COMPANIES ACT - 1963 (ACT 179)

    Section - 67 - Reduction of Stated Capital

    (1) Notwithstanding subsection (4) of section 59 of this Code, the stated capital of a company shall be deemed to be reduced by the amount by which a redemption of redeemable preference shares is made out of the proceeds of a fresh issue of shares made for the purposes of the redemption not more than twelve months before the date of redemption.

    (2) An unlimited company may, if authorised by its Regulations, reduce its stated capital by ordinary resolution.

    (3) Subject as aforesaid and to section 68 of this Code a company may not reduce its stated capital except in accordance with sections 75 to 79 of this Code.