Companies Act (Cap. 386), article 186

186. (1) The share capital of a company may be denominated in any currency which is a conver tible currency within the mean ing assigned to it by the Central Bank of Malta Act, and, for the purposes of this Chapter, the euro shall be a convertible curre ncy. (2) A company may by extraordinary resolution change the currency in which its share capit al is expressed, and for this purpose the conversion rules set out in the Eighth Schedule sha ll apply in respect of a ny company other than an investment compan y with variable share capital. (3) For the purposes of applyi ng the provisions of this Act relating to minimum share capital, share capital expressed in a currency other than euro shall be calculated on the basis of th e euro equivalent at the date of - (a) the registration of the memorandum, in the case of formation of a company; or (b) the registration of the extraordinary resolution, in the case referred to in sub-article (2); or (c) the registration of the extraordinary resolution effecting a reduction of the issued share capital, in the case where a company reduces its issued share capital. (4) Without prejudice to the provisions of article 83, a copy of the extraordinary reso lution referred to in sub-article (2) sha ll be delivered to the Registrar for registration and shall not be ef fective until it is so registered. (5) The exchange rate to be used shall be the average of the buying and selling rates prevailing at the date of registration referred to in sub-article (3), as the case may be. (6) An investment company with variable share capital may only change the currency in which its share capital is expresse d by complying with such conversion rules as may be prescribed by th e Minister under article 188. 130 CAP. 386.] COMP ANIES Accounts in any convertible currency. Amended by: IV . 2003.83; L.N. 425 of 2007; IX. 2008.28; XX. 2013.85.