w
“I
4.

Registration
of order and
minute of
reduction,

Liability of
members in
Tespect of
reduced
shares.

Ch. 31. No. 1.] Compantes.

expiration of the period specified in the order, be deemed
to be part of the name of the company.

60. (1) The Registrar, on delivery to him of a copy of an
order of the Court confirming the reduction of the share
capital of a company, and of a minute approved by the
Court, showing with respect to the share capital of the
company, as altered by the order, the amount of the share
capital, the number of shares into which it is to be divided,
and the amount of cach share, and the amount, if any, at
the date of the registration deemed to be paid up on each
share, shall register the order and minute.

(2) On the registration of the order and minute, and
not before, the resolution for reducing share capital
confirmed by the order so registered shall take effect.

(3) Notice of the registration shall be published in
such manner as the Court may direct.

(4) The Registrar shall certify under his hand the
registration of the order and minute, and his certificate shall
be conclusive evidence that all the requirements of this
Ordinance with respect to reduction of share capital have
been complied with, and that the share capital of the
company is such as is stated in the minute.

(5) The minute when registered shall be deemed to be
substituted for the corresponding part of the memorandum,
and shall be valid and alterable as if it had been originally
contained therein,

(6) The substitution of any such minute as aforesaid
for part of the memorandum of the company shall be
deemed to be an alteration of the memorandum within the
meaning of section 26.

61. (1) In the case of a reduction of share capital,
member of the company, past or present, shall not be liable
in respect of any share to any call or contribution exceeding
in amount the difference, if any, between the amount of the
share as fixed by the minute and the amount paid, or the
reduced amount, if any, which is to be deemed to have been
paid, on the share, as the case may be:

Provided that, if any creditor, entitled in respect of any
debt or claim to ‘object to the reduction of share capital, is,