Section 53: Alteration in number of shares

53. Alteration in number of shares (1) A company may by ordinary resolution— (a) divide or subdivide its shares into shares of a smaller amount if the proportion between the amount paid, and the amount, if any, unpaid on each reduced share remains the same as it was in the case of the share from which the reduced share is derived; (b) consolidate into shares of a larger amount than its existing shares. (2) Where shares are consolidated, the amount paid and any unpaid liability thereon, any fixed sum by way of dividend or repayment to which such shares are entitled, shall also be consolidated. (3) Where a company has altered its share capital in a manner specified in subsection (1), it shall, within 14 days of the date of the alteration, file a notice to that effect with the Registrar. (4) A notice under subsection (3) shall include particulars with respect to the classes of shares affected.