62
CAP. 32]
Companies
[1984 Ed.
Power of company to arrange for different amounts being paid on shares.
1929 c. 23, s. 48.
Reserve liability of limited
company,
1929 c. 23. s. 49.
1227346
Power of company limited by shares to alter its share capital.
1929 c. 23. s. 50.
Miscellaneous Provisions as to Share Capital
51. A company, if so authorized by its articles, may do any one or more of the following things-
(a) make arrangements on the issue of shares for a difference
between the shareholders in the amounts and times of payment of calls on their shares;
(b) accept from any member the whole or a part of the amount remaining unpaid on any shares held by him, although no part of that amount has been called up;
(c) pay dividend in proportion to the amount paid up on each share where a larger amount is paid up on some shares than on others.
resolution
52. A limited company may by special resolution determine that any portion of its share capital which has not been already called up shall not be capable of being called up, except in the event and for the purposes of the company being wound up, and thereupon that portion of its share capital shall not be capable of being called up except in the event and for the purposes aforesaid.
53. (1) A company limited by shares or a company limited by guarantee and having a share capital, if so authorized by its articles. may alter the conditions of its memorandum as follows, that is to say.
it may-
(a) increase its share capital by new shares of such amount as
it thinks expedient;
(b) consolidate and divide all or any of its share capital into
shares of larger amount than its existing shares;
(c) convert all or any of its paid-up shares into stock, and re-convert that stock into paid-up shares of any denomination;
(d) subdivide its shares, or any of them, into shares of smaller amount than is fixed by the memorandum, so, however, that in the subdivision the proportion between the amount paid and the amount, if any, unpaid on each reduced share shall be the same as it was in the case of the share from which the reduced share is derived;
(e) cancel shares which, at the date of the passing of the resolution in that behalf, have not been taken or agreed to be taken by any person, and diminish the amount of its share capital by the amount of the shares so cancelled. (2) The powers conferred by this section must be exercised by the company in general meeting.
(3) A cancellation of shares in pursuance of this section shall not be deemed to be a reduction of share capital within the meaning of this Ordinance.
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