Part 4 — Alteration of Constitution Division 1 Memorandum of Association
37 Consolidation, subdivision, etc., of share capital
articles, may by special resolution alter the conditions of its
memorandum as follows:
RSA 2000
(a) it may increase its share c apital by the creation of new
shares of an amount, or of the number of new shares without
nominal or par value, that it thinks expedient;
(b) it may consolidate and divide all or any of its share capi tal
having a par value into shares of larger amount than its
existing shares;
(c) it may convert all or any of its paid-up shares into stock , and
reconvert that stock into paid-up shares of any
denomination, or without nominal or par value;
(d) it may subdivide its shares having a par value, or any of
them, into shares of smaller amount than its existing shares,
so, however, that in the subdivision 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.
(2) When a company having a share capital has converted any of
its shares into stock, all the provisions of this Act that are
applicable to shares only cease to apply as to so much of the share
capital as it converted into stock, and the register of members of the
company shall be altered accordingly.
(3) A resolution under this section does not take effect until a copy
has been filed with the Registrar, and when the resolution has been
so filed the Registrar shall issue a certificate showing the alteration
effected by the resolution.
RSA 2000 cC-21 s37;2020 c25 s2(23)