Form with which a corporation may authorize its officers and representatives to take necessary action to reduce the amount of capital held by the corporation.
Franklin Ohio Reduce Capital - Resolution Form - Corporate Resolutions
State:
Multi-State
County:
Franklin
Control #:
US-0049-CR
Format:
Word;
Rich Text
Instant download
Description
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FAQ
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A selective capital reduction involves a company selectively reducing its share capital by a determined amount.
A company may generally reduce its share capital in any way. In particular, a company may do so by cancelling or reducing the liability on partly paid shares, repaying any paid-up share capital in excess of the company's wants, or cancelling any paid-up share capital that is lost or unrepresented by available assets.
As per Section 61(1)(e) of the Companies Act, 2013, provides that, a limited company having share capital, if authorised by its Articles of Association, may cancel shares, by passing an ordinary resolution in that behalf, which have not been taken or agreed to be taken by any person, and diminish the amount of its
A company may reduce its share capital by doing either of the following: (a) Seeking members' approval. (b) Filing an Order of Court.
A share buy-back, on the other hand, is when a company acquires shares in itself from existing shareholders, and then cancels these shares. A reduction in share capital occurs when any money paid to a company in respect of a member's shares is returned to the member.
A company may want to reduce its share capital for various reasons, including to create distributable reserves to pay a dividend or to buy back or redeem its own shares; to reduce or eliminate accumulated realised losses in order to be able to make distributions in the future; to return surplus capital to shareholders;
1 of the Corporations Act 2001 (the Corporations Act) and does NOT cover a reduction in share capital achieved through: redemption of redeemable preference shares (s254J-254K)
Capital reduction is the process of decreasing a company's shareholder equity through share cancellations and share repurchases, also known as share buybacks. The reduction of capital is done by companies for numerous reasons, including increasing shareholder value and producing a more efficient capital structure.
If the amount of paid up capital including share premium is reduced then the share capital will be debited with the amount of the reduction. If the reduction was effected by a repayment then the credit will go to cash, otherwise a reserve account will be created which is treated as a realised profit.
