What are the procedures involved in a capital reduction scheme?

The passing of a special resolution. The issuing of a statement of solvency by the directors. A statement of capital, showing the company's share capital as reduced. A statement by the directors confirming the solvency statement wasn't made more than 15 days before the date the special resolution was passed.

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Reduce Capital - Resolution Form - Corporate Resolutions

Orange California Reduce Capital - Resolution Form - Corporate Resolutions

Name: Orange California Reduce Capital - Resolution Form - Corporate Resolutions
Brand: US Legal Forms
Rating: 4.76 (421 reviews)

Category:

Corporations - Minutes and Resolutions - Actions

State:

Multi-State

County:

Orange

Control #:

US-0049-CR

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Instant download

Description

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.

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The Capital Reduction Account is started by the companies for the process of internal modifications. The account is made by reducing share value of the stakeholders, through various forms of purchases of shares and more. Once the process is completed the account is not operational any more.

The company can reduce capital by employing one of the following methods:Reduce the liability of its shares in respect of the share capital not paid-up.Cancel any paid up share capital which is lost or is unrepresented by available assets.Pay off any paid up share capital which is in excess.

The provisions relating to the reduction of share capital under the Companies Act are covered under section 66 of the Companies Act, 2013 read with the National Company Law Tribunal (Procedure for reduction of the share capital of Company) Rules, 2016.

The entry is:Where any paid up share capital is being reduced the liability on the shares, for instance, a share of Rs. 10 on which Rs. 6 has been paid up is being reduced to fully paid share of Rs. 10, Rs.

In such a case, reduction of share capital may be effected by cancelling INR 25 per share and writing off similar amount of assets); or. Pay off the paid-up share capital, which is in excess of the needs of the company. This may be achieved either with or without extinguishing or reducing liability on any of its shares

The passing of a special resolution. The issuing of a statement of solvency by the directors. A statement of capital, showing the company's share capital as reduced. A statement by the directors confirming the solvency statement wasn't made more than 15 days before the date the special resolution was passed.

A company limited by shares or limited by guarantee and having a share capital may, reduce the share capital by passing a special resolution, subject to the confirmation by the Tribunal (NCLT) and alter its memorandum by reducing the amount of its share capital and of its shares accordingly.

(For example, if the shares are of face value of INR 100 each of which INR 75 has been paid, the company may reduce them to INR 75 fully paid-up shares and thus relieve the shareholders from liability on the uncalled capital of INR 25 per share); or.

By extinguishing or reducing the liability on any of its shares in respect of share capital not paid-up; by cancelling any paid-up share capital which is lost or unrepresented by available assets; by paying back to its members/shareholders any paid up share capital which is in excess of the needs of the company.

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Corporate Resolutions. What is a special resolution?Learn more about Previous Resolutions. Select a resolution below to view full resolution. Resolution: That Council note and receive the Major Capital Expenditure Report as at 31 March 2021 for. Employment, stimulate growth, reduce risks and build resilience to future crises. Productive investments in the capital stock should also. You'll select up to three degrees that you're interested in and be guided through what you need to submit. If your business needs expert advice on share capital reduction, our corporate solicitors can help.

Orange California Reduce Capital - Resolution Form - Corporate Resolutions

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