Companies. [Ch. 31. No. 1.

(c) convert all or any of its paid-up shares into stock,
and reconvert that stock into paid-up shares of any
<lenomination ;

(d) subdivide its shares, or any of them, into shares
of smaller amount than is fixed by the memorandum,
so, however, that in the subdivision 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 Ordinance.

53. (1) If a company having a share capital has—
(a) consolidated and divided its share capital into
shares of larger amount than its existing shares, or
(6) converted any shares into stock, or
(c) re-converted stock into shares, or
(2) subdivided its shares or any of them, or
(ec) redeemed any redeemable preference shares, or
(f) cancelled any shares, otherwise than in connec-
tion with a reduction of share capital under section 57
of this Ordinance,
it shall within one month after so doing give notice thereof
to the Registrar specifying, as the case may be, the shares
consolidated, divided, converted, subdivided, redeemed or
cancelled, or the stock re-converted.
(2) If default is made in complying with this section,
the company and every officer of the company who is in
default shall be liable to a default fine.

54. (1) Where a company having a share capital, whether
its shares have or have not been converted into stock, has

T.—IV. 24

369

Notice to
Registrar of
consolida-
tion of share
capital, con-
version of
shares into
stock, etc.

Notice of
increase of
share capital.