COMPANIES.
No. 58 of 1911.
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(2) Where an order is made under this section, an office copy thereof shall be filed with the Registrar of Companies within seven days after the making of the order, or within such further time as the court may allow, and the resolution shall not take effect until such a copy has been so filed.
Reduction of share capital.
47.-(1) Subject to confirmation by the court, a company limited by shares, if so authorised by its articles, may by special resolution reduce its share capital in any way, and in particular (without prejudice to the generality of the foregoing power) may-
(a) extinguish or reduce the liability on any of its shares in respect of share capital not paid up; or
(b) either with or without extinguishing or reducing liability on any of its shares, cancel any paid up share capital which is lost or unrepresented by available assets; or
(c) either with or without extinguishing or reducing liability on any of its shares, pay off any paid up share capital which is in excess of the wants of the company,
and may, if and so far as is necessary, alter its memorandum by reducing the amount of its share capital and of its shares accordingly.
(2) A special resolution under this section is in this Ordinance called a resolution for reducing share capital.
48. Where a company has passed and confirmed a resolution for reducing share capital, it may apply by petition to the court for an order confirming the reduction.
c. 69, s. 46.
Application to court to confirm order. 8 Edw. 7, c. 69, s. 47.
49. On and from the confirmation by a company of a resolution for reducing share capital, or where the reduction does not involve either the diminution of any liability in respect of unpaid share capital or the payment to any shareholder of any paid up share capital, then on and from the presentation of the petition for confirming the reduction, the company shall add to its name, until such date as the court may fix, the words "and reduced", as the last words in its name, and those words shall, until that date, be deemed to be part of the name of the company:
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