General Meeting Minutes – Share Premium Reduction
The Share Premium Account Reduction – Guidance Notes should be read in advance of this document.
These General Meeting Minutes – Share Premium Reduction are for use by a company where it wishes to pass a special resolution to authorise a reduction of its share premium account using the solvency statement route open to private companies.
The Companies Act 2006 allows a reduction or cancellation in the amount of a company’s share premium account by passing a special resolution supported by a solvency statement made by the directors. Section 610(4) of the Companies Act 2006, allows a private company to use the same process as a private company uses to reduce its share capital.
These Minutes 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 Chair signs the minutes - they then become prima facie evidence of what occurred at the meeting.
This document is 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.