CAP. 321
Reserve liability of limited Companies.
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.
[51
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-
alter its share capital.
19 & 20 Geo. 5, c. 23, s. 50.
Notice to Registrar of consolidation of share capital, conversion of shares into stock, &c.
19 & 20 Geo. 5, c. 23, s. 51.
(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.
[52
54. (1) If a company having a share capital has--
(a) consolidated and divided its share capital into shares of larger amount than its existing shares; or
(b) converted any shares into stock; or
(c) re-converted stock into shares; or
46
CAP. 321
Reserve
liability of limited
Companies.
52. A limited company may by special resolution deter- mine that any portion of its share capital which has not 19 & 20 Geo. 5. been already called up shall not be capable of being called
company.
c. 23, s. 49.
Power of
company
limited by
shares to
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.
[51
53. (1) A company limited by shares or a company limited by guarantee and having a share capital, if so
alter its share authorized by its articles, may alter the conditions of its
memorandum as follows, that is to say, it may-
capital.
19 & 20 Geo. 5, c. 23, s. 50.
Notice to Registrar of consolidation of share capital, conversion of shares into stock, &c.
19 & 20 Geo. 5, c. 23, s. 51.
(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.
[52
54. (1) If a company having a share capital has-- (a) consolidated and divided its share capital into shares
of larger amount than its existing shares; or
(b) converted any shares into stock; or
(c) re-converted stock into shares; or
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