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Regulation 25 Reduction of share capital

Original text. Later amendments are not shown.

A relevant company may not distribute assets to its members by way of a reduction of the company’s share capital unless—

(a)

the reduction is made by extinguishing or reducing the liability of any of the members on any of the company’s shares in respect of share capital not paid up; or

(b)

the amount to be paid by the company to members in paying off paid up share capital does not exceed the paid up value of their respective shares.