COMPANIES ACT - 1963 (ACT 179)

    Section - 22 - Alteration of Regulations

    A company may, by special resolution, alter or add to its Regulations or adopt new Regulations:

    Provided that,

    (a) the name of the company shall not be altered except with the consent of the Registrar in accordance with section 15 of this Code;

    (b) the number of the company's shares may be altered in accordance with the provisions of sections 11, 57 to 63, 75 to 79, 218, or 231 of this Code but not otherwise;

    (c) the businesses which the company is authorised to carry on or, if the company is not formed for the purpose of carrying on a business, the objects for which it is established may be altered or added to in accordance with the provisions of section 26 or 231 of this Code but not otherwise;

    (d) no alteration or addition shall be made which shall conflict with any order of the Court made under section 218 of this Code;

    (e) if at any time the shares of the company are divided into different classes the rights attached to any class may be altered in accordance with section 47 or 231 of this Code but not otherwise;

    (f) the Regulations may restrict or exclude the company's power to alter all or any of its Regulations or to add thereto or may impose conditions for the alteration or addition thereto, in which event the Regulations may not be altered or added to except in accordance with the provisions thereof or of section 231 of this Code;

    (g) the Regulations as altered or added to shall be in accordance with the provisions of this Code and shall contain the statements and regulations required by section 16 of this Code;

    (h) except in accordance with section 231 of this Code no member of the company shall be bound by an alteration made in the Regulations after the date on which he became a member, if and in so far as the alteration requires him to take more shares than the number held by him on the date on which the alteration is made or in any way increase his liability as at that date to pay money to the company, or which increases or imposes restrictions on the right to transfer the shares held by him at the date of the alteration, unless he agrees in writing, either before or after the alteration is made, to be bound thereby;

    (i) no alteration shall be made which would have the effect of converting an unlimited company into a limited company or a company limited by guarantee into a company limited by shares;

    (j) an alteration may be restrained or cancelled by the Court in accordance with section 217 or 218 of this Code.