Euro Currencies

The euro will replace the following currencies as from 1st January 2002.

French Franc, Deutsche Mark, Italian Lira, Spanish Peseta, Dutch Guilder, Portuguese Escudo, Belgian Franc, Austrian Schilling, Irish Punt, Luxembourg Franc, Finnish Markka, Greek Drachma.

The Registrar of Companies solicits company directors and practitioners to make the necessary arrangements so that companies whose capital is denominated in one of the above-mentioned currencies adopt an appropriate shareholders’ resolution altering the capital clause in the memorandum of association and converting the capital into euro. This resolution, together with a revised and updated copy of the memorandum and articles of association as amended, should be submitted to the Registrar for registration prior to the 1st January 2002.

For companies registered after the 1st January, 1999 (being the date on which the exchange rates between the above currencies and the euro were fixed), the conversion of the currency should not present any difficulties with regard to the application of the Eighth Schedule of the Companies Act. The rate to be used should be the official fixed conversion rate.

For companies registered prior to 1st January 1999 with a share capital in one of the above currencies and wishing to convert their share capital into euro prior to 1st January 2002, the conversion rules laid down in the aforesaid schedule apply. Such companies may, however, consider amending their share capital clause with effect from 1st January 2002. In this case it is the view of the Registrar that the fixed conversion rate may be applied.

The above does not apply in the following two cases.

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