Alteration of capital, Business Law and Ethics

Alteration of Capital:

A company is empowered by S.63 to alter the provisions of its memorandum of association which relates to its registered or authorised capital. However, the power is exercisable subject to the following conditions:

a) The articles must confer the authority to alter the capital. If they do not, they may be altered by special resolution and the authority incorporated therein.

b) The company must hold a general meeting for the purpose of altering the capital.

c) The alteration must be authorised by an ordinary resolution.

Posted Date: 1/12/2013 4:24:37 AM | Location : United States

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