1044.The provisions of this Part set out the two major differences between public and private companies.
1045.Chapter 1 replaces sections 58(3), 81 and 742A of the 1985 Act which provide that private companies are not allowed to offer their shares to the public.
1046.Chapter 2 replaces sections 117 and 118 of the 1985 Act which deal with the minimum share capital requirement for public companies (known as the “authorised minimum”). It contains new provisions that enable this requirement to be satisfied in euros as well as sterling. To facilitate this change it has been necessary to seek two new powers:-
1047.The authorised minimum is relevant to all public companies, not just those that are incorporated as such, see for example, section 91.