Skip to content
bruneilawsby aturio
In force2021 Revised Edition
Contents

Part · Share Capital and Debentures Prospectus

58. Special resolution for reduction of share capital

(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 authorised 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;

(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 referred to in this

Act as a resolution for reducing share capital.

Report

Read on from s 59

Part 3

Read on from Part 3

Part

Management and Administration Registered Office and Name

Read on from Part

Part 5

Read on from Part 5

Part 6

Read on from Part 6

Part 7

Read on from Part 7

Part 8

Read on from Part 8

Part 9

Read on from Part 9

Part

Restrictions on Sale of Shares and Offers of Shares for Sale

Read on from Part

Part

Prohibition of Partnerships with More Than Twenty Members

Read on from Part

Part

Enforcement and General Provisions

Read on from Part

Schedules