Article 26 - Alteration of Share Capital
(1) An Investment Club, if so authorised by its articles of association, may alter its share capital by Ordinary Resolution in any of the following ways:
a. increasing its authorised share capital by creating new Shares of such amount as it deems necessary;
b. consolidating and dividing any or all of its Shares (whether issued or not) into Shares of a larger amount than its existing Shares;
c. sub-dividing its Shares, or any of them, into Shares of a smaller amount than its existing Shares but so that, in the sub-division of any issued Shares, 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;
d. cancelling Shares which at the date of passing of the Ordinary Resolution to cancel them, have not been taken or agreed to be taken by any person, and diminishing the amount of the Investment Club's authorised share capital by the amount of the Shares so cancelled; and
e. changing the currency denomination of its share capital or any class thereof to a currency denomination approved by the CRO.
(2) A cancellation of Shares under this Article 26 does not for the purposes of these Regulations constitute a reduction of share capital.
(3) An Investment Club having altered its share capital pursuant to Article 26(1), shall within 21 days thereafter give notice in the Prescribed Form to the CRO, together with a copy of the Ordinary Resolution effecting the alteration.
|Derived (as from 20th December 2016).|