703. Authorised minimum: application of initial requirement

(1) The initial requirement for a public company to have allotted share capital of not less than the authorised minimum, that is—
(a) the requirement in section 699(2) for the issue of a trading certificate, or
(b) the requirement in section 77(2)(a) for re-registration as a public company,
must be met either by reference to allotted share capital denominated in US dollars or by reference to allotted share capital denominated in another approved currency (but not partly in one and partly in the other).
(2) Whether the requirement is met is determined in the first case by reference to the US dollar amount and in the second case by reference to the prescribed equivalent in another approved currency.
(3) No account is to be taken of any allotted share capital of the company denominated in a currency other than US dollars or another currency that has been approved by the Board pursuant to subsection 702(1)(b).
(4) If the company could meet the requirement either by reference to share capital denominated in US dollars or by reference to share capital denominated in another approved currency, it must elect in its application for a trading certificate or, as the case may be, for re-registration as a public company which is to be the currency by reference to which the matter is determined.