A limited company having a share capital has historically been permitted by statute, most recently by the (now repealed) provisions of the Companies Act 1985 (CA 1985), to: • convert all or any of its fully paid shares into stock, and • reconvert all and any of its stock into fully paid shares of any denomination CA 1985, s 121 provided that a company must be authorised by its articles of association to exercise those powers and each such power was to be exercised by a resolution of the company’s shareholders passed at a general meeting. Since 1 October 2009 and the coming into force of section 540(2) of the Companies Act 2006 (CA 2006), it has not been possible for a company to convert its shares into stock (unless the conversion was approved before that date). However, a company that converted fully paid shares into stock before 1 October 2009 may still reconvert that stock into fully paid shares of any nominal value in accordance with the provisions of CA 2006, s 620. The nature