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Section 159 Companies and Allied Matters Act 2020

Section 159 CAMA 2020

Section 159 Companies and Allied Matters Act is about Reserve liability of company having share capital. It is under Call on and Payment for Shares of Chapter 8 of PART B (Incorporation of Companies and Incidental Matters) of the Act.

Reserve liability of company having share capital

A company limited by shares may, by special resolution determine that any portion of its share capital which has not been already called up are not capable of being called up except in the event and for the purposes of the company being wound up and thereupon, that portion of its share capital shall not be capable of being called up, except in the event and for the purposes specified in this section.

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See also  Section 324 Companies and Allied Matters Act (CAMA) 2020

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