s58 Capital Reduction

58 Reduction of share capital
Subject to any provision to the contrary in its memorandum or articles, a company limited by shares or limited by shares and by guarantee may, by a resolution of directors, reduce its share capital in any way and, in particular but without prejudice to the generality of the foregoing, may-

(a) extinguish or reduce the liability on any of its shares in respect of capital not paid up; or

(b) with or without extinguishing or reducing liability on any of its shares, cancel any paid up share capital which is lost or unrepresented by available assets; or

(c) whether with or without extinguishing or reducing liability on any of its shares, cancel any paid up share capital which is in excess of the wants of the company, provided that they are satisfied, on reasonable grounds, that the company will, immediately after such reduction, satisfy the solvency test.