Division 1 Incorporation
Division 2 Powers
Division 1 [Repealed by S 236/2002]
Division 2 Restrictions on allotment and commencement of business
Division 3 Shares
Division 3A Reduction of share capital
Division 4 Substantial shareholdings
Division 5 Debentures
Division 5A [Repealed by S 236/2002]
Division 6 [Repealed by S 236/2002]
Division 7 Title and transfers
Division 7A [Repealed by Act 36 of 2014]
Division 8 Registration of charges
Division 1 Office and name
Division 2 Directors and officers
Division 3 Meetings and proceedings
Division 4 Register of members kept by public company
Division 4A Electronic register of members kept by Registrar
Division 5 Annual return
Division 1 Financial statements
Division 2 Audit
Division 1 [Repealed by Act 40 of 2018]
Division 2 [Repealed by Act 40 of 2018]
Subdivision 1 [Repealed by Act 40 of 2018]
Subdivision 2 [Repealed by Act 40 of 2018]
Subdivision 3 [Repealed by Act 40 of 2018]
Subdivision 4 [Repealed by Act 40 of 2018]
Division 3 [Repealed by Act 40 of 2018]
Subdivision 1 [Repealed by Act 40 of 2018]
Subdivision 2 [Repealed by Act 40 of 2018]
Subdivision 3 [Repealed by Act 40 of 2018]
Subdivision 4 [Repealed by Act 40 of 2018]
Division 4 Provisions applicable to every mode of winding up
Subdivision 1 [Repealed by Act 40 of 2018]
Subdivision 2 [Repealed by Act 40 of 2018]
Subdivision 3 [Repealed by Act 40 of 2018]
Subdivision 4 [Repealed by Act 40 of 2018]
Subdivision 5 Dissolution
Division 5 [Repealed by Act 40 of 2018]
Division 6 [Repealed by Act 40 of 2018]
Division 1 [Repealed by Act 8 of 2003]
Division 2 Foreign companies
Division 1 Enforcement of this Act
Division 2 Offences
Division 3 Miscellaneous
Division 3A — Reduction of share capital |
Preliminary |
Reduction of share capital by private company |
78B.—(1) A private company limited by shares may reduce its share capital in any way by a special resolution if the company —
[36/2014]
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Reduction of share capital by public company |
78C.—(1) A public company may reduce its share capital in any way by a special resolution if the company —
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Creditor’s right to object to company’s reduction |
78D.—(1) This section applies where a company has passed a special resolution for reducing share capital under section 78B or 78C.
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Position at end of period for creditor objections |
78E.—(1) Where —
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Power of Court where creditor objection made |
78F.—(1) An application by a creditor under section 78D is to be determined by the Court in accordance with this section.
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Reduction by special resolution subject to Court approval |
78G.—(1) A company limited by shares may, as an alternative to reducing its share capital under section 78B or 78C, reduce it in any way by a special resolution approved by an order of the Court under section 78I, but the resolution and the reduction of the share capital do not take effect until —
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Creditor protection |
78H.—(1) This section applies if a company makes an application under section 78G(1) and the proposed reduction of share capital involves either —
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Court order approving reduction |
78I.—(1) On an application by a company under section 78G(1), the Court may, subject to subsection (2), make an order approving the reduction in share capital unconditionally or on such terms and conditions as it thinks fit.
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Offences for making groundless or false statements |
78J. A director making a statement under section 78E(1)(d)(ii), (2)(c), (3)(e)(i) or (4)(e)(i) shall be guilty of an offence if the statement —
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Liability of members on reduced shares |
78K. Where a company’s share capital is reduced under any provision of this Division, a member of the company (past or present) is not liable in respect of the issue price of any share to any call or contribution greater in amount than the difference (if any) between —
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