65. Unlimited company to provide for reserve share capital on conversion into limited company
An unlimited company having a share capital may, by a resolution for registration
as a limited company under this Act, do either or both of the following things, namely—
(a) increase the nominal amount of its share capital by increasing the nominal
amount of each of its shares, subject to the condition that no part of the increased
capital shall be capable of being called up except in the event and for the purposes of
the company being wound up;
(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.