Section 59 - Alteration of number of shares

(1) Subject to subsection (3), a company may

(a) increase the number of the shares of the company by creating new shares; or

(b) reduce the number of the shares of the company by cancelling shares which have not been taken or agreed to be taken by a person or by consolidating its existing shares, whether issued or not, into a smaller number of shares.

(2) On a consolidation of shares

(a) the amounts of money paid,

(b) an unpaid liability on the shares, and

(c) a fixed sum of money by way of dividend or repayment to which the shares were entitled

shall also be consolidated.

(3) Unless otherwise provided in the constitution of a company, the directors may issue shares with rights or restrictions as may be determined by the directors, subject to the provisions of this Act.