Reduction of share capital.
X X X X Extracts X X X X
X X X X Extracts X X X X
....nbsp; (i) cancel any paid-up share capital which is lost or is unrepresented by available assets; or (ii) pay off any paid-up share capital which is in excess of the wants of the company, alter its memorandum by reducing the amount of its share capital and of its shares accordingly: Provided that no such reduction shall be made if the company is in arrears in the repayment of any deposits accepted by it, either before or after the commencement of this Act, or the interest payable thereon. (2) The Tribunal shall give notice of eve....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ion of the reduction of share capital by the Tribunal under sub-section (3) shall be published by the company in such manner as the Tribunal may direct. (5) The company shall deliver a certified copy of the order of the Tribunal under sub- section (3) and of a minute approved by the Tribunal showing. (a) the amount of share capital; (b) the number of shares into which it is to be divided. (c) the amount of each share; and (d) the amount, if any, at the date of registration deemed to be paid-up o....
TaxTMI