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COMPANIES CLAUSES ACT 1863 - SECT 11

Power to create shares in lieu of shares cancelled or surrendered.

11. The company may from time to time, in lieu of any shares that have been
cancelled or surrendered, issue new shares of such amounts as will allow the
same to be conveniently apportioned or disposed of according to the resolution
of any ordinary or extraordinary meeting of the company, and may from time to
time fix the amounts and times of payment of the calls on any such new shares,
and dispose thereof on such terms and conditions as may be so resolved upon:
Provided, that the aggregate nominal amount of the new shares shall not exceed
the aggregate nominal amount of the shares in lieu of which the new shares are
issued, after deducting the amount actually paid up in respect of the shares
cancelled or surrendered.

Regulations as to creation and issue of ordinary shares or new ordinary stock.

© 1863 Crown Copyright

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