Part V

Share Capital, its Increase, Maintenance and Reduction
Chapter IV

Reduction of Share Capital

Registration of order and minute of reduction.
138
1
The registrar of companies, on production to him of an order of the court confirming the reduction of a company’s share capital, and the delivery to him of a copy of the order and of a minute (approved by the court) showing, with respect to the company’s share capital as altered by the order—
a
the amount of the share capital;
b
the number of shares into which it is to be divided, and the amount of each share; and
c
the amount (if any) at the date of the registration deemed to be paid up on each share,
shall register the order and minute (but subject to section 139).
2
On the registration of the order and minute, and not before, the resolution for reducing share capital as confirmed by the order so registered takes effect.
3
Notice of the registration shall be published in such manner as the court may direct.
4
The registrar shall certify the registration of the order and minute; and the certificate—
a
may be either signed by the registrar, or authenticated by his official seal;
b
is conclusive evidence that all the requirements of this Act with respect to the reduction of share capital have been complied with, and that the company’s share capital is as stated in the minute.
5
The minute when registered is deemed to be substituted for the corresponding part of the company’s memorandum, and is valid and alterable as if it had been originally contained therein.
6
The substitution of such a minute for part of the company’s memorandum is deemed an alteration of the memorandum for purposes of section 20.
Ss. 126-182 repealed (1.10.2009) by Companies Act 2006 (c. 46), ss. 1295, 1300, Sch. 16; S.I. 2008/2860, art. 4, Sch. 1 (with arts. 5, 7, 8, Sch. 2 (as amended by S.I. 2009/1802, art. 18, Sch.))