[Home] [Databases] [World Law] [Search] [Feedback]
	Northern Irish Legislation
You are here:  BAILII >> Databases >> Northern Irish Legislation >> COMPANIES ACT (NORTHERN IRELAND) 1960

[Index] [Table] [Search] [Notes] [Noteup] [Previous] [Next] [Download] [Help]

COMPANIES ACT (NORTHERN IRELAND) 1960 - SECT 66

66.(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; 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;

(2) A special resolution under this section is in this Act referred to as "a
resolution for reducing share capital".

© 1960 Crown Copyright

BAILII: Copyright Policy | Disclaimers | Privacy Policy | Feedback
URL: http://www.bailii.org/nie/legis/num_act/cai1960267/s66.html