General Meeting Minutes - Share Capital Reduction
The Share Capital Reduction – Guidance Notes should be read in advance of this document.
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.
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.
These Minutes – Share Capital Reduction are the minutes of the general meeting at which the special resolution was passed. If a written resolution is used, the document "Written Resolution - Share Capital Reduction" should be substituted for these minutes.
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.
These documents are in open format. The document contains fields which must be completed. It also contains wording options in square brackets which must be adjusted to suit your purposes.
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".
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