Section 626 | Reduction of capital in connection with redenomination

(1)A limited company that passes a resolution redenominating some or all of its shares may, for the purpose of adjusting the nominal values of the redenominated shares to obtain values that are, in the opinion of the company, more suitable, reduce its share capital under this section.

(2)A reduction of capital under this section requires a special resolution of the company.

(3)Any such resolution must be passed within three months of the resolution effecting the redenomination.

(4)The amount by which a company's share capital is reduced under this section must not exceed 10% of the nominal value of the company's allotted share capital immediately after the reduction.

(5)A reduction of capital under this section does not extinguish or reduce any liability in respect of share capital not paid up.

(6)Nothing in Chapter 10 applies to a reduction of capital under this section.