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COMPANIES ACT (NORTHERN IRELAND) 1960 - SECT 61

Power of company limited by shares to alter its share capital.

61.(1) A company limited by shares or a company limited by guarantee and
having a share capital, if so authorised by its articles, may alter the
conditions of its memorandum as follows, that is to say, it may

(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 reconvert 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 sub-division 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 Act.

© 1960 Crown Copyright

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