Western Australian Consolidated Acts

COMPANIES (CO-OPERATIVE) ACT 1943 - SECT 71

71 .         Special resolution for reduction of share capital

        (1)         Subject to confirmation by the Court, a company having a share capital, if so authorised by its articles, may by special resolution reduce its share capital in any way, and in particular (without prejudice to the generality of the foregoing power), may —

                  (i)         extinguish or reduce the liability on any of its shares in respect of share capital not paid up; or

                  (ii)         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

                  (iii)         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 wants of the company,

                and may, if and so far as is necessary, alter its memorandum by reducing the amount of its share capital and of its shares accordingly.

        (2)         A special resolution under this section is in this Act called a resolution for reducing share capital.

        (3)(a)         Such resolution and the intention of the company to apply for an order of the Court confirming same shall be published in a daily newspaper circulating in Perth twice at intervals of one week between such publications within 7 days of the date of passing such resolution.

            (b)         Any creditor or shareholder may appear before the Court on the hearing of such application.

        [Section 71 amended by No. 21 of 1951 s. 4.]