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Page "Financial capital" ¶ 9
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Share and Capital
The Capital surplus / Share premium account ( SPA ) is not distributable, however, in restricted circumstances it can be reduced:
The ' Golden Share ' Judgments of the European Court of Justice and Liberalization of the European Capital Markets, available in the German Law Journal as well as Peer Zumbansen and Daniel Saam, The ECJ, Volkswagen and European Corporate Law: Reshaping the European Varieties of Capitalism, CLPE Research Paper 30 / 2007, ( also published in 7 German Law Journal 1027 )
Capital employed can be defined as shareholders funds ( i. e. Share capital and reserves ) plus creditors > 1 year ( long-term liabilities ) plus provisions for liabilities and charges.
In June 2001, the Association was incorporated into a Private Company Limited by Guarantee ( without a Share Capital ).

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