81 Alteration of capital of no par value companies

(1) Subject to subsections (2) and (3), section 83 and to its memorandum and
articles, a no par value company may —

(a) amend its memorandum in accordance with Sub-Part III of Part II
to alter its authorised capital, including to increase or reduce the
number of shares that it is authorised to issue;

(b) combine all or any of its shares (whether issued or not) into a
smaller number of shares; and

(c) divide all or any of its shares (whether issued or not) into a larger
number of shares.

(2) A division or combination of no par value shares, including issued shares,
of a class or series shall be for a larger or smaller number, as the case may
be, of shares in the same class or series.

(3) If any alteration to the company‘s authorised capital or to the composition
thereof is involved, paragraphs (b) and (c) of subsection (1) shall be subject
to paragraph (a) of subsection (1).