Ex parte: Witwatersrand Native Labour Association Ltd [1911] ZAWLD 4 (9 March 1911)

Company - Reduction of Share Capital - Petition for confirmation of resolution - Rights of Creditors - Practice - Act 31 of 1909, sect.45.

Where a company, duly authorised by its articles, seeks to have confirmed by the Court a resolution of shareholders reducing its capital on shares not fully paid up, the Court will not confirm such resolution without giving the creditors of the company an opportunity of being heard, and in order to do so will adopt, as far as possible, the procedure laid down in the English Rules on this subject, promulgated on 3rd May, 1909.