Amendment status not verified — confirm the current text below against the official source.
(1) The Development Bank may, by a resolution passed in a general meeting of the shareholders to, reduce its share capital in any way. (2) Without prejudice to the generality of the foregoing power, the share capital may be reduced by:-- (a) extinguishing or reducing the liability on any of its equity shares in respect of share capital not paid-up; (b) either with or without extinguishing or reducing liability on any of its equity shares, cancelling any paid-up share capital which is lost, or is unrepresented by available assets; or (c) either with or without extinguishing or reducing liability on any of its equity shares, paying off any paid-up share capital which is in excess of the wants of the Development Bank. (3) In any general meeting referred to in sub-section (1), the resolution for reduction of share capital shall be passed by shareholders entitled to vote, voting in person, or, where proxies are allowed by proxy, and the votes cast in favour of the resolution are not less than three times the number of the votes, if any, cast against the resolution by shareholders so entitled and voting.] Ins. by Act 5 of 1995, sec. 5 (w.r.e.f. 12/10/1994).