In force2021 Revised EditionCurrent version · 2021 Revised EditionSee versions on Attorney General's Chambers(opens the publisher’s site)
Companies Act · 2021 Revised Edition · Part · Share Capital and Debentures Prospectus
Companies Act · 2021 Revised Edition · Part · Share Capital and Debentures Prospectus
Official textFrom Attorney General's Chambers, unchanged
The Court, if satisfied, with respect to every creditor of the company who under section 59 is entitled to object to the reduction, that either his consent to the reduction has been obtained or his debt or claim has been discharged or has been determined, or has been secured, may make an order confirming the reduction on such terms and conditions as it thinks fit.
Where the Court makes any such order, it may -
if for any special reason it thinks proper to do so, make an order directing that the company shall, during such period, commencing on or at any time after the date of the order as is specified in the order, add to its name as the last words thereof the words "and reduced"; and
make an order requiring the company to publish, as the
Court directs, the reasons for reduction or such other information in regard thereto as the Court may think expedient with a view to giving proper information to the public and, if the Court thinks fit, the causes which led to the reduction.
Where a company is ordered to add to its name the words
"and reduced", those words shall, until the expiration of the period specified in the order, be deemed to be part of the name of the company.
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