(1) A limited company having a share capital may reduce its share capital—
(a) in the case of a private company limited by shares, by special resolution supported by a solvency statement (see sections 642 to 644);
(b) in any case, by special resolution confirmed by the court (see sections 645 to 651).
(2) A company may not reduce its capital under subsection (1)(a) if as a result of the reduction there would no longer be any member of the company holding shares other than redeemable shares.
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