18 November 2009
A company can reduce its share capital with or without recalling shares. A decrease in share capital without calling in shares can be executed with or without repayment.
A decrease in share capital can take place without a change in the articles of association in those cases where the articles of association specify an upper or a lower limit for the share capital and the decrease does not go under the lower limit as specified in the articles. In the event that the articles of association specify a fixed amount for the share capital, an amendment to the articles must always be made. A decrease in the share capital requires the decision of a general meeting of shareholders unless a redemption restriction exists in the articles of association.
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