Section 129 CAMA 2020

Section 129 Companies and Allied Matters Act is about Power for unlimited company to provide reserve share capital on reregistration. It is under Chapter 7 (Share Capital) of PART B (Incorporation of Companies and Incidental Matters) of the Act.

Power for unlimited company to provide reserve share capital on reregistration

If an unlimited company resolves to be re-registered as a limited company under this Act, it may—
(a) increase the nominal amount of its issued share capital by increasing the nominal amount of each of its shares, but subject to the condition that no part of the increased issued capital shall be capable of being called up except in the event and for the purpose of the company being wound up ; or

(b) provide that a specified portion of its uncalled share capital shall not be capable of being called up except in the event and for the purposes of the company being wound up.