law: Co-Operative Societies Act 2008 
  93.
  
  Alteration of authorised capital
  1.      A society may, by
  
  special resolution, amend its by-laws to increase or decrease its capital and,
  
  for that purpose, may—
  a.     
  
    subdivide
  
  any shares;
  b.    
  
    consolidate
  
  shares into shares of a larger par value, but the par value of consolidated
  
  shares must not be greater than $100;
  c.     
  
    cancel
  
  any shares that at the date of registration of the bylaws, have not been
  
  subscribed for or agreed to be issued and diminish the amount of the par value
  
  of the shares so cancelled;
  d.    
  
    extinguish
  
  or reduce the liability on any of its shares with respect to capital not paid
  
  up;
  e.     
  
    with
  
  or without extinguishing or reducing liability on any of its shares, cancel any
  
  paid up capital that is lost or unrepresented by available assets; and
  f.     
  
    with
  
  or without extinguishing or reducing liability on any of its shares and either
  
  with or without reducing the number of such shares, pay off any paid-up capital
  
  that is greater than the requirements of the society.
  2.      The Registrar may
  
  approve a by-law mentioned in subsection (1) where he is satisfied that—
  a.     
  
    the
  
  by-law has been made in accordance with this Act;
  b.    
  
    the
  
  holders of all shares of the society affected by the by-law have approved the
  
  by-law by a special resolution passed by the members at a general meeting
  
  called for the purposes; and
  c.     
  
    in
  
  the case of a by-law providing for a reduction in the capital of the society—
                       
  
   i.        
  
    all
  
  creditors who are liable to be affected have been notified of the by-law and
  
  have signified their approval; or
                      
  
   ii.        
  
    appropriate
  
  steps have been taken by the society to adequately safeguard the interest of
  
  its creditors.