Conversion of shares with par value into shares without par value and vice versa

(1) Subject to any limitations in its Memorandum or Articles, a company incorporated under this Act may, by a resolution of its directors, amend its Memorandum either– (a) to convert any of its shares, including issued value; or (b) to convert any of its shares, including issued shares, without par value into shares with par (2) In the case of a conversion of shares with par value to shares without par value, an amount equal to the aggregate par value of the issued shares so converted shall be transferred from capital to surplus at the same time of the conversion. International Business Companies[CAP. 270 35 (3) In the case of a conversion of shares without par value to shares with par value, an amount equal to the aggregate par value of the issued shares so converted shall be transferred from surplus to capital at the time of the conversion.