62.
| (1) A company limited by shares or a company limited by guarantee and having a share capital, if so authorized by its articles, may alter the conditions of its memorandum as follows, that is to say, it may -
| | (a) increase its share capital by new shares of such amount as it thinks expedient; | | |
| | (b) consolidate and divide all or any of its share capital into shares of larger amount than its existing shares; | | |
| | (c) convert all or any of its paid-up shares into stock, and reconvert that stock into paid-up shares of any denomination ; | | |
| | (d) subdivide its shares, or any of them, into shares of smaller amount than is fixed by the memorandum, so however, that in the sub-division the proportion between the amount paid and the amount, if any, unpaid on each reduced share shall be the same as it was in the case of the share from which the reduced share is derived ; | | |
| | (e) cancel shares which, at the date of the passing of the resolution in that behalf, have not been taken or agreed to be taken by any person, and diminish the amount of its share capital by the amount of the shares so cancelled. | | |
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| (2) The powers conferred by the provisions of this section shall be exercised by the company at a general meeting. |
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| (3) A cancellation of shares in pursuance of the provisions of this section shall not be deemed to be a reduction of share capital within the meaning of this Act. |
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Sri Lanka Consolidated Acts