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In both cases the members of the company must pass a special resolution (a resolution passed by at least 75 per cent of the votes cast) to effect the change. In the case of a change from private to public the Registrar must be provided with a statutory declaration that the minimum capital requirements for public companies have been satisfied and that the requisite special resolution has been passed. By s. 47(2) Companies Act 12 Company Law 1985, the Registrar may accept this as sufficient evidence that the requirements of registration as a public company have been satisfied and issue a certificate of incorporation.

101 Companies Act 1985, public companies must receive at least one-quarter of the nominal value of the shares. The amount of capital actually contributed could be as little as £12,500, although the company would have a right to make a 'call' on the shareholders demanding payment of the unpaid capital (that is, the outstanding £37,500). By s. 117 it is a criminal offence committed by the public company and any officer of it in default, to do business or to borrow money before the Registrar of Companies has issued a certificate to the effect that he is satisfied that the nominal value of the company's allotted share capital is not less than the prescribed minimum and that he has received a statutory declaration which must be signed by a director or secretary of the company and must (a) state that the nominal value of the company's allotted share capital is not less than the authorised minimum; (b) specify the amount paid up, at the time of the application, on the allotted share capital of the company; (c) specify the amount, or estimated amount, of the company's preliminary expenses and the persons by whom any of those expenses have been paid or are payable; and (d) specify any amount or benefit paid or given, or intended to be paid or given, to any promoter of the company, and the consideration for the payment or benefit (see Chapter 6).

Behrens & Co. Ltd. [1932] 2 Ch 46 was also cited] ... The conclusions which. I th1nk. follow from these cases are: f1rst that a company's funds cannot be applied in mak1ng ex gratia payments as such; secondly, that the court will inqu1re mto the mot1ves actuating any gratuitous payment; and the objectives wh1ch it is intended to ach1eve .. In the event the d1stribut1on in Parke was held to be mvalid. The case would not be decided in the same way today, as s. 719 of the Compan1es Act 1985 gives express power to provide for employees where the business is to cease or be substantially lessened as a result of transfer to another party.

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