Section 407 of The Companies Act No. 17 of 2015: Special resolution for reduction of share capital
(1) A limited company that has a share capital may reduce its share capital byspecial resolution.
(2) A special resolution under subsection (1) takes effect as provided by section411(3).
(3) A company may reduce its share capital under this section in any way.
(4) In particular, a company 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—
(i) cancel any paid-up share capital that is lost or unrepresented by available assets; or
(ii) repay any paid-up share capital in excess of the company's requirements.
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- Section 408 - Application to Court for confirming order
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- Section 410 - Order confirming reduction and powers of Court on making such order
(1) The Court may make an order confirming the reduction of capital on such terms and conditions as it considers appropriate.
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- Section 411 - Registration of Court order and statement of capital
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- Section 414 - Offence to conceal name of creditor, etc
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- Section 415 - Shares no bar to damages against company
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- Section 420 - What is a solvency statement?
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- Section 422 - General power to make further provision by regulations
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(2) If the resolution is proposed as a written...
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(2) Such an approval—
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