17817-1910-Supplementary-Bills-read-a-first-time--Companies — Page 20

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48. Where a company has passed and confirined a re- Application solution for reducing share capital it may apply by petition to court for to the court for an order confirming the reduction.

confirming order, 8 Edw. 7 e. 69 s. 47.

49. On and from the confirmation by a company of a re- Addition to solution for reducing share capital, or where the reduction name of does not involve either the diminution of any liability in company of "and respect of unpaid share capital or the payment to any share- reduced. holder of any paid-up share capital, then on and from the Tb. s. 48. presentation of the petition for confirming the reduction, the company shall add to its name, mutil 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, he deemed to be part of the name of the company;

Provided that, 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, the court may, if it thinks expedient, dispense altogether with the addition of the words and reduced."

and settle-

50.-(1) Where the proposed reduction of share capital Objections involves either diminution of liability in respect of unpaid by creditors, share capital or the payment to any shareholder of any paid- ment of list up share capital, and in any other case if the court so direets, of objecting every crediter of the company who at the date fixed by the creditors. court is entitled to any delit or claim which, if that date 19. s. 49. were the commencement of the winding up of the company, would be admissible in proof against the company, shall be entitled to object to the reduction.

(2) The court shall settle a list of creditors so entitled to object, and for that purpose shall ascertain, as far as possi- ble without requiring an application from any ereditor, the names of those creditors and the nature and amount of their debts or claims, and may publish notices fixing a day or days within which creditors not cutered on the list are to elaim to be so entered or are to be excluded from the right of objecting to the reduction.

(3) Where a creditor entered on the list whose debt or claim is not discharged or determined does not consent to the reduction, the court may, if it thinks fit, dispense with the consent of that creditor, on the company securing pay- ment of his debt or claim by appropriating, as the cont may direct, the following amount: (that is to say,)—

(i) If the company admits the full amount of his debt or claim, or, though not admitting it, is willing to provide for it, then the full amount of the debt or claim:

(2) If the company does not admit or is not willing to provide for the full amount of the debt or claim, or if the amount is contingent or not ascertained, then an amount fixed by the court after the like inquiry and adjudication as if the company were being wound up by the court,

51. The court, if satisfied, with respect to every creditor Order of the company who under this Ordinance is entitled to ob- confirming ject to the reduction, that either his consent to the reduction reduction.

1b. s. 50. has been obtained or his debt or claim has been discharged or has determined, or has been secured, may make an order confirming the reduction on such terms and conditions as ir thinks fit.

52.--(1) The registrar of companies ou production to Registration him of an order of the court confirming the reduction of the of order and

minute of

share capital of a company, and the delivery to him of a reduction. copy of the order and of a minute (approved by the court), 76, s. 51. showing with respect to the share capital of the company, as altered by the order, the amount of the share capital, the number of shares into which it is to be divided, and the amount of each share, and the amount (if any) at the date of the registration deemed to be paid up on each share, shall register the order and minute.

(2) On the registration, and not before, the resolution for reducing share capital as confirmed by the order so registered shall take effect.

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