(1) "The authorised minimum", in relation to the nominal value of a public company's allotted share capital is -
(a) £50,000, or
(b) the prescribed euro equivalent.
(2) The Secretary of State may by order prescribe the amount in euros that is for the time being to be treated as equivalent to the sterling amount of the authorised minimum.
(3) This power may be exercised from time to time as appears to the Secretary of State to be appropriate.
(4) The amount prescribed shall be determined by applying an appropriate spot rate of exchange to the sterling amount and rounding to the nearest 100 euros.
(5) An order under this section is subject to negative resolution procedure.
(6) This section has effect subject to any exercise of the power conferred by section 764 (power to alter authorised minimum).