Islamic Financial Services Act 2013 · s 198

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198.
Power to reduce share capital of institution
(1) Notwithstanding any constituent documents of an institution, the Bank may apply to the High Court for an order—
(a) where the paid-up capital of the institution is lost or unrepresented by available assets, to cancel such paid-up capital of the institution which is lost or unrepresented by available assets; or
(b) where a call has been made by the institution on its members to pay on the unpaid portion of their respective shares, if any, and payment has not been made within the time specified in the call, to consolidate the paid up portion of the shares as fully paid up and to cancel any shares which remain unpaid.
(2) Where the Bank applies for the cancellation of share capital under subsection (1), the institution shall not be required to notify or obtain the approval of its members or creditors in a general meeting or otherwise.

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(3) Subject to subsections (1) and (2), the provisions of section 64 of the *Companies Act 1965 shall apply.

Subdivision 7 –Financial assistance

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s 198Power to reduce share capital of institution

(1)

Notwithstanding any constituent documents of an institution, the Bank may apply to the High Court for an order—

(a)

where the paid-up capital of the institution is lost or unrepresented by available assets, to cancel such paid-up capital of the institution which is lost or unrepresented by available assets; or

(b)

where a call has been made by the institution on its members to pay on the unpaid portion of their respective shares, if any, and payment has not been made within the time specified in the call, to consolidate the paid up portion of the shares as fully paid up and to cancel any shares which remain unpaid.

(2)

Where the Bank applies for the cancellation of share capital under subsection (1), the institution shall not be required to notify or obtain the approval of its members or creditors in a general meeting or otherwise.

Islamic Financial Services 181

(3)

Subject to subsections (1) and (2), the provisions of section 64 of the *Companies Act 1965 shall apply.

Subdivision 7 –Financial assistance