Section 84. Power of company to alter its share capital

(1) Unless otherwise provided in the constitution, a company may alter its share capital in any one or more of the following ways by passing a special resolution to—

(a) consolidate and divide all or any of its share capital, the proportion between the amount paid and the amount, if any, unpaid on each subdivided share shall be the same as it was in the case of the share from which the subdivided share is derived;

(b) convert all or any of its paid-up shares into stock and may reconvert that stock into paid-up shares; or

(c) subdivide its shares or any of the shares, whatever is in the subdivision, the proportion between the amount paid and the amount, if any, unpaid on each subdivided share shall be the same as it was in the case of the share from which the subdivided share is derived.

(2) The company shall lodge with the Registrar the notice of any alteration referred to in subsection (1) in the form and manner as may be determined by the Registrar within fourteen days from the date of the alteration.

(3) In the case of the registration of an unlimited company having a share capital as a limited company, the unlimited company may pass a resolution—

(a) to increase the amount of its share capital subject to the condition that no part of the increased capital shall be capable of being called up except in the event and for the purposes of the company being wound up; or

(b) to provide that a specified portion of its uncalled share capital shall not be capable of being called up except in the event and for the purposes of the company being wound up.