New Clause 45
Company Law Reform Bill [Lords]
1:45 pm
Shares
‘(1) In the Companies Acts “share”, in relation to a company, means share in the company’s share capital.
(2) A company’s shares may no longer be converted into stock.
(3) Stock created before the commencement of this Part may be reconverted into shares in accordance with section (Re-conversion of stock into shares).
(4) In the Companies Acts—
(a) references to shares include stock except where a distinction between share and stock is express or implied, and
(b) references to a number of shares include an amount of stock where the context admits of the reference to shares being read as including stock.’. —[Margaret Hodge.]