Section 78 - Resolutions requiring confirmation of Court

(1) Subject to confirmation by the Court, a company limited by shares may, by special resolution,

(a) reduce the stated capital of the company in any way;

(b) extinguish or reduce the unpaid liability on any of the shares of the company;

(c) resolve to pay or return to the shareholders any of the assets of the company which are in excess of the requirements of the company; or

(d) alter the constitution of the company by cancelling any of the shares of the company.

(2) A resolution under subsection (1) shall in this Act be referred to as a resolution requiring confirmation.

(3) Where the resolution requiring confirmation varies the rights attached to a class of shares, the resolution shall not be effective unless section 50 has been complied with.

(4) This section does not require confirmation by the Court of a transaction validly effected under sections 72 and 75 to 77.

(5) The provisions of this section and sections 139 to 141 and 156 are subject to the Securities Industry Act, 2016 (Act 929).