372 Ch. 31. No. 1.] Compantes.

 

capital which is lost or unrepresented by available
assets; or

(c) either with or without extinguishing or reducing
hability on any of its shares, pay off any paid-up share
capital which is in excess of the wants of the company;

and may, if and so far as is necessary, alter its memorandum

by reducing the amount of its share capital and of its shares
accordingly.

(2) A special resolution under this section is in this
Ordinance referred to as “‘a resolution for reducing share
capital.”

Application 58. (1) Where a company has passed a resolution for

conirming Teducing share capital, it may apply by petition to the Court

order, for an order confirming the reduction.

objections by

cree (2) Where the proposed reduction of share capital

ment of list INVOlves cither diminution of liability in respect of unpaid

oreniectng share capital or the payment to any sharcholder of any
paid-up share capital, and in any other case if the Court
so directs, the following provisions shall have effect, subject

nevertheless to the next following subsection-—~

(a) every creditor of the company who at the date
fixed by the Court is entitled to any debt or claim
which, if that date were the commencement of the
winding up of the company, would be admissible in
proof against the company, shall be entitled to object
to the reduction,

(4) the Court shall settle a list of creditors so entitled
to object, and for that purpose shall ascertain, as far as
possible without requiring an application from any
creditor, the names of those creditors and the nature
and amount of their debts or claims, and may publish
notices fixing a day or days within which creditors
not entered on the list are to claim to be so entered
or are to be excluded from the nght of objecting to
the reduction,

(c) where a creditor entered on the list whose debt
or claim is not discharged or has not determined does
not consent to the reduction, the Court may, if it thinks
fit, dispense with the consent of that creditor, on the
company securing payment of his debt or claim by