66
CAP. 32]
(6 of 1984.)
(*31.8.84.)
Validation of shares improperly issued.
Special resolution for reduction of share capital. 1929 c. 23, s. 55.
Companies
[1984 Ed.
(a) the beginning of the annual general meeting commencing next after the commencement* of the Companies (Amendment) Ordinance 1984; or
(b) the expiration of the period within which the next annual general meeting after the commencement of that Ordinance is required by law to be held,
whichever is the earlier.
(9) This section shall not apply to any allotment of shares made by a company in pursuance of an offer, agreement or option made or granted by the company before the commencement of the Companies (Amendment) Ordinance 1984.
(Added, 6 of 1984, s. 27)
57C. Where a company has purported to issue or allot shares and the creation, issue or allotment of those shares was invalid by reason of any provision of this or any other Ordinance, or of the memorandum or articles of the company or otherwise, or the terms of issue or allotment were inconsistent with or unauthorized by any such provision, the court may, upon application made by the company or by a holder or mortgagee of any of those shares or by a creditor of the company, and upon being satisfied that in all the circumstances it is just and equitable so to do, make an order validating the issue or allotment of those shares or confirming the terms of issue or allotment thereof, or both, and upon an office copy of the order being lodged with the Registrar those shares shall be deemed to have been validly issued or allotted upon the terms of the issue or allotment thereof.
(Added, 6 of 1984, s. 27)
Reduction of Share Capital
58. (1) Subject to confirmation by the court, a company limited by shares or a company limited by guarantee and having a share capital may, if so authorized by its articles, 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.
:)
C
66
CAP. 32]
(6 of 1984.)
(*31.8.84.)
Validation of shares improperly issued.
Special resolution for reduction of share capital. 1929 c. 23, s. 55.
Companies
[1984 Ed.
(a) the beginning of the annual general meeting commencing next after the commencement* of the Companies (Amend- ment) Ordinance 1984; or
(b) the expiration of the period within which the next annual general meeting after the commencement of that Ordin- ance is required by law to be held,
whichever is the earlier.
(9) This section shall not apply to any allotment of shares made by a company in pursuance of an offer, agreement or option made or granted by the company before the commencement of the Companies (Amendment) Ordinance 1984.
(Added, 6 of 1984, s. 27)
57C. Where a company has purported to issue or allot shares and the creation, issue or allotment of those shares was invalid by reason of any provision of this or any other Ordinance, or of the memorandum or articles of the company or otherwise, or the terms of issue or allotment were inconsistent with or unauthorized by any such provision, the court may, upon application made by the company or by a holder or mortgagee of any of those shares or by a creditor of the company, and upon being satisfied that in all the circumstances it is just and equitable so to do, make an order validating the issue or allotment of those shares or confirming the terms of issue or allotment thereof, or both, and upon an office copy of the order being lodged with the Registrar those shares shall be deemed to have been validly issued or allotted upon the terms of the issue or allotment thereof.
(Added, 6 of 1984, s. 27)
Reduction of Share Capital
58. (1) Subject to confirmation by the court, a company limited by shares or a company limited by guarantee and having a share capital may, if so authorized by its articles, 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.
:)
C
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