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An offshore company may, if so authorised by its articles, by special resolution and confirmed by an order of the court, reduce its capital in any of the following ways:[1]

a) extinguish or reduce the liability on any of its shares in respect of share capital not paid up;

b) cancel any paid up capital which is lost or unrepresented by available assets; or

c) pay off any paid up share capital which is in excess of the needs of the company