(1) A limited company that has converted paid-up shares into stock (before the repeal by this Act of the power to do so) may reconvert that stock into paid-up shares of any nominal value.
(2) A company may exercise the power conferred by this section only if its members have passed an ordinary resolution authorising it to do so.
(3) A resolution under subsection (2) may authorise a company to exercise the power conferred by this section—
(a) on more than one occasion;
(b) at a specified time or in specified circumstances.
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