A limited company that has converted paid-up shares into stock (before the repeal by this Act of the power to do so) may reconvert that stock into paid-up shares of any nominal value.
A company may exercise the power conferred by this section only if its members have passed an ordinary resolution authorising it to do so.
A resolution under subsection (2) may authorise a company to exercise the power conferred by this section—
on more than one occasion;
at a specified time or in specified circumstances.