An adjourned petition for approval of a minute involving a reduction of capital of the Consolidated Rubber Estates (914), Ltd, was heard in HIM. Supreme Court, before Judge P. Grant Jones, on Friday. Mr. H. Reeks appeared for the company.
Mr. Recks said that, at the previous hearing, his Lordship had asked that authority be quoted for the reduction of a company's capital from a Sterling. basis (o a silver basis. -Counsel here-fore quoted an Order of the Court made on May 27, 1982, in the petition of the Chemor United Rubber Ca., Lid, for a reduction froma 2s, share to 10 candareens, His Lordship said that he was not satisfied that order had been correctly made; he would hold that the Com-any should first alter its Memoran-@um of Association.
Counsel for the Company submitted that the resolution for which Use Court's sanction was being asked had involved a change in the Memorandum of the Company, that the Memorandum and Articles of Association did give the company power to 0 alter fis capital organization, and that all that was required was the sanction of the Court to the resolution, the obtaining of which sanction ]was obligatory upon the company; that he was ready to advise the company Ghat the reduction from Sterling should be made into dollars and not into taels, as he could see the posslbility of aificully in making any order in taels now.
His Lordship hid that he was ready to make any order which involved a Feduetion of the value of the share, provided the reduced share was ex: Pressed in the Identical currency in which the capital of the company was Issued; that he was not preparced, unless satisfactory authority could be' quited to him, to make an order for reduction from Sterling into either taels or dollars, Mr, Reeks submitted that, inthe circumstances, it would be "best to Gismiss the petition so that the company could re-consider the position.
is Lordship thereupon dismissed the petition,
Text read from the printed page and cleaned; old type leaves the occasional error.