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SOLR_PROP

Companies Act, 1990

Amendments to the Principal Act in respect of share capital.

231.(1) The Principal Act is hereby amended—

(a) in section 62 (1) by the insertion after “except as provided in this section” of “and section 207 (2) of the Companies Act, 1990,”;

(b) in section 62 (2) by the deletion of “preference” where it first appears and the insertion after “on redemption of any redeemable preference shares” of “in pursuance of section 220 of the Companies Act, 1990,”; and

(c) in section 72 (1) by the deletion of “to purchase any of its shares or”.

(2) The Sixth Schedule to the Principal Act is hereby amended by the substitution of the following subparagraph for subparagraph (d) of paragraph 12:

“(d) the amounts respectively provided for purchase of the company's share capital, for redemption of share capital and for redemption of loans;”.