(1) A limited company having a share capital may -
(a) sub-divide its shares, or any of them, into shares of a smaller nominal amount than its existing shares, or
(b) consolidate and divide all or any of its share capital into shares of a larger nominal amount than its existing shares.
(2) In any sub-division, consolidation or division of shares under this section, the proportion between the amount paid and the amount (if any) unpaid on each resulting share must be the same as it was in the case of the share from which that share is derived.
(3) A company may exercise a power conferred by this section only if its members have passed a resolution authorising it to do so.
(4) A resolution under subsection (3) may authorise a company -
(a) to exercise more than one of the powers conferred by this section;
(b) to exercise a power on more than one occasion;
(c) to exercise a power at a specified time or in specified circumstances.
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