Sri Lanka Consolidated Acts

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Companies Act (No. 17 of 1982) - Sect 67

Special resolution for reduction of share capital

67.
(1) Subject to confirmation by the court, a company limited by shares or a company limited by guarantee and having a share capital may, if so authorized by its articles, by special resolution reduce its share capital and also may
(a) extinguish or reduce the liability on any of its shares in respect of share capital not paid up ; or
(b) either with or without extinguishing or reducing liability on any of its shares cancel any paid-up share capital which is, lost or unrepresented by available assets; or
(c) either with or without extinguishing or reducing liability on any of its shares, pay off any paid-up share capital which is in excess of the wants; of the company,
(2) A special resolution made under the provisions of subsection (1) is in this Act referred to as "a resolution for reducing share capital".


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