COMPANIES.
Reduction of Share Capital.
No. 58 of 1911.
2097
resolution for
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.
capital. 8 Edw. 7 c. 69 s. 46.
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.
to Court to confirm order. ib. s. 47.
name of company reduced."
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:
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."
66
50.-(1) Where the proposed reduction of share capital involves either diminution of liability in respect of unpaid share capital or payment to any shareholder of any paid-up share capital, the company shall-
Objections by creditors,
* As amended by No. 50 of 1911 and No. 16 of 1912.
ment of list of objecting creditors. ib. s. 49.
*
COMPANIES.
Reduction of Share Capital.
No. 58 of 1911.
2097
resolution for
47.-(1) Subject to confirmation by the Court, a company limited Special by shares, if so authorised by its articles, may by special resolution for reducti reduce its share capital in any way, and in particular (without of share 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 according- ly.
(2) A special resolution under this section is in this Ordinance called a resolution for reducing share capital.
capital. 8 Edw. 7 c. 69 8. 46.
48. Where a company has passed and confirmed a resolution for Application reducing share capital it may apply by petition to the Court for an order confirming the reduction.
to Court to confirm order. ib. s. 47.
name of
company
reduced."
49. On and from the confirmation by a company of a resolution Addition to for reducing share capital, or where the reduction does not involve either the diminution of any liability in respect of unpaid share of "and capital or the payment to any shareholder of any paid-up share it. s. 48. capital, then on and from the presentation of the petition for con- firming 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 :
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."
66
50.-(1) Where the proposed reduction of share capital involves Objections either diminution of liability in respect of unpaid share capital or and settle-
by creditors,
* As amended by No. 50 of 1911 and No. 16 of 1912.
ment of list of objecting creditors. ib. s. 49.
*
No comments yet.
Private notes are available after approval.