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Companies Act 1985
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Changes over time for: Section 135
Version Superseded: 01/10/2009
Alternative versions:
- 01/02/1991- Amendment
- 06/04/1997
Point in time - Stop date 01/10/2009- Amendment
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Point in time view as at 06/04/1997. This version of this provision has been superseded.
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135 Special resolution for reduction of share capital.E+W+S
(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 authorised by its articles, by special resolution reduce its share capital in any way.
(2)In particular, and without prejudice to subsection (1), the 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, 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 company’s wants;
and the company may, if and so far as is necessary, alter its memorandum by reducing the amount of its share capital and of its shares accordingly.
(3)A special resolution under this section is in this Act referred to as “”.
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