(1) The Secretary of State may by regulations modify the following provisions of this Part -
sections 552 and 553 (prohibited commissions, discounts and allowances),
Chapter 5 (payment for shares),
Chapter 6 (public companies: independent valuation of non-cash consideration),
Chapter 7 (share premiums),
sections 622 to 628 (redenomination of share capital),
Chapter 10 (reduction of capital), and
section 656 (public companies: duty of directors to call meeting on serious loss of capital).
(2) The regulations may -
(a) amend or repeal any of those provisions, or
(b) make such other provision as appears to the Secretary of State appropriate in place of any of those provisions.
(3) Regulations under this section may make consequential amendments or repeals in other provisions of this Act, or in other enactments.
(4) Regulations under this section are subject to affirmative resolution procedure.