COMPANIES ACT - 1963 (ACT 179)

    Section - 75 - Resolution Requring Confirmation of Court

    (1) Subject to confirmation by the Court, a company limited by shares may, by special resolution,

    (a) reduce its stated capital in any way;

    (b) extinguish or reduce the unpaid liability on any of its shares;

    (c) resolve to pay or return to its shareholders any of its assets which are in excess of the wants of the company;

    (d) alter its Regulations by cancelling any of its shares.

    (2) A resolution under this section shall, in this Code, be referred to as a resolution requiring confirmation.

    (3) If the resolution requiring confirmation shall vary the rights attached to any class of shares, the resolution shall not be effective unless the provisions of section 47 of this Code have been complied with.

    (4) This section shall not be deemed to require confirmation by the Court of any transaction validly effected under any of the foregoing sections of this Code.