Increase or reduction of authorised capital

(1) Subject to any limitations in its Memorandum or Articles, a company incorporated under this Act may, by a resolution of directors, amend its Memorandum to increase or reduce its authorised capital, and in connection therewith, the company may– (a) increase or reduce the number of shares which the company may issue; (b) increase or reduce the par value of any of its shares; or (c) effect any combination under paragraphs (a) and (b). (2) Where a company reduces its authorised capital under sub-section (1), then, for purposes of computing the capital of the company, any capital that immediately before the reduction 34 was represented by shares but immediately following the reduction is no longer represented by shares shall be deemed to be capital transferred from surplus to capital. (3) A company shall, in writing, inform the Registrar of any increase or decrease of its authorised capital.