COMPANIES ACT, 1929

597

iormation in regard thereto as the court may think expedient

with a view to giving proper information to the public, and,

if the court thinks fit, the causes which led to the reduction.

(3) Where a company is ordered to add to its name the words

“and reduced,” those words shall, until the expiration of the period

specified in the order, be deemed to be part of the name of the
company.

58.—(1) The registrar of companies, on production to him of
an order of the court confirming the reduction of the share capital
of a company, and the delivery to him of a copy of the order and of
a minute approved by the court, showing with respect to the share
capital of the company, as altered by the order, the amount of the
share capital, the number of shares into which it is to be divided,
and the amount of each share, and the amount, if any, at the date
of the registration deemed to be paid up on each share, shall register
the order and minute.

Registration of
order and minute
of reduction.

(2) On the registration of the order and minute, and not before,
the resolution for reducing share capital as confirmed by the order
so registered shall take effect.

(3) Notice of the registration shall be published in such manner
as the court may direct.

4) The registrar shall certify under his hand the registration
of the order and minute, and his certificate shall be conclusive
evidence that all the requirements of this Act with respect to reduc-
tion of share capital have been complied with, and that the share
capital of the company is such as is stated in the minute.

{5) The minute when registered shall be deemed to be sub-
stituted for the corresponding part of the memorandum, and shall
be valid and alterable as if it had been originally contained therein.

(6) The substitution of any such minute as aforesaid for part
of the memorandum of the company shall be deemed to be an
alteration of the memorandum within the meaning of section
twentv-four of this Act

59.—(1) In the case of a reduction of share capital, a member Liability of

of the company, past or present, shall not be liable in respect of members in

g . . respect of re-

any share to any call or contribution exceeding in amount the guid shares
difference, if any, between the amount of the share as fixed by the
minute and the amount paid, or the reduced amount, if any, which
is to be deemed to have been paid, on the share, as the case may be:
Provided that, if any creditor, entitled in respect of any debt
or claim to object to the reduction of share capital, is, by reason
of his ignorance of the proceedings for reduction, or of their nature
and effect with respect to his claim, not entered on the list of
creditors, and, after the reduction, the company is unable, within
the meaning of the provisions of this Act with respect to winding

up by the court, to pay the amount of his debt or claim then——