General Meeting Minutes - Share Capital Reduction

The Share Capital Reduction – Guidance Notes should be read in advance of this document.

Use these minutes to record a special resolution reducing share capital

These Minutes – Share Capital Reduction are for use by a company where it wishes to pass a special resolution to authorise a reduction of share capital.

These Minutes – Share Capital Reduction are the minutes of the general meeting at which the special resolution was passed.

Private company solvency statement route (from 1 October 2008)

The Companies Act 2006 has introduced a new way for private companies to reduce the amount of their share capital.

Since 1 October 2008 private companies, as an alternative to passing a special resolution and obtaining court approval, have had the option of reducing the amount of their share capital by special resolution supported by a solvency statement made by the directors.

Alternative document where approval is by written resolution

If a written resolution is used, the document "Written Resolution - Share Capital Reduction" should be substituted for these minutes.

Keeping and signing minutes, and consistency with board resolutions

Companies must keep minutes of general meetings at the registered office for inspection by members.

The Chairman signs the minutes - they then become prima facie evidence of what occurred at the meeting.

Please note that the wording of the special resolution must be consistent with paragraphs 4 and 5(b) of the "Board Resolutions - Share Capital Reduction".

General Meeting Minutes - Share Capital Reduction is part of Corporate. Just £38.50 + VAT provides unlimited downloads from Corporate for 1 year.