701. The authorised minimum

(1) "The authorised minimum", in relation to a public company's allotted share capital is 50,000 US dollars.
(2) The Board may make rules prescribing the amounts in other currencies that are for the time being to be treated as equivalent to the US dollar amount of the authorised minimum.
(3) This power may be exercised from time to time as appears to the Board to be appropriate.
(4) This section has effect subject to any exercise of the power conferred by section 702 (power to alter authorised minimum).