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Power of company to reduce its share capital.
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72.—(1) Except in so far as this Act expressly permits, it shall not be lawful for a company limited by shares or a company limited by guarantee and having a share capital to purchase any of its shares or to reduce its share capital in any way.
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(2) Subject to confirmation by the court, a company limited by shares or a company limited by guarantee and having a share capital, may, if so authorised by its articles, by special resolution reduce its share capital in any way and, in particular, without prejudice to the generality of the foregoing power, may—
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(a) extinguish or reduce the liability on any of its shares in respect of share capital not paid up; or
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(b) 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
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(c) 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;
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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.
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(3) A special resolution under this section is, in this Act, referred to as “a resolution for reducing share capital”.
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