Western Australian Consolidated Acts

COMPANIES (CO-OPERATIVE) ACT 1943 - SECT 64

64 .         Power of company limited by shares to alter its share capital

        (1)         A company limited by shares, if so authorised by its articles, may alter the conditions of its memorandum as follows; that is to say, it may —

                  (i)         increase its share capital by new shares of such amount as it thinks expedient:

                  (ii)         consolidate and divide all or any of its share capital into shares of larger amount than its existing shares:

                  (iii)         convert all or any of its paid-up shares into stock, and reconvert that stock into paid-up shares of any denomination:

                  (iv)         subdivide its shares or any of then into shares of smaller amount than is fixed by the memorandum, so, however, that in the subdivision the proportion between the amount paid and the amount (if any) unpaid on each reduced share shall be the same as it was in the case of the share from which the reduced share is derived:

                  (v)         cancel shares which at the date of the passing of the resolution in that behalf have not been taken or agreed to be taken by any person, and diminish the amount of its share capital by the amount of the shares so cancelled.

        (2)         The powers conferred by this section shall be exercised by the company in general meeting.

        (3)         A cancellation of shares in pursuance of this section shall not be deemed to be a reduction of share capital within the meaning of this Act.