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43. Where a company has passed and confirmed 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 c. 69 s. 47.
of "and
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 any respect of unpaid share capital or the payment to any share reduced.” holder of any paid-up share capital, then on and from the 1. s. 48. 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 redu-ed,” as the last words in its name, and those words shall, until that date, be deemed to be part of the mame of the company :
Provided that, where the reduction does not involve either the diminution of any liability in respet 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 reducel."
ment of list
50.-(1) Where the proposed reduction of share expital Objzerions involves either diminution of liability in respect of unpaid by creditors, share capital or the payment to any shareholder of any paid- and settle. up share capital, and in any other case if the court so dire-19, of objecting every ereditor of the company who at the date fix. d by the creditors. court is entitled to any debt or claim which, if that date. Tb. 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 reducion.
(2) The court shall settle a list of creditors so entitled to object, and for that purpose shall asortain, as far as possi- ble without requiring an application from any creditor, the names of those ro litors and the mature and amount of their debts or claims. and may publish notices fixing a day or days within which ereditors not entered 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 cre litor entered on the list whose debt or claim is not discharged or determined does not consent to the reduction, the coart 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 court uny direct, the following aurant ; (that is to say)--
(2) If the company admits the full amount of his debt or claim, or, though not admitting is, is willing to provide for it, then the fall amount of the debt or claim;
(7) 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. Îns been obtained or his debt,or claim has been discharged 16. 8. 50. or has determined, or has been sccured, may make an order confirming the reluction on such terms and conditions as it thinks fit.
minute of reduction.
52.--(1) The registrar of companies on production to Registration him of an order of the court confirming the reduction of the of order and share capital of a company, and the delivery to him of a copy of the order and of a minute (approvel by the court), b. 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 she capital as confirmed by the order so registered shall take effect.
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