Section 119. Position at end of period for objection by creditor

(1) If no application for cancellation of the resolution is made under subsection 118(2) for the reduction of share capital to take effect, the company shall lodge with the Registrar after the end of six weeks, and before the end of eight weeks, from the date of the resolution—

(a) a copy of the resolution;

(b) a copy of the solvency statement under subsection 117(3), if applicable;

(c) a statement made by the directors confirming that the requirements under subsection 117(1) and the solvency requirements under subsection 117(3), if applicable, have been complied with, and that no application for cancellation of the resolution has been made; and

(d) a copy of the notice of the reduction of share capital referred to in subsection 117(10).

(2) If one or more applications for cancellation of the resolution made under subsection 118(2) are made for the reduction of share capital to take effect, the proceedings for all the applications shall have been brought to an end due to being dismissed, withdrawn or brought to an end due to any reason as the Registrar may allow, the company shall lodge with the Registrar within fourteen days beginning with the date on which the last such applications were dismissed, withdrawn or otherwise brought to an end—

(a) a statement made by the directors confirming that the requirements under subsection 117(1), the solvency requirements under subsection 117(3), if applicable, and subsection 117(5) or (6), as the case may be, have been complied with, and that the application were dismissed, withdrawn or brought to an end due to any reason as the Registrar may allow or without determination;

(b) in relation to each such application which has been dismissed by the Court, a copy of the order of the Court dismissing the application; and

(c) a notice containing the information relating to the reduction of share capital.

(3) The reduction of the share capital shall take effect when the Registrar has recorded the information lodged with him in the appropriate register.

(4) A notice confirming the reduction of share capital issued by the Registrar shall be conclusive evidence that all the requirements of this Act with respect to reduction of share capital have been complied with and that the share capital of the company is as stated in the order.