Alteration of share capital. Under the (English) Companies Act, 1929, the share capital of a company may be altered by increase (s. 53), consolidation or division, conversion of shares into stock and reconversion or cancellation of unissued capital (s. 50), or redemption of redeemable preference shares (s. 46). The alteration must be authorized by the Articles, and the memorandum modified. A company cannot make an original issue of stock (Home & Foreign Investment and Agency Co., (1912) 1 Ch 72, and subject to confirmation by the Court a company may reduce its capital by special resolution for reducing share capital and consequential alteration of the memorandum. The words 'and reduced' need not be added to the name of the company unless the Court so orders (ss. 55-60). As a rule in all these cases the alteration must be notified to the Registrar of Joint Stock Companies (s. 5), and, in the case of reduction, registered by him (s. 58).
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